Oxbridge Re has appointed Dwight Merren as a director within the firm, according to a form filed with the US’s Securities and Exchange Commission (SEC).
The form says that Merren is joining as Kris Persaud departs the company, following his resignation. Oxbridge Re acknowledged within the form that Merren is directly replacing Persaud.
According to the firm, Merren previously served as relationship manager of HSBC Bank (Cayman) from October 2011 to October 2014, and as deputy head of the insurance division at CIMA, from March 2009 to September 2011. From July 1992 to February 2009, he held senior roles of administrator at Midland Bank (now HSBC), assistant vice president at Willis Management (Cayman), and vice president at Global Captive Management. Merren also served as an independent director at Cayman Islands National Insurance Company, and as the chairman of the risk and compliance committee, and chair of the finance committee from November 2017 to February 2022.
Merren joining Oxbridge Re as director comes amid a tough year for the firm. In August, it reported that it had seen falls of net income in H1 2022. This was followed a few days ago by the firm posting a $2.2m net loss for the third quarter of this year.
Back then, the firm said it had a net loss year-to-date total currently sits at $2.5m compared to a $7m net income from the same period last year.
Oxbridge Re specified that the declines are due to reduced realized investment gains, the negative change in the unrealized fair value of equity securities, as well as the impact of Hurricane Ian during Q3.
Net premiums earned increased to $591,000 from $370,000 from the prior year quarter. At the same time, net premiums earned year-to-date total increased to $995,000 from $755,000 from 2021.
Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were $1.5m and $2.2m for both Q3 and year-to-date total respectively, compared to $479,000 and $1.1m, respectively, for the same periods in the prior year.
Oxbridge Re noted in its filing that Merren brings invaluable experience in insurance, banking, risk management, compliance, and governance to its boards.