Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a $1.8 million net loss for the full-year, compared to a $8.6 million net income from 2021.
The company stated that the decline was primarily due to a decrease in unrealized gains within its investment in the SPAC and increased loss and loss adjustment expenses related to the impact of hurricane Ian during the year.
At the same time, net premiums earned for the full-year increased to $995,000 from $965,000 in the prior year.
Combined ratio for the full-year came in at 260.9%, compared to the previous years 162.6%, whereas loss ratio stood at 107.8% for 2022, compared to 2021’s 16.4%.
Meanwhile, for Q422, Oxbridge Re generated a net income of $678,000, compared to a net income of $1.6 million from Q421.
Net premiums earned for the quarter were nil, compared to $210,000 from the same period last year.
Moreover, in late February, the company announced that Oxbridge Acquisition Corp., filed a Current Report on Form 8-K with the Securities and Exchange Commission in connection with Oxbridge Acquisition’s business combination with Jet Token Inc., a Delaware based company. Upon the closing of the transaction, the combined company will be named Jet.AI Inc. The business combination is expected to be completed late in the second quarter of 2023.
“By limiting our exposure to underwriting losses through reinsurance contracts in 2022, we significantly reduced the potential loss resulting from Hurricanes Ian and Nicole during the year,” commented Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu.
“Earlier in 2023 we announced the creation of our new subsidiary SurancePlus Inc., offering an alternative investment opportunity leveraging key qualities of blockchain technology to create a well-designed digital security. In other words, we are digitizing reinsurance securities leveraging blockchain technology via tokenized reinsurance securities. In addition we recently launched our capital raise for SurancePlus where investors in a loss-free period are expected to generate a return of approximately 196% in a three-year period.”
He concluded: “Also subsequent to the year end, Oxbridge Acquisition Corp. a Special Purpose Acquisition Company (“SPAC”) in which we have an indirect investment, filed its business combination agreement to merge with Jet Token Inc. (“Jet”), a private aviation and artificial intelligence company offering fractional aircraft ownership, jet card, aircraft brokerage and charter services. The SPAC also recently filed its registration statement on Form S-4 with the Securities and Exchange Commission.”
