Oxbridge Re Holdings has reported a net loss of $9.9 million for fiscal year 2023, compared to net loss of $1.8 million in the prior year.
For the year ended December 31, 2023, Oxbridge Re’s net premiums earned increased to $1,255,000 from $995,000 in the prior year.
Loss ratio sat at 0% for the year ended December 31, 2023, compared to 107.8% in the prior year.
Moving forward, the company’s combined ratio decreased to 185.2% for the year ended December 31, 2023, from 260.9% from the prior year.
Oxbridge Re stated that the decrease is due to the decrease in loss ratio during the year ending December 31, 2023, as a result of no underwriting losses suffered in 2023, when compared with underwriting losses suffered in 2022 as a result of Hurricane Ian.
Focusing now on the fourth quarter of 2023, Oxbridge Re generated a net loss of $2.67 million, compared to net income of $678,000 in the fourth quarter of 2022.
At the same time, net premiums earned for Q4 were $523,000 compared to $nil in the same prior year period.
Back in February 2023, Oxbridge Re incorporated it’s new wholly-owned subsidiary, SurancePlus. Fast-forward to June 2023, and SurancePlus closed a $2.4 million private capital raise through the sale of 244,776 of its tokenized reinsurance security, DeltaCat Re.
Chairman and Chief Executive Officer, Jay Madhu, commented: “We are delighted by our operational performance this year, highlighted by significant milestones achieved.”
Adding: “We remain steadfast in our commitment to driving innovation and delivering value to our stakeholders, and we look forward to continued success in the evolving landscape of reinsurance and Web3 technologies.”
