Cayman Islands based reinsurer Oxbridge Re has reported that it successfully placed its reinsurance contracts for the treaty year June 1, 2019 to May 31, 2020.
Oxbridge Re Holdings Limited, a provider of reinsurance to property and casualty the U.S Gulf Coast, renewed the contracts via its wholly-owned subsidiary, Oxbridge Reinsurance Limited.
Additionally, the reinsurer placed a new series of notes from its collateralised sidecar, Oxbridge Re NS, as part of its 2019 renewal.
The Series 2019-1 Participating Notes due June 1, 2022 were issued in a private placement, the proceeds of which were subsequently deployed into a quota-share reinsurance agreement with Oxbridge Reinsurance Limited.
“We are happy to report that we have successfully raised funds through our reinsurance side-car as well as deployed capital allocated in accordance with our underwriting strategy,” said Jay Madhu, Chairman and Chief Executive Officer of Oxbridge Re (CEO).
Oxbridge Re managed to place the sidecar note issuance despite the fact that participating investors made a loss on their investments last year due to the impact of catastrophes on Oxbridge Re.
The sidecar was hit by losses from both Hurricane Michael and the California wildfires in 2018.