Oxbridge Re Holdings Limited has announced that its Web3-focused, wholly-owned subsidiary, SurancePlus Inc., has closed a $2.4 million private capital raise through the sale of 244,776 of its tokenized reinsurance security, DeltaCat Re.
According to the announcement, the tokens will be issued on the Avalanche blockchain.
Moreover, ownership of DeltaCat Re tokenized reinsurance securities indirectly presents fractionalized interests in reinsurance contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2023-2024 treaty year.
Oxbridge Re has confirmed that each digital security represents one preferred share of SurancePlus.
In addition, the DeltaCat Re digital security was offered to US accredited investors under Rule 506(c) of US Securities and Exchange Commission (SEC) Regulation D and to non-US investors pursuant to Regulation S of the US Securities Act 1933, as amended.
Oxbridge Re’s President and Chief Executive Officer Jay Madhu, commented: “SurancePlus innovated upon Oxbridge Re’s existing special purpose vehicle for raising reinsurance capital, Oxbridge Re NS Limited, by applying digital innovations and insights from the Web3 space and democratizing access to reinsurance as an alternative investment.
“In doing so, we believe that we are the first publicly traded company to successfully raise capital for catastrophe reinsurance risks through the sale of tokenized reinsurance securities.”
