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What does Oxbridge Re do and what are its main business segments?

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- **Reinsurance Resilience**: Q3 net premiums $555K (-7% YoY) but 9M +1.2% to $1.73M.
- **Web3 Expansion**: Tokenized securities attract $750B TAM.
- **Cost Management**: 64% expense growth driven by Web3 initiatives.
- **Token Performance**: EtaCat Re 25% vs. 20% target, ZetaCat Re on track for 42% return.
- **Strategic Shift**: Regular dividends meet Web3 liquidity demand.

**【CEO Opening Remarks】**
- Oxbridge focuses on reinsurance with a selective, data-driven approach, competing with large carriers through disciplined underwriting.
- Launched SurancePlus, the Web3 subsidiary, to tokenize reinsurance securities, broadening investor access beyond ultra-high net worth individuals.

**【CFO Financial Commentary】**
- Q3 2025 net premiums earned decreased to $555,000 (down 7% YoY), but 9M net premiums rose 1.2% to $1.73M.
- Expenses surged 64% YoY to $815,000 due to Web3-related costs, yet net loss narrowed 30% to $187,000 (vs. $540,000 loss in Q3 2024).

**【CEO Strategic Updates】**
- Tokenized contracts (EtaCat Re at 25% vs. 20% target, ZetaCat Re on track for 42% return) demonstrate disciplined underwriting amid a $750B TAM.
- Shifting to regular dividends aligns with Web3 investor demand for liquidity, while maintaining no leverage and full collateralization.
- Operational focus on underwriting diversification, compliant distribution channels, and product innovation for accessibility without risk compromise.

Oxbridge Re Holdings Limited(OXBR)-20251107-2025 Q3 Earnings call transcript

- **Revenue Growth**: Q2 net premiums +3.2% QoQ, total revenue +143% YoY driven by higher rates and investment income.
- **Hurricane Impact**: $2.3M loss from Hurricane Milton (61% offset by tokenholders), pushing combined ratio to 621%.
- **RWA Expansion**: Strategic partnerships with Plume and Midnight Foundation accelerate blockchain reinsurance product launch.
- **Key Differentiator**: 1:1 collateralization and PCAOB-audited financials attract institutional investors in $750B reinsurance market.

**【CEO Opening Remarks】**
- Oxbridge Re's core business remains reinsurance, writing fully collateralized policies for low-frequency, high-severity risks. The company achieved 15% YoY revenue growth in Q2 2025, driven by higher rates on existing contracts.
- Expansion into RWA Web3: Launched SurancePlus in 2022 to tokenize reinsurance securities, offering alternative investments with 20% and 42% target annual returns (pre-loss). This diversifies beyond ultra-high-net-worth clients.
- Strategic partnerships: Signed MOUs with Plume (RWA platform) and Midnight Foundation (Cardano ecosystem), enhancing tokenization capabilities and blockchain integration.
- Conference activity: Attended 12+ global events (e.g., iConnect, ETHDenver, Token2049) to showcase SurancePlus and build industry relationships.

**【CFO Financial Commentary】**
- **Revenue**: Q2 2025 net premiums earned $582,000 (+3.2% QoQ, +3.1% YoY). Total revenue $654,000 (+143% YoY) due to higher investment income ($93,000 vs. $66,000 YoY).
- **Losses**: Q2 net loss $1.87 million (-129% YoY) due to $2.3 million Hurricane Milton claim (61% offset by tokenholders). Combined ratio 621% (vs. 111.3% YoY) reflecting elevated operational costs (+12.9% YoY in G&A).
- **Balance Sheet**: Cash + restricted cash $6.7 million (+12.9% QoQ) from premium deposits and $2.7 million equity raise. Investment portfolio $104,000 (-8% YoY) due to equity market volatility.

**【CEO Strategic Updates】**
- Tokenized reinsurance pipeline: 2025-2026 offerings include balanced-yield (20% return) and high-yield (42% return) products, uncorrelated to traditional markets.
- Regulatory focus: Highlighted compliance with SEC guidelines and PCAOB-audited financials for SurancePlus, differentiating from unregulated crypto products.
- EGM meeting:拟议战略包括加速RWA市场扩张、优化治理结构以支持创新。公司强调与美国政府RWA政策方向一致，抓住750亿美元再保险市场机遇。

**【Q&A Highlights】**
- **Conference Takeaways**: Investors prioritize compliance and transparency over yield. Oxbridge's 1:1 collateralization and full transparency attract institutional interest.
- **EGM Details**: Meeting will approve measures to enhance RWA capabilities, likely including capital allocation for partnerships or M&A. Timing aligns with administration's RWA regulatory framework development.
- **Market Positioning**: Targeting $150B stablecoin market vs. $750B reinsurance TAM, emphasizing reinsurance's superior risk-adjusted returns.

Oxbridge Re Holdings Limited (OXBR) Q2 2025 Earnings Call Transcript

- **Core Growth Engine**: Reinsurance net premiums up 15.7% YoY to $595K, driven by higher rates and selective underwriting.
- **Web3 Innovation**: Tokenized DeltaCat Re achieved 49% returns, with new 20% and 42% yield tokens targeting $30T RWA market.
- **Financial Improvement**: Q1 2025 net loss narrows to $439K vs. $905K prior year, supported by $35K investment gain.
- **Strategic Moves**: Approving crypto treasury reserves, forming Plume partnership, and exploring Web3 division alternatives.
- **Market Resilience**: Florida regulatory reforms stabilize claims, with 82% historical probability of no major hurricane impact.


**【CEO Business Overview】**
- Core business remains fully collateralized reinsurance, targeting low-frequency, high-severity risks with strong data support.
- Launched SurancePlus in 2022 to tokenize reinsurance contracts as digital securities, democratizing access to alternative investments.
- 2023's DeltaCat Re offering achieved 49% returns, exceeding 42% projections, marking first tokenized reinsurance backed by a public company.
- Strategic review underway to explore alternatives for Web3 division, including sale, spinout, or continued operation.
- Q1 2025 approved Bitcoin and Ethereum as treasury reserves, aligning with blockchain adoption.
- MOU with Plume to expand distribution of tokenized reinsurance, targeting $30T RWA market by 2034.

**【CFO Financial Highlights】**
- Q1 2025 net premium earned: $595K (15.7% YoY increase), driven by higher rates on new contracts.
- Total revenue: $692K (vs. -$125K prior year), including $79K investment income and $35K gain from Jet.AI sale.
- Net loss: $439K ($0.02 EPS) vs. $905K ($0.15 EPS) prior year, improvement due to investment gains.
- Combined ratio: 95.8% (vs. 99.8% prior year), reflecting higher premiums and stable underwriting metrics.
- Cash & equivalents: $9.6M (62.8% QoQ increase), fueled by premium deposits and $2.7M equity offering.

**【Q&A Key Takeaways】**
- Marketing strategy: Attending global blockchain events (e.g., Consensus, TOKEN2049) to build relationships with platforms like Plume, targeting RWA adoption.
- Market potential: While $30T RWA market is nascent, even a small share could transform Oxbridge; 20% yield token targets moderate-risk investors, 42% token for high-risk seekers.
- Reinsurance market health: Florida regulatory reforms (AOB, assignment of benefits) improving claims predictability; Q1 2025 contracts show solid premium growth.
- Risk management: 82% historical probability of no Category 3+ hurricane landfall in Florida; disciplined underwriting mitigates tail risks.
- Strategic partnerships: Plume's $4.5B AUM and 18M wallets enhance token distribution; exploring collaborations with major blockchain platforms.


Oxbridge Re Holdings Limited (OXBR)-12 May 25-2025 Q1 Earnings call transcript

- **Web3 RWA Transformation**: Oxbridge repositions as a blockchain-based RWA leader, tokenizing reinsurance contracts via SurancePlus.
- **Financial Turnaround**: FY2024 net loss narrows to $2.7M (vs. $9.9M prior year), driven by 176% premium growth and 47% expense ratio improvement.
- **Tokenized Growth**: Launching 20% and 42% yield reinsurance tokens in Q2 2025, targeting $10T+ RWA market.
- **Strategic Expansion**: Adds Bitcoin/Ethereum to treasury, partners with Plume blockchain platform, and evaluates strategic alternatives.
- **Risk Mitigation**: No losses in recent quarters; external capital reduces risk profile to 100% third-party funded contracts.

**【CEO Opening Remarks】**
- Oxbridge Re is transitioning to a Web3-focused RWA (Real-World Assets) platform through SurancePlus, tokenizing reinsurance contracts on blockchain.
- Core reinsurance business remains stable with fully collateralized contracts, targeting low-frequency, high-severity risks.
- SurancePlus launched DeltaCat Re tokens in Q2 2023, delivering 49% returns vs. 42% target, despite Hurricane Idalia impacts.
- New strategic initiatives include Bitcoin/Ethereum treasury reserves and a special committee evaluating strategic alternatives (e.g., spin-out, merger).

**【CFO Financial Highlights】**
- FY2024 net premiums: $2.3M (vs. $1.25M FY2023), driven by higher rates and full year premium recognition.
- Total revenue: $546K FY2024 (vs. -$7M FY2023), with Q4 2024 revenue of $422K (vs. -$1.9M Q4 2023).
- Net loss narrowed to $2.7M FY2024 (vs. $9.9M FY2023), with Q4 loss of $460K (vs. $2.67M Q4 2023).
- Expense ratio improved to 94.3% FY2024 (vs. 185.2% FY2023) due to higher premiums and cost controls.
- Cash & equivalents: $5.9M FY2024 (vs. $3.8M FY2023), boosted by $3M reverse direct offering post-year-end.

**【CEO Strategic Updates】**
- Launching 2025/2026 tokenized reinsurance offerings: 20% yield (low-risk) and 42% yield (high-risk) tokens, with 3.5% annualized interest on pre-June 2025 investments.
- Strategic partnership with Plume blockchain platform to expand distribution to 18M+ wallets.
- FY2024 SurancePlus raised $2.9M via EpsilonCat Re private placement.
- Industry forecasts project $10T+ RWA tokenization market by 2034, with institutional adoption (e.g., BlackRock, Bank of America).

**【Q&A Key Takeaways】**
- Risk management: No losses incurred in recent quarters; underwriting focuses on well-priced, diversified contracts with third-party reinsurers.
- Third-party capital reduces risk profile: 100% of reinsurance contracts now include external funds, with Oxbridge retaining only a small portion.
- Florida P&C market: $0.45 of every $1 in premiums flows to reinsurance, creating $700B TAM for tokenized reinsurance.
- Token risk profiles: 42% yield tokens cover lower layers (higher risk), while 20% yield tokens cover upper layers (lower risk, more stable returns).

Oxbridge Re Holdings Limited (OXBR)-26 Mar 25-2024 Q4 Earnings call transcript

Oxbridge Re Holdings Limited (OXBR)-13 Nov 24-2024 Q3 Earnings call transcript

Oxbridge Re (OXBR)-8 Aug 24-2024 Q2 Earnings call transcript

Oxbridge Re (OXBR)-9 May 24-2024 Q1 Earnings call transcript

Oxbridge Re (OXBR)-26 Mar 24-2023 Q4 Earnings call transcript

- **Core Business Stability**: Reinsurance net premiums down 26% YoY but no catastrophe losses in 2023 (vs. $2.2M from Hurricane Ian in 2022).
- **Diversification Success**: 
  - SurancePlus tokenized securities raise $2.4M with 42% return potential; first of its kind for public companies.
  - Jet.AI SPAC merger completes, positioning for growth in fractional aircraft ownership and AI-driven aviation software.
- **Financial Challenges**: 
  - 9M net loss widens to $7.2M (vs. $2.5M YoY) due to $6.4M Jet.AI investment loss and 24% G&A expense increase.
  - Combined ratio deteriorates to 244.4% (vs. 224.4% YoY) reflecting inflationary pressures.
- **Future Growth Drivers**: 
  - SurancePlus expansion into $16T RWA market via Web3 tokenization.
  - Jet.AI's AI-driven booking platform and fractional aircraft ownership model.

**【CEO Opening Remarks】**
- Oxbridge Re's core business remains property/casualty reinsurance in the U.S. Gulf Coast, writing fully collateralized, low-frequency/high-severity catastrophe contracts.
- Key diversification efforts in 2023:
  - Launched SurancePlus, issuing tokenized reinsurance securities (first by a public company), raising $2.4M in Q2 with potential 42% returns for investors.
  - Completed SPAC merger with Jet Token Inc. (now Jet.AI), a fractional aircraft ownership platform with B2B AI-driven booking software and aviation services.
- Rebranding strategy to position as a leader in tokenized real-world assets (RWAs) via Web3, targeting the $16T RWA market projected by 2030.

**【CFO Financial Highlights】**
- **Net Premiums Earned**: Q3 2023: $549K (down 9% YoY); 9M 2023: $732K (down 26% YoY) due to accelerated premium recognition in 2022.
- **Investment Income**: 9M 2023: $300K from SurancePlus fees + higher money market rates.
- **Losses & Expenses**: 
  - Total loss ratio: 0% (vs. 107.8% YoY) due to no catastrophe losses in 2023.
  - Combined ratio: 244.4% (vs. 224.4% YoY) driven by 24% increase in G&A expenses.
  - Unrealized loss of $6.4M on Jet.AI investment (fair value re-measurement).
- **Net Loss**: 9M 2023: $7.2M ($1.23/share) vs. $2.5M ($0.43/share) YoY.

**【Q&A Key Takeaways】**
- **Tokenized Securities Marketing**: 
  - Targeting high-net-worth individuals via Reg D (U.S.) and Reg S (international).
  - Early success with 42% return potential for 2023 investors; expect scaled growth in 2024.
- **Growth Outlook**: 
  - SurancePlus expansion into broader RWA tokenization beyond reinsurance.
  - Jet.AI leveraging AI-driven booking platform to disrupt private aviation market.
  - Core reinsurance business remains stable with selective underwriting approach.

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