Q3 2024 Oxbridge Re Holdings Ltd Earnings Call Transcript
Key Points
- Oxbridge Re Holdings Ltd (OXBR) reported an increase in net premiums earned for the third quarter of 2024, reaching $595,000 compared to $549,000 in the same quarter last year.
- The company successfully diversified its business by establishing SurancePlus Inc., which focuses on tokenizing real-world assets (RWAs) using blockchain technology.
- Oxbridge Re Holdings Ltd (OXBR) maintained a 0% loss ratio for both 2023 and 2024, indicating strong underwriting profitability.
- The expense ratio significantly decreased from 125.3% in Q3 2023 to 83.7% in Q3 2024, reflecting improved operational efficiency.
- SurancePlus's initial token offering, Delta CatRe, exceeded its projected return, achieving a 49.11% return compared to the initial 42% target.
- Oxbridge Re Holdings Ltd (OXBR) reported a net loss of $540,000 or $0.9 per share for the third quarter of 2024, although this was an improvement from the previous year's loss.
- The company recorded an unrealized loss of $1.93 million on its investment in Jet.AI, impacting overall financial performance.
- Net investment and other income decreased in the quarter and the first nine months of 2024 due to less cash being held in money market funds.
- The investment portfolio decreased significantly from $688,000 at the prior year-end to $185,000 as of September 30, 2024.
- Oxbridge Re Holdings Ltd (OXBR) faces uncertainties related to recent hurricanes, with potential impacts not yet fully assessed.
Good afternoon. Welcome to Oxbridge Re's third-quarter 2024 earnings call. My name is Joe, and I will be your conference operator this afternoon. (Operator Instructions)
Joining us for today's presentation is Oxbridge Re's Chairman, President and Chief Executive Officer, Jay Madhu; and Chief Financial Officer and Corporate Secretary, Wrendon Timothy. Following their remarks, we will open up the call to your questions.
I would like to remind everyone that this call will be available via telephone replay until November 26, 2024, on the Investor Information section of the Oxbridge Re website at www.oxbridgere.com.
Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.
Thank you, operator. During today's call,
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