Oxbridge Re Q3 net loss $7.3M vs $2.2M YoY; SurancePlus generates $300K in fees

OXBRIDGE RE HOLDINGS Ltd

2023-Q3 EPS reported $1.23 revenue$-5,144,000

Net loss of $7.3M ($1.24 diluted EPS) in Q3 2023 vs $2.2M ($0.37) YoY; nine-month loss $7.2M ($1.23) vs $2.5M.
Net premiums earned $549K in Q3 2023 vs $591K YoY; combined ratio 244.4% for nine months.
SurancePlus subsidiary generated $300K in ITOM fees on $2.4M token raise; CEO expects 42% return for investors.
Unrealized loss on investment in Jet.AI (completed Aug 2023) drove the net loss.
Cash and equivalents $3.6M at Sept 30, 2023 vs $3.9M at Dec 31, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OXBRIDGE RE HOLDINGS Ltd reported the three and nine months ended September 30, 2023 results: revenue $732,000, net income net loss of $7.2 million, EPS $1.23 per basic and diluted common share.

Period: the three and nine months ended September 30, 2023
Revenue: $732,000
Net income: net loss of $7.2 million
EPS: $1.23 per basic and diluted common share
Result: reported results

Exact text from the filing

than offsetting the underwriting income and SurancePlus ITOM fee income compared with the prior year. Net premiums earned for the three months ended September 30, 2023, were $549,000 compared to $591,000 in the same prior year period. For the nine months ended September 30, 2023, net premiums earned were $732,000 compared to $995,000 in the prior year. The

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OXBRIDGE RE HOLDINGS Ltd reported the three and nine months ended September 30, 2023 results: revenue $732,000, net income net loss of $7.2 million, EPS $1.23 per basic and diluted common share.

Period: the three and nine months ended September 30, 2023
Revenue: $732,000
Net income: net loss of $7.2 million
EPS: $1.23 per basic and diluted common share
Result: reported results

Exact text from the filing

three months ended September 30, 2023, were $549,000 compared to $591,000 in the same prior year period. For the nine months ended September 30, 2023, net premiums earned were $732,000 compared to $995,000 in the prior year. The decreases are due to the acceleration of premium recognition on one of the Company’s reinsurance contracts in the prior year due to

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Source: SEC EDGAR

accession 0001493152-23-041110

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