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OXBR:Claims
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the transition period from __________ to __________
Commission
File Number: 1-36346
OXBRIDGE
RE HOLDINGS LIMITED
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
98-1150254 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
Suite
201
42
Edward Street, George Town
P.O.
Box 469
Grand
Cayman, Cayman Islands |
|
KY1-9006 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (345) 749-7570
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”,
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐
|
|
Accelerated
filer ☐
|
|
|
|
Non-accelerated
filer ☐ |
|
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ______
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As
of August 15, 2023; 5,870,234 ordinary shares, par value $0.001 per share, were outstanding.
OXBRIDGE
RE HOLDINGS LIMITED
INDEX
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated
Balance Sheets
(expressed
in thousands of U.S. Dollars, except per share and share amounts)
| |
At June 30, 2023 | | |
At December 31, 2022 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Investments: | |
| | | |
| | |
Equity securities, at fair value (cost: $1,926) | |
$ | 723 | | |
| 642 | |
Cash and cash equivalents | |
| 3,117 | | |
| 1,207 | |
Restricted cash and cash equivalents | |
| 372 | | |
| 2,721 | |
Accrued interest and dividend receivable | |
| 7 | | |
| - | |
Premiums receivable | |
| 1,954 | | |
| 282 | |
Other Investments | |
| 11,928 | | |
| 11,423 | |
Due from Related Party | |
| 99 | | |
| 45 | |
Deferred policy acquisition costs | |
| 221 | | |
| - | |
Operating lease right-of-use assets | |
| 60 | | |
| 44 | |
Prepayment and other assets | |
| 85 | | |
| 114 | |
Prepaid Offering Costs | |
| 135 | | |
| 133 | |
Property and equipment, net | |
| 7 | | |
| 5 | |
Total assets | |
$ | 18,708 | | |
| 16,616 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity | |
| | | |
| | |
Unearned premium reserve | |
| 2,013 | | |
| - | |
Other Liabilities - Delta Cat Re Token Holders | |
| 1,059 | | |
| - | |
Notes payable to noteholders | |
| 118 | | |
| 216 | |
Losses payable | |
| - | | |
| 1,073 | |
Operating lease liabilities | |
| 60 | | |
| 44 | |
Accounts payable and other liabilities | |
| 303 | | |
| 294 | |
Total liabilities | |
| 3,553 | | |
| 1,627 | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,870,234 and 5,769,587 shares issued and outstanding) | |
| 6 | | |
| 6 | |
Additional paid-in capital | |
| 32,591 | | |
| 32,482 | |
Accumulated Deficit | |
| (17,442 | ) | |
| (17,499 | ) |
Total shareholders’ equity | |
| 15,155 | | |
| 14,989 | |
Total liabilities and shareholders’ equity | |
$ | 18,708 | | |
| 16,616 | |
The
accompanying Notes to Consolidated Financial Statements are an integral
part
of the Consolidated Financial Statements.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARY
Consolidated
Statements of (Loss) Income (unaudited)
(expressed
in thousands of U.S. Dollars, except per share and share amounts)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
| | | |
| | | |
| | | |
| | |
Assumed premiums | |
| 2,196 | | |
| 669 | | |
| 2,196 | | |
| 705 | |
Premiums ceded | |
| - | | |
| (24 | ) | |
| - | | |
| (60 | ) |
Change in unearned premiums reserve | |
| (2,013 | ) | |
| (451 | ) | |
| (2,013 | ) | |
| (241 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
| 183 | | |
| 194 | | |
| 183 | | |
| 404 | |
SurancePlus management fee income | |
| 300 | | |
| - | | |
| 300 | | |
| - | |
Net investment and other income | |
| 79 | | |
| 41 | | |
| 168 | | |
| 75 | |
Net realized investment gain | |
| - | | |
| 19 | | |
| - | | |
| 27 | |
Unrealized gain on other investments | |
| 124 | | |
| 571 | | |
| 505 | | |
| 341 | |
Change in fair value of equity securities | |
| 5 | | |
| (322 | ) | |
| 81 | | |
| (342 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total revenue | |
| 691 | | |
| 503 | | |
| 1,237 | | |
| 505 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | | |
| | |
Policy acquisition costs and underwriting expenses | |
| 20 | | |
| 21 | | |
| 20 | | |
| 44 | |
General and administrative expenses | |
| 677 | | |
| 389 | | |
| 1,081 | | |
| 728 | |
| |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 697 | | |
| 410 | | |
| 1,101 | | |
| 772 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income attributable to noteholders and tokenholders | |
| (79 | ) | |
| (16 | ) | |
| (79 | ) | |
| (43 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
| (85 | ) | |
| 77 | | |
| 57 | | |
| (310 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
| (0.01 | ) | |
| 0.01 | | |
| 0.01 | | |
| (0.05 | ) |
Basic | |
| (0.01 | ) | |
| 0.01 | | |
| 0.01 | | |
| (0.05 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
Basic | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
The
accompanying Notes to Consolidated Financial Statements are an integral
part
of the Consolidated Financial Statements.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARY
Consolidated
Statements of Cash Flows (unaudited)
(expressed
in thousands of U.S. Dollars)
| |
2023 | | |
2022 | |
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Operating activities | |
| | | |
| | |
Net income (loss) | |
$ | 57 | | |
| (310 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock-based compensation | |
| 109 | | |
| 64 | |
Depreciation and amortization | |
| 3 | | |
| 2 | |
Net realized investment gains | |
| - | | |
| (27 | ) |
SurancePlus management fee income | |
| (300 | ) | |
| | |
Change in fair value of other investments | |
| (505 | ) | |
| (341 | ) |
Change in fair value of equity securities | |
| (81 | ) | |
| 342 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accrued interest and dividend receivable | |
| (7 | ) | |
| - | |
Premiums receivable | |
| (1,672 | ) | |
| (285 | ) |
Due from related party | |
| (54 | ) | |
| (60 | ) |
Deferred policy acquisition costs | |
| (221 | ) | |
| (27 | ) |
Prepayment and other assets | |
| 29 | | |
| (106 | ) |
Reserve for losses and loss adjustment expenses | |
| (1,073 | ) | |
| - | |
Other liabilities Delta Cat Re Tokenholders | |
| 79 | | |
| - | |
Unearned premiums reserve | |
| 2,013 | | |
| 241 | |
Accounts payable and other liabilities | |
| 9 | | |
| 32 | |
| |
| | | |
| | |
Net cash used in operating activities | |
$ | (1,614 | ) | |
| (475 | ) |
| |
| | | |
| | |
Investing activities | |
| | | |
| | |
Purchase of equity securities | |
| - | | |
| (1,002 | ) |
Proceeds from sale of equity securities | |
| - | | |
| 626 | |
Purchase of property and equipment | |
| (5 | ) | |
| - | |
| |
| | | |
| | |
Net cash used in investing activities | |
$ | (5 | ) | |
| (376 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Partial redemption of notes payable to noteholders | |
| (98 | ) | |
| - | |
Prepaid offering costs | |
| (2 | ) | |
| - | |
Gross proceeds from the issuance of Delta Cat Re tokens | |
| 1,280 | | |
| - | |
Net cash provided by financing activities | |
$ | 1,180 | | |
| - | |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARY
Consolidated
Statements of Cash Flows
(expressed
in thousands of U.S. Dollars)
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash and cash equivalents, and restricted cash and cash equivalents: | |
| | | |
| | |
Net change during the period | |
| (439 | ) | |
| (851 | ) |
Balance at beginning of period | |
| 3,928 | | |
| 5,418 | |
| |
| | | |
| | |
Balance at end of period | |
$ | 3,489 | | |
| 4,567 | |
The
accompanying Notes to Consolidated Financial Statements are an integral
part
of the Consolidated Financial Statements.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARY
Consolidated
Statements of Changes in Shareholders’ Equity
Three
and Six Months Ended June 30, 2023 and 2022 (unaudited)
(expressed
in thousands of U.S. Dollars, except number of shares )
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Ordinary Share Capital | | |
Additional Paid-in | | |
Accumulated | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2021 | |
| 5,749,587 | | |
| 6 | | |
| 32,355 | | |
| (15,710 | ) | |
| 16,651 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| (387 | ) | |
| (387 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 32 | | |
| - | | |
| 32 | |
Issuance of restricted stock | |
| 32,000 | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance at March 31, 2022 | |
| 5,781,587 | | |
| 6 | | |
| 32,387 | | |
| (16,097 | ) | |
| 16,296 | |
Net income for the period | |
| - | | |
| - | | |
| - | | |
| 77 | | |
| 77 | |
Stock-based compensation | |
| - | | |
| - | | |
| 32 | | |
| - | | |
| 32 | |
Balance at June 30, 2022 | |
| 5,781,587 | | |
| 6 | | |
| 32,419 | | |
| (16,020 | ) | |
| 16,405 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 | |
| 5,769,587 | | |
| 6 | | |
| 32,482 | | |
| (17,499 | ) | |
| 14,989 | |
Net income for the period | |
| - | | |
| - | | |
| - | | |
| 142 | | |
| 142 | |
Stock-based compensation | |
| - | | |
| - | | |
| 54 | | |
| - | | |
| 54 | |
Issuance of restricted stock | |
| 96,647 | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance at March 31, 2023 | |
| 5,866,234 | | |
| 6 | | |
| 32,536 | | |
| (17,357 | ) | |
| 15,185 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| (85 | ) | |
| (85 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (85 | ) | |
| (85 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| 55 | | |
| - | | |
| 55 | |
Issuance of restricted stock | |
| 4,000 | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance at June 30, 2023 | |
| 5,870,234 | | |
| 6 | | |
| 32,591 | | |
| (17,442 | ) | |
| 15,155 | |
The
accompanying Notes to Consolidated Financial Statements are an integral
part
of the Consolidated Financial Statements.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
1. ORGANIZATION AND BASIS OF PRESENTATION
(a)
Organization
Oxbridge
Re Holdings Limited (the “Company”) was incorporated as an exempted company on April 4, 2013 under the laws of the
Cayman Islands. The Company owns 100%
of the equity interest in Oxbridge Reinsurance Limited, an exempted entity incorporated on April 23, 2013 under the laws of the
Cayman Islands and for which a Class “C” Insurer’s license was granted on April 29, 2013 under the provisions of
the Cayman Islands Insurance Law. The Company also owns 100% of the equity interest in Oxbridge Re NS, an entity incorporated as an
exempted company on December 22, 2017 under the laws of the Cayman Islands to function as a reinsurance sidecar facility and to
increase the underwriting capacity of Oxbridge Reinsurance Limited. The Company also owns 100%
of the equity interest in SurancePlus, an entity incorporated as a business company on December 19, 2022 under the laws of the
British Virgin Islands to issue digital securities. The Company, subsidiaries (collectively “Oxbridge Re”) provide the
following: SurancePlus; is a Web3-focused subsidiary that currently leverages blockchain technology to democratize access to
high-return reinsurance contracts via digital securities. Oxbridge Reinsurance Limited; is a licensed reinsurance subsidiary that
provides reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States;
Oxbridge Re NS; a licensed reinsurance SPV/side car that provides third-party investors with access to reinsurance contracts with
returns uncorrelated to the financial markets. In addition, Oxbridge Re is also the founding and lead investor of Oxbridge
Acquisition Corp. (NASDAQ: OXAC), a special purpose acquisition company (“SPAC”). The Company operates as a single business segment
through its wholly-owned subsidiaries. The Company’s headquarters and principal executive offices are located at Suite 201, 42
Edward Street, George Town, Grand Cayman, Cayman Islands, and have their registered offices at P.O. Box 309, Ugland House, Grand
Cayman, Cayman Islands.
The
Company’s ordinary shares and warrants are listed on The NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,”
respectively.
(b)
Basis of Presentation and Consolidation
The
accompanying unaudited, consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange
Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included
in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However,
in the opinion of management, the accompanying interim consolidated financial statements reflect all normal recurring adjustments necessary
to present fairly the Company’s consolidated financial position as of June 30, 2023 and the consolidated results of operations
and cash flows for the periods presented. The consolidated results of operations for interim periods are not necessarily indicative of
the results of operations to be expected for any subsequent interim period or for the fiscal year ended December 31, 2023. The accompanying
unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Form 10-K, which was filed with the SEC on March 30, 2023.
Uses
of Estimates: In preparing the interim unaudited consolidated financial statements, management was required to make certain estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial
reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective
and complex and consequently actual results may differ from these estimates, which would be reflected in future periods.
Material
estimates that are particularly susceptible to significant change in the near-term relate to the fair value of the Company’s investment
in Oxbridge Acquisition Corp., and the determination of the reserve for losses and loss adjustment expenses (if any), which may include
amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be
reasonable under the circumstances to make these estimates. In addition, accounting policies specific to valuation of investments involve
significant judgments and estimates material to the Company’s consolidated financial statements. Although considerable variability
is likely to be inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually
reviewed and adjusted if necessary. Such adjustments are reflected in current operations.
The
Company consolidates in these consolidated financial statements the results of operations and financial position of all voting interest
entities (“VOE”) in which the Company has a controlling financial interest and all variable interest entities (“VIE”)
in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether
an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
All
significant intercompany balances and transactions have been eliminated.
2. SIGNIFICANT ACCOUNTING POLICIES
Cash
and cash equivalents: Cash and cash equivalents are comprised of cash and short- term investments with original maturities of
three months or less.
Restricted
cash and cash equivalents: Restricted cash and cash equivalents represent funds held in accordance
with the Company’s trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a
market value greater than or equal to the limit of liability, less unpaid premium.
Investments: The
Company from time to time invests in fixed-maturity debt securities and equity securities, and for which its fixed-maturity debt
securities are classified as available-for-sale. The Company’s available for sale debt investments are carried at fair value
with changes in fair value included as a separate component of accumulated other comprehensive income (loss) in shareholders’
equity. For the Company’s investment in equity securities, and for the Company’s investment in the special purpose
acquisition company Oxbridge Acquisition Corp. classified as “other investments”, the changes in fair value are recorded
within the consolidated statements of operations. At June 30, 2023 and December 31, 2022, the company did not own any fixed maturity
debt securities.
Unrealized
gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains
and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. The cost of securities
sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from
the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security.
Fair
value measurement: GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under GAAP are as
follows:
Level
1 |
Inputs
that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
at the measurement date; |
|
|
Level
2 |
Inputs
other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets
that are not considered to be active; and |
|
|
Level
3 |
Inputs
that are unobservable. |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Fair
value measurement (cont’d)
Inputs
are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation
decisions, including assumptions about risk. For fixed maturity debt securities, inputs may include price information, volatility statistics,
specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments
in stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy
is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes
“observable” requires significant judgment by the Company’s investment custodians and management. The investment custodians
consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant markets.
Deferred
policy acquisition costs (“DAC”): Policy acquisition costs consist of brokerage fees, federal excise
taxes and other costs related directly to the successful acquisition of new or renewal insurance contracts and are deferred and
amortized over the terms of the reinsurance agreements to which they relate. The Company evaluates the recoverability of DAC by
determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and
expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At June 30,
2023, the DAC was considered fully recoverable, and no premium deficiency loss was recorded.
Offering
Expenses: At June 30, 2023, there were $135,000 of offering expenses on the consolidated balance sheet as prepaid offering costs
of which $135,000 was in relation to an equity distribution agreement with Maxim Group LLC (“Maxim”) for the sale of the
ordinary shares. During the three and six-month period ended June 3, 2023, the Company recognized in the consolidated statements of operations
$225,000 of offering expenses in relation to the offering of Delta Cat Re digital securities issuable by the Company’s new subsidiary,
SurancePlus Inc. (See Note 6).
In
accordance with the terms of the equity distribution agreement with Maxim, we intend to offer and sell ordinary shares having an aggregate
offering price of up to $6.3 million from time to time, and in accordance with prospectus of SurancePlus Inc., the Company intends to
offer and sell its Delta Cat Re digital securities having an aggregate price of up to $5 million. Reclassification of prepaid offering
costs to additional paid-in capital will occur upon successful drawdown(s) under the respective offerings.
Reserves
for losses and loss adjustment expenses: The Company determines its reserves for losses and loss adjustment expenses, if any,
on the basis of the claims reported by the Company’s ceding insurers and for losses incurred but not reported (“IBNR”),
management uses the assistance of an independent actuary. The reserves for losses and loss adjustment expenses represent management’s
best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate;
however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately
be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated
statements of operations in the period in which they are determined.
Loss
experience refund payable: Certain contracts may include retrospective provisions that adjust premiums or result in profit commissions
in the event losses are minimal or zero. In accordance with GAAP, the Company will recognize a liability in the period in which the absence
of loss experience obligates the Company to pay cash or other consideration under the contracts. On the contrary, the Company will derecognize
such liability in the period in which a loss experience arises. Such adjustments to the liability, which accrue throughout the contract
terms, will reduce the liability should a catastrophic loss event covered by the Company occur.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Premiums
assumed: The Company records premiums assumed, net of loss experience refunds, as earned pro-rata over the terms of the reinsurance
agreements, or period of risk, where applicable, and the unearned portion at the consolidated balance sheet date is recorded as unearned
premiums reserve. A reserve is made for estimated premium deficiencies to the extent that estimated losses and loss adjustment expenses
exceed related unearned premiums. Investment income is not considered in determining whether or not a deficiency exists.
Subsequent
adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium,
are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods
have expired; in which case the premium adjustments are fully earned when assumed.
Certain
contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the contract. A reinstatement
premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement
premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement
of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement
premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned
over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums
are earned over the remaining coverage period.
Unearned
Premiums Ceded: The Company may reduce the risk of future losses on business assumed by reinsuring certain risks and exposures
with other reinsurers (retrocessionaires). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations
and to the extent that the Company does not hold sufficient security for their unpaid obligations.
Ceded
premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period
of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. There were no unearned premiums
ceded at June 30, 2023.
SurancePlus
Management Fee Income: SurancePlus management fee income represents income related to the completion of the DeltaCat tokenized
reinsurance securities as well as placement of the underlying insurance policies. The Company recognizes the associated revenue at the
time of the placement of the underlying insurance policies as the performance obligation is satisfied at that time.
Uncertain
Income Tax Positions: The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions
requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination
by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of
the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial
statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate
settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Company’s
consolidated financial statements because the Company had no uncertain tax positions at June 30, 2023 or December 31, 2022.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
(Loss)
Earnings Per Share: Basic (loss) earnings per share has been computed on the basis of the weighted-average number of
ordinary shares outstanding during the periods presented. Diluted (loss) earnings per share is computed based on the
weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such
as stock options and warrants, computed using the treasury stock method.
Stock-Based
Compensation: The Company accounts for stock-based compensation under the fair value recognition provisions of GAAP which requires
the measurement and recognition of compensation for all stock-based awards made to employees and directors, including stock options and
restricted stock issuances based on estimated fair values. The Company measures compensation for restricted stock based on the price
of the Company’s ordinary shares at the grant date. Determining the fair value of stock options at the grant date requires significant
estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of
fair value for stock options. When estimating the expected volatility, the Company takes into consideration the historical volatility
of entities similar to itself. The Company considers factors such as an entity’s industry, stage of life cycle, size and financial
leverage when selecting similar entities. The Company may use a sample peer group of companies in the reinsurance industry and/or the
Company’s own historical volatility in determining the expected volatility.
Additionally,
the Company uses the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued
and has assumed no forfeitures during the life of the options.
The
Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related
to all awards is included in general and administrative expenses.
Accounting
Updates:
Accounting
Standards Update No. 2016-13. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic
326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends the guidance on reporting
credits losses and affects loans, debt securities, trade receivables, reinsurance recoverable and other financial assets that have the
contractual right to receive cash. The Company has evaluated the impact of the requirements of ASU 2016-13 on the Company’s consolidated
financial statements, and there was not a material impact.
Segment
Information: Under GAAP, operating segments are based on the internal information that management uses for allocating resources
and assessing performance as the source of the Company’s reportable segments. The Company manages its business on the basis of
one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established under
GAAP.
Reclassifications:
Any reclassifications of prior period amounts have been made to conform to the current period presentation.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
3. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
SUMMARY
OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
| |
At June 30, | | |
At December 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
| |
| | |
| |
Cash on deposit | |
$ | 3,117 | | |
$ | 1,207 | |
Restricted cash held in trust | |
| 372 | | |
| 2,721 | |
Total | |
$ | 3,489 | | |
$ | 3,928 | |
Cash
and cash equivalents are held by large and reputable counterparties in the United States of America and in the Cayman Islands. Restricted
cash held in trust is custodied with Truist Bank and is held in accordance with the Company’s trust agreements with the ceding
insurers and trustees, which require that the Company provide collateral having a market value greater than or equal to the limit of
liability, less unpaid premium.
4. INVESTMENTS
The
Company from time to time invests in fixed-maturity debt securities and equity securities, with its fixed-maturity debt securities classified
as available-for-sale. At June 30, 2023 and December 31, 2022, the Company did not hold any available-for-sale securities.
Proceeds
received, and the gross realized gains and losses from sale of equity securities, for the periods ended June 30, 2023 and 2022, are as
follows:
SCHEDULE
OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES
| |
Gross | | |
Gross | | |
Gross | |
| |
proceeds | | |
Realized | | |
Realized | |
| |
from sales | | |
Gains | | |
Losses | |
| |
($ in thousands) | |
| |
| | |
| | |
| |
Three Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Three Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 418 | | |
$ | 19 | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 626 | | |
$ | 27 | | |
$ | - | |
Other
Investments
In
connection with Oxbridge Acquisition Corp. (“OXAC”) initial public offering (“IPO”) in August 2021, the Company’s
affiliate OAC Sponsor Ltd. (“Sponsor”) purchased an aggregate 4,897,500 private placement warrants from OXAC (“Private
Placement Warrants”) at a price of $1.00 per warrant. Each Private Placement Warrant is exercisable for one of OXAC’s Class
A ordinary share at a price of $ 11.50 per share, and as such meets the definition of a derivative as outlined within ASC 815, Derivatives
and Hedging. The Sponsor also purchased an aggregate of 2,875,000 of OXAC’s Class B ordinary shares (the “Class B shares”)
par value $0.0001 per share for $25,000. The Class B shares and Private Placement Warrants were issued to and are held by Sponsor. The
Class B shares of OXAC held by the Sponsor will
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
automatically
convert into shares of OXAC’s Class A ordinary shares on a one-for- one basis at the time of OXAC’s initial business combination
and are subject to certain transfer restrictions.
On
August 11, 2021, the Company acquired an aggregate of 1,500,000 ordinary shares and 3,094,999 preferred shares of Sponsor for an aggregate
purchase price of $2,000,000. In connection with the organization of Sponsor, the Company placed approximately 34.7% of the risk capital
and owns approximately 49.6% and 63.1% of the ordinary shares and preferred shares, respectively, of the Sponsor (the “Sponsor
Equity Interest”). The preferred shares of Sponsor are nonvoting shares and generally entitle the holders thereof to receive the
net proceeds, if any, received by Sponsor from the sale, exchange, or disposition of the Private Placement Warrants or the shares issuable
upon the exercise thereof, and the ordinary shares of Sponsor (which are voting shares in Sponsor) are equivalent to the value of the
Class B Shares of OXAC held by Sponsor.
The
registration statement for OXAC’s IPO was declared effective on August 11, 2021 and on August 16, 2021, OXAC consummated the IPO
with the sale of 11,500,000 units (the “Units”) at $10.00 per Unit, generating gross proceeds of $115,000,000. The Units
trade on the NASDAQ Capital Market under the ticker symbol “OXACU”. After the securities comprising the units began separate
trading on October 1, 2021, the Class A ordinary shares and public warrants were listed on NASDAQ under the symbols “OXAC”
and “OXACW,” respectively.
On
November 9, 2022, the OXAC held an extraordinary general meeting (the “EGM”) of shareholders. At the EGM, the OXAC’s
shareholders were presented the proposals to extend the date by which OXAC must consummate a business combination from November 16, 2022
to August 16, 2023 (or such earlier date as determined by OXAC’s Board) by amending OXAC’s Amended and Restated Memorandum
and Articles of Association (the “Extension Amendment Proposal”). The Extension Amendment Proposal to amend OXAC’s
Amended and Restated Memorandum and Articles of Association (“Charter Amendment”) was approved.
In
connection with the Extension Amendment Proposal, the Sponsor has agreed to contribute to OXAC a loan of $ (the “Extension
Loan” or “Promissory Note”), to be deposited into OXAC Trust Account to extend the Termination Date from November 16,
2022 to August 16, 2023. On November 14, 2022, the Company subscribed for additional ordinary shares in the Sponsor for an amount of
$, representing the Company’s pro-rata portion of the Extension Loan. As such, the Company’s Sponsor Equity Interest
remained at approximately % and % of the ordinary shares and preferred shares, respectively, of the Sponsor.
The
Company’s beneficial interests in OXAC’s Class B shares, the Private Placement Warrants and Extension Loan are recorded at
fair value and are classified in “Other Investments” on the consolidated balance sheets. The fair value calculation of the
Company’s beneficial interest in OXAC’s Class B shares and Private Placement Warrants is dependent on company-specific adjustments
applied to the observable trading prices of OXAC Class A shares and public warrants. The fair value calculation of the Company’s
beneficial interest in the Extension Loan is dependent on company-specific adjustments applied to the pro-rata original principal amount
of the Extension Loan. The Company’s management estimates that a specific discount of 25.11% sufficiently captures the risk or
profit that a market participant would require as compensation for i) the lack of marketability of the Company’s beneficial interests
in the OXAC and ii) assuming the inherent risk of forfeiture and default if a business combination doesn’t occur within OXAC’s
stipulated time frame. The Company has selected a discount of 25.11% based on fair value measurements by an independent valuation expert,
and due to the unobservable nature of this company-specific adjustment, the Company classifies the Other Investment as
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
Level
3 in the fair value hierarchy. Subsequent changes in fair value will be recorded in the consolidated statements of operations during the
period of the change.
As
a result of the re-measurement of our investment in OXAC, we recognized for the six months ended June 30, 2023, an unrealized gain on
other investments of $505,000 within our consolidated statement of operations.
Other
investments as of June 30, 2023 consist of the following (in thousands):
SCHEDULE
OF OTHER INVESTMENT
| |
June 30, 2023 | |
|
December 31,
2022 |
|
| |
| |
|
|
|
|
Oxbridge Acquisition Corp. Promissory Note | |
$ | 214 | |
|
|
214 |
|
Oxbridge Acquisition Corp. Class B Ordinary Shares | |
| 11,714 | |
|
|
11,209 |
|
Total | |
$ | 11,928 | |
|
|
11,423 |
|
| |
Six Months ended June 30, 2023 | |
|
Six Months ended
June 30,
2022 |
|
| |
| |
|
|
|
|
Beginning of period | |
$ | 11,423 | |
|
|
11,173 |
|
Unrealized gain on investment in affiliate | |
| 505 | |
|
|
341 |
|
End of period | |
$ | 11,928 | |
|
|
11,514 |
|
If
OXAC does not complete a business combination by August 16, 2023, the proceeds from the sale of the Private Placement Warrants (after
OXAC IPO transaction costs) will be used to fund the redemption of the shares sold in the OXAC IPO (subject to the requirements of applicable
law), and the Private Placement Warrants will expire without value. The Sponsor holds approximately 20% of the total ordinary shares
(Class A and Class B) in OXAC along with the 4,897,500 Private Placement Warrants, and the Promissory Note of $575,000. OXAC is managed
by the Company’s executive officers.
On August 7, 2023, OXAC held an
extraordinary general meeting at which the business combination with Jet Token, Inc. was approved by OXAC shareholders. In conjunction
with the business combination, OXAC was redomesticated as a Delaware entity, and changed its name to Jet.AI Inc. The business combination
was closed on August 10, 2023, and on August 11, 2023, OXAC common stock and warrants began trading on the Nasdaq Global Market under
the new ticker symbols JTAI and JTAIW.
Assets
Measured at Estimated Fair Value on a Recurring Basis
The
following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis
that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation
techniques utilized by the Company to determine such fair value as of June 30, 2023 and December 31, 2022:
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
SCHEDULE
OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of June 30, 2023 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,117 | | |
$ | - | | |
$ | - | | |
$ | 3,117 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 372 | | |
$ | - | | |
$ | - | | |
$ | 372 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,928 | | |
$ | 11,928 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 723 | | |
$ | - | | |
$ | - | | |
$ | 723 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,212 | | |
$ | - | | |
$ | 11,928 | | |
$ | 16,140 | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of December 31, 2022 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,207 | | |
$ | - | | |
$ | - | | |
$ | 1,207 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 2,721 | | |
$ | - | | |
$ | - | | |
$ | 2,721 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,423 | | |
$ | 11,423 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 642 | | |
$ | - | | |
$ | - | | |
$ | 642 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,570 | | |
$ | - | | |
$ | 11,423 | | |
$ | 15,993 | |
Assets
Measured at Estimated Fair Value on a Recurring Basis (continued)
At
December 31, 2022 the Company utilized the services of an independent valuation expert (“Valuation Expert”) to determine
the fair value of the Company’s indirect investment in OXAC. The Valuation Expert observed that the Class A shares of OXAC
trades in a relatively liquid market at the measurement date, and the Company’s share of OXAC’s Class B shares were
convertible to OXAC’s Class A Shares on a 1
to 1 basis. The Valuation Expert applied this ratio to the value of OXAC’s Class A shares and then applied an
additional 25.11%
discount to account for the lack of marketability and the inherent risk of forfeiture should a business combination not occur. At
June 30, 2023, management determined the discount rate of 25.11%
was reasonable due to no significant variations of marketability of the securities at December 31, 2022 through to present.
Additionally, management concludes that with respect to OXAC, there is reduced inherent risk of forfeiture and reduced default
probability due to OXAC’s additional extension through to August 16, 2023 as well as the proposed business combination with
Jet Token Inc, which closed on August 10, 2023.
Historically,
we relied on the Black-Scholes option pricing model to determine the fair value of the Company’s beneficial interest in
OXAC’s private placement warrants with a strike price of $11.50.
At June 30, 2023 and December 31, 2022, the fair value of the Private Placement Warrants were determined to be $0.
Management
has estimated the fair value of the Company’s beneficial interest in the Promissory Note to be equivalent to the discount rate
of 25.11%, as determined above, applied to the pro-rata original principal amount of the Promissory Note.
There
were no transfers between Levels 1, 2 or 3 during the three and six months ended June 30, 2023 and 2022.
The
following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified
as Level 3:
SCHEDULE
OF RECONCILIATION OF CHANGES IN FAIR VALUE
| |
Other Investments (in thousands) | |
Fair value of Level 3 other investment at January 1, 2023 | |
$ | 11,423 | |
Change in valuation inputs or other assumptions | |
| 505 | |
Fair value of Level 3 other investment at June 30, 2023 | |
$ | 11,928 | |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
5. TAXATION
Under
current Cayman Islands law, no corporate entity, including the Company and the subsidiaries, is obligated to pay taxes in the Cayman
Islands on either income or capital gains. The Company and Oxbridge Reinsurance Limited have an undertaking from the Governor-in-Cabinet
of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands
enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance
tax, such tax will not be applicable to the Company and Oxbridge Reinsurance Limited or their operations, or to the ordinary shares or
related obligations, until April 23, 2033 and May 17, 2033, respectively.
The
Company and its subsidiaries intend to conduct substantially all of their operations in the Cayman Islands in a manner such that they
will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute
being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue
Service will not contend, perhaps successfully, that the Company or its subsidiary is engaged in a trade or business in the U.S. A foreign
corporation deemed to be so engaged would be subject to U.S. federal income tax, as well as branch profits tax, on its income that is
treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable
tax treaty.
6. VARIABLE INTEREST ENTITIES
Oxbridge
Re NS. On December 22, 2017, the Company established Oxbridge Re NS, a Cayman domiciled and licensed special purpose insurer, formed
to provide additional collateralized capacity to support Oxbridge Reinsurance Limited’s reinsurance business. In respect of the
debt issued by Oxbridge Re NS to investors, Oxbridge Re NS has entered into a retrocession agreement with Oxbridge Reinsurance Limited
effective June 1, 2020. Under this agreement, Oxbridge Re NS receives a quota share of Oxbridge Reinsurance Limited’s catastrophe
business. Oxbridge Re NS is a non-rated insurer and the risks have been fully collateralized by way of funds held in trust for the benefit
of Oxbridge Reinsurance Limited. Oxbridge Re NS is able to provide investors with access to natural catastrophe risk backed by the distribution,
underwriting, analysis and research expertise of Oxbridge Re.
The
Company has determined that Oxbridge Re NS meets the definition of a VIE as it does not have sufficient equity capital to finance its
activities. The Company concluded that it is the primary beneficiary and has consolidated the subsidiary upon its formation, as it owns
100% of the voting shares, 100% of the issued share capital and has a significant financial interest and the power to control the activities
of Oxbridge Re NS that most significantly impacts its economic performance. The Company has no other obligation to provide financial
support to Oxbridge Re NS. Neither the creditors nor beneficial interest holders of Oxbridge Re NS have recourse to the Company’s
general credit.
Upon
issuance of a series of participating notes by Oxbridge Re NS, all of the proceeds from the issuance are deposited into collateral accounts,
to fund any potential obligation under the reinsurance agreements entered into with Oxbridge Reinsurance Limited underlying such series
of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon
the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes,
in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the
applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable
annually, as determined by the applicable governing documents of each series of notes.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
6. |
VARIABLE INTEREST ENTITIES (continued) |
In
addition, holders of such notes are generally entitled to interest payments, payable annually, as determined by the applicable governing
documents of each series of notes.
The
Company receives an origination and structuring fee in connection with the formation, operation and management of Oxbridge Re NS.
Notes
Payable to Series 2020-1 noteholders
Oxbridge
Re NS entered into a retrocession agreement with Oxbridge Reinsurance Ltd on June 1, 2020 and issued $216,000
of participating notes which provides quota share support for Oxbridge Re’s global property catastrophe excess of loss
reinsurance business. The participating notes have been assigned Series 2020-1 and are due to mature on June
1, 2023. Participating notes totaling $98,000
were redeemed during the six-month period ended June 30, 2023 resulting in a balance due of $118,000
at June 30, 2023 None of the participating notes were redeemed during the six-month period ending June 30, 2022.
The
income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the six-month ended June 30, 2023
and 2022 was $0 and $43,000, respectively, and are included within accounts payable and other liabilities as at June 30, 2023 and 2022,
respectively.
SurancePlus
Inc.
SurancePlus
Inc., a wholly-owned subsidiary of Oxbridge Re Holdings Limited, was incorporated as a British Virgin Islands Business Company on December
19, 2022 for the purposes of tokenizing reinsurance contracts underwritten by its affiliated licensed reinsurer, Oxbridge Re NS.
On
March 27, 2023, the Company and SurancePlus Inc. (“SurancePlus”), issued a press release announcing the commencement of an
offering by SurancePlus of DeltaCat tokenized reinsurance securities (the “Tokens”), which represent Series DeltaCat Preferred
Shares of SurancePlus (“Preferred Shares”), and together with the Tokens, the “Securities”). Each digital security
or token, which will have a purchase price of $10.00 per Token, will represent one Preferred Share of SurancePlus.
The
proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge
Re NS, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten
by Oxbridge Re NS. The holders of the digital Securities will generally be entitled to proceeds from the payment of participating notes
in the amount of a preferred return of 20% plus an additional 80% of any proceeds in excess of the amount necessary to pay the preferred
return. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors
are expected to receive an annual return on the original purchase price of the digital securities of 42%.
On
June 27, 2023, SurancePlus Inc. completed its private placement (the “Private Placement”) of Series DeltaCat Re
Preferred Shares represented by DeltaCat Re Tokens (the “Securities”). On June 27, 2023, SurancePlus entered into
subscription agreements with accredited investors and non-U.S. persons in the Private Placement with respect to 229,766
of the Securities at a purchase price of $10.00
per token for aggregate gross proceeds of $2,297,660.
SurancePlus also previously entered into subscription agreements for and sold 15,010
of the Securities between April 5, 2023 and May 18, 2023 for gross proceeds of $150,100,
also at a purchase price of $10.00
per token. The aggregate amount raised in the Private Placement was $2,447,760
for the issuance of 244,776
Securities of which approximately $1,280,000 was received from third-party investors and approximately $1,167,000 from Oxbridge Re Holdings Limited. Approximately
$300,000 and $273,000 of management fees were deducted from the gross proceeds from the third-party investors and Oxbridge Re Holdings
Limited, respectively, The tokens were issued on the Avalanche
blockchain. Ownership of DeltaCat Re tokenized reinsurance securities indirectly confers fractionalized interests in reinsurance
contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2023-2024 treaty year.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
On
June 28, 2023, Oxbridge issued a press release announcing the completion of the Private Placement.
The
Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or
other securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable
exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state
or other securities laws. The Securities were sold in a transaction exempt from registration under the Securities Act and were sold only
to persons reasonably believed to be accredited investors in the United States under SEC Rule 506(c) under the Securities Act and outside
the United States only to non-U.S. persons in accordance with Regulation S under the Securities Act.
The
selected unconsolidated historical financial information and other data presented below is derived from SurancePlus’
standalone unaudited financial statements for the three and six months ended June 30, 2023 and the balance sheet data as of June 30,
2023.
SCHEDULE
OF FINANCIAL STATEMENTS
| |
For Three Months Ended | | |
For Six Months Ended | |
Statement of Operations Data: | |
June 30, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
| |
(in thousands) | |
| |
| | |
| |
SurancePlus management fee income | |
$ |
574 | | |
$ |
574 | |
Underwriting-related income | |
|
163 | | |
|
163 | |
Total revenue | |
$ | 737 | | |
$ | 737 | |
| |
| | | |
| | |
Expenses | |
$ | (225 | ) | |
$ | (225 | ) |
Net income | |
| 363 | | |
| 363 | |
Balance Sheet Data: | |
At June 30, 2023 | |
| |
(Unaudited) | |
| |
(in thousands) | |
Total assets | |
$ | 2,611 | |
Amounts due to Delta Cat Re Tokenholders | |
| 1,129 | |
Total shareholder’s equity | |
| 1,482 | |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The
following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE
reserve movements for the six-month periods ending June 30, 2023 and 2022:
SCHEDULE
OF LOSS ADJUSTMENT EXPENSE
| |
At June 30, | | |
At June 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
| |
| | |
| |
Balance, beginning of period | |
$ | 1,073 | | |
$ | - | |
Incurred related to: | |
| | | |
| | |
Current period | |
| - | | |
| - | |
Prior period | |
| - | | |
| - | |
Total incurred | |
| - | | |
| - | |
Paid related to: | |
| | | |
| | |
Current period | |
| (1,073 | ) | |
| - | |
Prior period | |
| - | | |
| - | |
Total paid | |
| (1,073 | ) | |
| - | |
Balance, end of period | |
$ | - | | |
$ | - | |
When
losses occur, the reserves for losses and LAE are typically comprised of case reserves (which are based on claims that have been reported)
and IBNR reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and include
a provision for expected future development on existing case reserves). The Company typically suffers limit losses in the event of a
Category 3 or above hurricane making landfall in a populated area where the Company has catastrophe risk exposure. For the period ended
June 30, 2023, the Company has recorded its reserves for losses and LAE based on the contractual maximum loss the Company can
suffer under the affected contracts.
The
uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together
with the potential for unforeseen adverse developments, may result in the reserve for losses and LAE ultimately being significantly greater
or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant
loss event takes place near the end of a reporting period. Reserve for losses and LAE estimates are reviewed periodically on a contract-by-contract
basis and updated as new information becomes known. Any resulting adjustments are reflected in operations in the period in which they become
known.
The
Company’s reserving process is highly dependent on the timing of loss information received from its cedants and related brokers.
There
were no losses incurred during the three and six-month period ended June 30, 2023.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
8. (LOSS) EARNINGS PER SHARE
A
summary of the numerator and denominator of the basic and diluted (loss) earnings per share is presented below (dollars in thousands
except per share amounts):
SCHEDULE
OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNING PER SHARE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (85 | ) | |
| 77 | | |
$ | 57 | | |
| (310 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares - basic | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
Effect of dilutive securities - Stock options | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issuable upon conversion of warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares - diluted | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
(Loss) earnings per share - basic | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
(Loss) earnings per share - diluted | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
For
the three-month period ended June 30, 2023 and the six-month period ended June 30, 2022, options to purchase 846,250
ordinary shares and 8,230,700
warrants to purchase an aggregate of 8,230,700
ordinary shares were anti-dilutive due to the
net loss during these periods.
For
the six-month period ended June 30, 2023 and the three-month period ended June 30, 2022, options to purchase 896,250
ordinary shares and 8,230,700
warrants to purchase an aggregate of 8,230,700
ordinary shares were anti-dilutive due to the
exercise price of these securities, including unrecognized compensation expense, exceeded the average market price of the Company’s
ordinary shares during these periods.
GAAP
requires the Company to use the two-class method in computing basic (loss) earnings per share since holders of the Company’s
restricted stock have the right to share in dividends, if declared, equally with common shareholders. These participating securities
effect the computation of both basic and diluted (loss) earnings per share during periods of net (loss) income.
9. WARRANTS
There
were 8,230,700 warrants outstanding at June 30, 2023 and December 31, 2022. One warrant may be exercised to acquire one ordinary share
at an exercise price equal to $7.50 per share on or before March 26, 2024. The Company at its option may cancel the warrants in whole
or in part, provided that the closing price per ordinary share has exceeded $9.38 for at least ten trading days within any period of
twenty consecutive trading days, including the last trading day of the period. No warrants were exercised during the three and six-month
periods ended June 30, 2023 and 2022.
10. DIVIDENDS
As
of June 30, 2023, none of the Company’s retained earnings were restricted from payment of dividends to the company’s shareholders.
However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend from the subsidiaries
would likely be required in order to fund a dividend to the Company’s shareholders and would require notification to the Cayman
Islands Monetary Authority (“CIMA”).
Under
Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of
additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
11. SHARE-BASED COMPENSATION
The
Company currently has outstanding stock-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and
the 2021 Omnibus Incentive Plan (the “2021 Plan”) (hereinafter collectively referred to as “the Plans”). Under
each of the Plans, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance
of up to 1,000,000 of the Company’s ordinary shares. During the period ended June 30, 2023, the Company granted 100,647 restricted
stock to directors, officers and employees under the 2021 Plan. At June 30, 2023, there were 895,353 shares and 11,750 shares available
for grant under the 2021 Plan and the 2014 Plan, respectively.
Stock
options
Stock
options granted and outstanding under the Plan vests quarterly over four years and are exercisable over the contractual term of ten years.
A
summary of the stock option activity for the three and six-month periods ended June 30, 2023 and 2022 is as follows:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Term | |
Aggregate Intrinsic Value | |
Outstanding at January 1, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.9 years | |
| | |
Outstanding at March 31, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.6 years | |
| | |
Exercisable at March 31, 2022 | |
| 601,250 | | |
| 4.44 | | |
5.7 years | |
| | |
Outstanding at June 30, 2022 | |
| 896,250 | | |
$ | 4.71 | | |
6.4 years | |
$ | - | |
Exercisable at June 30, 2022 | |
| 641,250 | | |
$ | 4.42 | | |
5.6 years | |
$ | - | |
Outstanding at January 1, 2023 | |
| 871,250 | | |
$ | 4.67 | | |
5.6 years | |
$ | - | |
Forfeited | |
| (25,000 | ) | |
$ | 6.00 | | |
| |
| | |
Outstanding at March 31, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.5 years | |
$ | - | |
Exercisable at March 31, 2023 | |
| 736,875 | | |
$ | 4.43 | | |
5.2 years | |
$ | - | |
Outstanding at June 30, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.3 years | |
$ | - | |
Exercisable at June 30, 2023 | |
| 752,500 | | |
$ | 4.46 | | |
5.0 years | |
$ | - | |
Compensation
expense recognized for the three-month periods ended June 30, 2023 and 2022 totaled $5,000 and $15,000 and for the six-month periods
ended June 30, 2023 and 2022 totaled $10,000 and 30,000, respectively. Compensation expense is included in general and administrative
expenses. At June 30, 2023 and 2022, there was approximately $30,000 and $84,000, respectively, of total unrecognized compensation expense
related to non-vested stock options granted under the Plans. The Company expects to recognize the remaining compensation expense over
a weighted-average period of eighteen (18) months.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
11. |
SHARE-BASED COMPENSATION (cont’d) |
Restricted
Stock Awards
The
Company may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s
outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based
conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes
fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based
conditions is based on the value of the Company’s stock on the grant date.
During
the six-month periods ended June 30, 2023 and 2022, the Company granted 100,647
and 32,000 shares of restricted stock, respectfully to directors and employees under the 2021 Plan. Information with respect to the activity of
unvested restricted stock awards during the period ended June 30, 2023 is as follows (share amounts not in thousands):
SCHEDULE
OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS
| |
Weighted- | | |
Weighted- | |
| |
Number of Restricted | | |
Average
Grant Date | |
| |
Stock Awards | | |
Fair Value | |
| |
| | |
| |
Nonvested at January 1, 2023 | |
| 23,000 | | |
$ | 2.37 | |
Granted | |
| 100,647 | | |
$ | 2.37 | |
Vested | |
| (32,750 | ) | |
$ | 2.37 | |
Nonvested at June 30, 2023 | |
| 90,897 | | |
$ | | |
Restricted
stock awards (continued)
Compensation
expense recognized for the three and six-months ended June 30, 2023 totaled $50,000
and $99,000,
respectively, and is included in general and administrative expenses. Compensation expense for the three- and six-month periods
ended June 30, 2022 totaled $17,000
and $34,000,
respectively. At June 30, 2023, there was approximately $244,000
unrecognized compensation expense related to non-vested restricted stock granted under the Plan, which the Company expects to
recognize over a weighted-average period of thirteen (13)
months.
12. NET WORTH FOR REGULATORY PURPOSES
The
subsidiaries are subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of their respective
licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500
in accordance with the relevant subsidiary’s approved business plan filed with CIMA.
At
June 30, 2023, the Oxbridge Reinsurance Limited’s net worth of $8.71 million exceeded the minimum and prescribed capital requirement.
For the three and six-month periods ended June 30, 2023 and 2022, the Subsidiary’s net loss was approximately $420,000 and $509,000,
respectively.
At
June30, 2023, the Oxbridge Re NS’ net worth of $156,000 exceeded the minimum and prescribed capital requirement. For the three
and six-month periods ended June 30, 2023 and 2022, the Subsidiary’s net income was approximately $0 and $1,000, respectively.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
The
Subsidiaries are not required to prepare separate statutory financial statements for filing with CIMA, and there were no material
differences between the Subsidiaries’ GAAP capital, surplus and net (loss) income, and its statutory capital, surplus
and net (loss) income as of June 30, 2023 or for the periods then ended.
13. FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES)
Fair
values
With
the exception of balances in respect of insurance contracts (which are specifically excluded from fair value disclosures under GAAP)
and investment securities as disclosed in Note 4 of these consolidated financial statements, the carrying amounts of all other financial
instruments, which consist of cash and cash equivalents, restricted cash and cash equivalents, accrued interest and dividends receivable,
premiums receivable and other assets, notes payable and accounts payable and other liabilities, approximate their fair values due to
their short-term nature.
Concentration
of underwriting risk
A
substantial portion of the Company’s current reinsurance business ultimately relates to the risks of a limited number of entities;
accordingly, the Company’s underwriting risks are not significantly diversified.
Concentrations
of Credit and Counterparty Risk
The
Company markets retrocessional and reinsurance policies worldwide through its brokers. Credit risk exists to the extent that any of these
brokers may be unable to fulfill their contractual obligations to the Company. For example, the Company is required to pay amounts owed
on claims under policies to brokers, and these brokers, in the Company. In some jurisdictions, if a broker fails to make such a payment,
the Company might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company
pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable
to the Company for those amounts, whether or not the premiums have actually been received.
The
Company remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments
under reinsurance agreements. The Company would also be liable in the event that its ceding companies were unable to collect amounts
due from underlying third-party reinsurers.
The
Company mitigates its concentrations of credit and counterparty risk by using reputable and several counterparties which decreases the
likelihood of any significant concentration of credit risk with any one counterparty.
Market
risk
Market
risk exists to the extent that the values of the Company’s monetary assets fluctuate as a result of changes in market prices. Changes
in market prices can arise from factors specific to individual securities or their respective issuers, or factors affecting all securities
traded in a particular market. Relevant factors for the Company are both volatility and liquidity of specific securities and markets
in which the Company holds investments. The Company has established investment guidelines that seek to mitigate significant exposure
to market risk.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
14. LEASES
Operating
lease right-of-use assets and operating lease liabilities are disclosed as line in the consolidated balance sheet. We determine if a
contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the
present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our
incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments.
Lease agreements that have lease and non-lease components, are accounted for as a single lease component. Lease expense is recognized
on a straight-line basis over the lease term.
The
Company has two operating lease obligations namely for the Company’s office facilities located at Suite 201, 42 Edward Street Grand
Cayman, Cayman Islands and residential space at Turnberry Villas in Grand Cayman, Cayman Islands. The office lease has a remaining lease
term of approximately eight (8) months and includes an option to extend the lease. Under the terms of the lease, the Company also has
the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor. The residential
lease has a remaining lease term of approximately six (6) months.
The
components of lease expense and other lease information as of and during the six-month periods ended June 30, 2023 and 2022 are as follows:
SCHEDULE
OF OPERATING LEASE COST
| |
For the Six-Month Period | | |
For the Six-Month Period | |
(in thousands) | |
Ended June 30, 2023 | | |
Ended June 30, 2022 | |
Operating Lease Cost (1) | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
(1) |
| |
| | | |
| | |
SCHEDULE OF OPERATING LEASE OBLIGATIONS
(in
thousands) | |
At
June 30, 2023 | | |
At
December 31, 2022 | |
Operating
lease right-of-use assets | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Operating
lease liabilities | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Weighted-average
remaining lease term - operating leases | |
| 0.57
years | | |
| 1.17
years | |
| |
| | | |
| | |
Weighted-average
discount rate - operating leases | |
| 7.70 | % | |
| 6.50 | % |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
Future
minimum lease payments under non-cancellable leases as of June 30, 2023 and December 31, 2022, reconciled to our discounted operating
lease liability presented on the consolidated balance sheet are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
(in thousands) | |
At June 30, 2023 | | |
At December 31, 2022 | |
Remainder of 2023 | |
| 53 | | |
| - | |
2024 | |
| 9 | | |
| 40 | |
Thereafter | |
| - | | |
| 6 | |
Total future minimum lease payments | |
$ | 62 | | |
$ | 46 | |
| |
| | | |
| | |
Less imputed interest | |
| (2 | ) | |
| (2 | ) |
Total operating lease liability | |
$ | 60 | | |
| 44 | |
15. RELATED PARTY TRANSACTIONS
Administrative
Services Agreement
Commencing
on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 per month for office space,
utilities, secretarial and administrative support to the Sponsor and the SPAC. Upon completion of the SPAC’s initial Business Combination
or the SPAC’s liquidation, the Sponsor will cease paying these monthly fees. For the period ended June 30, 2023, the Company recorded
$60,000 income from the Sponsor under the Administrative Services Agreement, which is included in “net investment and other income”
in the consolidated statements of operations.
Included
within “due from related party” on the consolidated balance sheets is a balance of $8 thousand representing reimbursable
expenses relating to government fees and professional fees that the Company paid on behalf of the SPAC and the Sponsor, as well as $
administrative fees from the Sponsor.
Participating
Notes
During
the year ending December 31, 2021, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, invested a principal amount
of $68,000 in Series 2020-1 participating notes. During the six-month period ended June 30, 2023, Mr. Madhu received a payment of $76,000
representing partial redemption of principal and return on investment.
DeltaCat
Re Tokens
During
the six-month period ended June 30, 2023, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, entered into subscription
agreement to purchase a total of 6,200 Series DeltaCat Re tokens at a purchase price of $10.00 per token for aggregate gross proceeds
of $62,000. Ownership of DeltaCat Re tokenized reinsurance securities indirectly confers fractionalized interests in reinsurance contracts
underwritten by Oxbridge Re NS for the 2023-2024 treaty year.
TypTap Insurance Company (“TypTap”) Contract
During the three-month and six-month periods ended June 30, 2023 the Company
entered into a reinsurance agreement with TypTap, an insurance subsidiary of HCI Group, Inc., which is a related entity through common
directorship. At June 30, 2023, included within premium receivable, deferred acquisition costs and unearned premiums on the condensed
consolidated balance sheets are amounts equal to $977,000 , $110,000 and $1,007,000 respectively, relating to the reinsurance agreement
with TypTap. During the three-month and six-month periods ended June 30, 2023, included within assumed premiums, change in unearned premium
reserve and policy acquisition costs and underwriting expenses on the condensed consolidated statements of income are amounts equal to
$1,099,000, ($92,000) and $10,000, respectively.
16. SUBSEQUENT EVENTS
We
evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements.
There were no
other events subsequent to June 30, 2023, other than disclosed in Note 4, for which disclosure was required.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
SPECIAL
NOTE ABOUT FORWARD-LOOKING STATEMENTS
Certain
statements in this Quarterly Report on Form 10-Q, including in this Management’s Discussion and Analysis, other than purely historical
information, including estimates, projections, statements relating to our business plans, objectives and expected operating results,
and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). These forward-looking statements generally are identified by the words “believe,”
“project,” “predict,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “may,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations
and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking
statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such
forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities
and Exchange Commission (“SEC”) on March 30, 2023. We undertake no obligation to publicly update or revise any forward -looking
statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on
the forward -looking statements which speak only to the dates on which they were made.
GENERAL
The
following is a discussion and analysis of our results of operations for the three and six-month periods ended June 30, 2023 and 2022
and our financial condition as of June 30, 2023 and December 31, 2022. The following discussion should be read in conjunction with our
consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and in our Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on March 30, 2023. References to “we,” “us,”
“our,” “our company,” or “the Company” refer to Oxbridge Re Holdings Limited and its wholly-owned
subsidiaries, Oxbridge Reinsurance Limited and Oxbridge Re NS, unless the context dictates otherwise.
Overview
and Trends
We
are a Cayman Islands specialty property and casualty reinsurer that provides reinsurance solutions through our reinsurance subsidiaries,
Oxbridge Reinsurance Limited and Oxbridge Re NS. Oxbridge Re NS functions as a reinsurance sidecar which increases the underwriting capacity
of Oxbridge Reinsurance Limited. Oxbridge Re NS issues participating notes to third party investors, the proceeds of which are utilized
to collateralize Oxbridge Reinsurance Limited’s reinsurance obligations. We focus on underwriting fully collateralized reinsurance
contracts primarily for property and casualty insurance companies in the Gulf Coast region of the United States, with an emphasis on
Florida. We specialize in underwriting medium frequency, high severity risks, where we believe sufficient data exists to analyze effectively
the risk/return profile of reinsurance contracts.
We
underwrite reinsurance contracts on a selective and opportunistic basis as opportunities arise based on our goal of achieving favorable
long-term returns on equity for our shareholders. Our goal is to achieve long-term growth in book value per share by writing business
that generates attractive underwriting profits relative to the risk we bear. Additionally, we intend to complement our underwriting profits
with investment profits on an opportunistic basis. Our underwriting business focus is on fully collateralized reinsurance contracts for
property catastrophes, primarily in the Gulf Coast region of the United States. Within that market and risk category, we attempt to select
the most economically attractive opportunities across a variety of property and casualty insurers. As we attempt to grow our capital
base, we expect that we will consider further growth opportunities in other geographic areas and risk categories.
Our
level of profitability is primarily determined by how adequately our premiums assumed and investment income cover our costs and expenses,
which consist primarily of acquisition costs and other underwriting expenses, claim payments and general and administrative expenses.
One factor leading to variation in our operational results is the timing and magnitude of any follow-on offerings we undertake (if any),
as we are able to deploy new capital to collateralize new reinsurance treaties and consequently, earn additional premium revenue. In
addition, our results of operations may be seasonal in that hurricanes and other tropical storms typically occur during the period from
June 1 through November 30. Further, our results of operations may be subject to significant variations due to factors affecting the
property and casualty insurance industry in general, which include competition, legislation, regulation, general economic conditions,
judicial trends, and fluctuations in interest rates and other changes in the investment environment.
Because
we employ an opportunistic underwriting and investment philosophy, period-to-period comparisons of our underwriting results may not be
meaningful. In addition, our historical investment results may not necessarily be indicative of future performance. Due to the nature
of our reinsurance and investment strategies, our operating results will likely fluctuate from period to period.
Compared
to most of our competitors, we are small and have low overhead expenses. We believe that our expense efficiency, agility and existing
relationships support our competitive position and allows us to profitably participate in lines of business that fit within our strategy.
Over time we expect our expense advantage to erode as the industry acts to reduce frictional costs.
Recent
Developments
Oxbridge
Acquisition Corp.
On
August 16, 2021, Oxbridge Acquisition Corp. (“Oxbridge Acquisition” or “the SPAC”), a Cayman Islands special
purpose acquisition company in which the Company has an indirect investment through its wholly-owned licensed reinsurance subsidiary
Oxbridge Reinsurance Limited (“OXRE”), announced the closing of an initial public offering of units (“Units”).
In the initial public offering, Oxbridge Acquisition sold an aggregate of 11,500,000 Units at a price of $10.00 per unit, resulting in
total gross proceeds of $115,000,000. Each Unit consisted of one Class A ordinary share and one redeemable warrant, with each warrant
entitling the holder thereof to purchase one Class A ordinary share of Oxbridge Acquisition at a price of $11.50 per share.
The
initial public offering of Oxbridge Acquisition was sponsored by OAC Sponsor Ltd. (“Sponsor”). In connection with Oxbridge
Acquisition’s initial public offering, Sponsor purchased from Oxbridge Acquisition, simultaneous with the closing of the initial
public offering, an aggregate of 4,897,500 warrants at a price of $1.00 per warrant ($4,897,500 in the aggregate) in a private placement
(the “Private Placement Warrants”). Each Private Placement Warrant is exercisable to purchase one Class A ordinary share
of Oxbridge Acquisition at $11.50 per share. In addition, Sponsor holds 2,875,000 shares of the Class B ordinary shares of Oxbridge Acquisition,
representing 20% of the outstanding shares of Oxbridge Acquisition (the “Class B Shares”).
In
connection with the organization of Sponsor, OXRE placed approximately 34.7% of the risk capital and owns approximately 49.6% and 63.1%
of the ordinary shares and preferred shares, respectively, of the Sponsor (the “Sponsor Equity Interest”). The preferred
shares of Sponsor are nonvoting shares and generally entitle the holders thereof to receive the net proceeds, if any, received by Sponsor
from the sale, exchange, or disposition of the Private Placement Warrants or the shares issuable upon the exercise thereof, and the ordinary
shares of Sponsor (which are voting shares in Sponsor) will generally be equivalent to the value of the Class B Shares of Oxbridge Acquisition
held by Sponsor.
On
August 11, 2021, OXRE entered into a Share Purchase Agreement with Sponsor (the “Share Purchase Agreement”) under which OXRE
purchased the Sponsor Equity Interest for an aggregate purchase price of $2,000,000 (the “Share Purchase Agreement”). Under
the Share Purchase Agreement, OXRE acquired an aggregate of 1,500,000 ordinary shares and 3,094,999 preferred shares of Sponsor.
On
November 14, 2022, OXRE entered into a Second Share Purchase Agreement with Sponsor (the “Second Share Purchase Agreement”)
under which OXRE acquired an additional 285,000 ordinary shares of Sponsor for an aggregate purchase price of $285,000.
In
addition to the foregoing, the Initial Share Purchase Agreement and the Second Share Purchase Agreement contains customary representations,
warranties, and covenants.
On
November 9, 2022, Oxbridge Acquisition held an extraordinary general meeting (the “EGM”) of shareholders. At the EGM, Oxbridge
Acquisition’s shareholders were presented the proposals to extend the date by which Oxbridge Acquisition must consummate a business
combination from November 16, 2022 to August 16, 2023 (or such earlier date as determined by Oxbridge Acquisition’s Board) by amending
Oxbridge Acquisition’s Amended and Restated Memorandum and Articles of Association (the “Extension Amendment Proposal”).
The Extension Amendment Proposal to amend Oxbridge Acquisition’s Amended and Restated Memorandum and Articles of Association (“Charter
Amendment”) was approved.
In
connection with the Extension Amendment Proposal, the Sponsor has agreed to contribute to Oxbridge Acquisition a loan of $575,000 (the
“Extension Loan”), to be deposited into Oxbridge Acquisition’s Trust Account to extend the Termination Date from November
16, 2022 to August 16, 2023. On November 14, 2022, the Company subscribed for additional ordinary shares in the Sponsor for an amount
of $285,000, representing the Company’s pro-rata portion of the Extension Loan. As such, the Company’s Sponsor Equity Interest
remained at approximately 49.6% and 63.1% of the ordinary shares and preferred shares, respectively, of the Sponsor.
On
February 28, 2023, the Company announced in a press release that Oxbridge Acquisition filed a Current Report on Form 8-K with the Securities
and Exchange Commission in connection with Oxbridge Acquisition’s business combination with Jet Token Inc. (“Jet”),
a Delaware based company. Upon the closing of the transaction, the combined company will be named Jet.AI Inc. Jet offers fractional aircraft
ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of Jet’s Argus Platinum
operating partner. Jet’s charter app enables travelers to look, book and fly. The funding and capital markets access from this
transaction is expected to enable Jet to continue its growth strategy of AI software development and fleet expansion. The business combination
was completed on August 10, 2023.
The
Company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance Limited (“Oxbridge Reinsurance”), is the
lead investor in Oxbridge Acquisition’s sponsor and holds the equivalent of 1,426,180 Class B shares, which at closing of the business
combination will have a value of $14,261,800. This does not include the value of the 3,094,999 private placement warrants that the Company
beneficially holds in Oxbridge Acquisition.
PRINCIPAL
REVENUE AND EXPENSE ITEMS
Revenues
We
derive our most significant revenues from four principal sources:
|
● |
premiums
assumed from reinsurance on property and casualty business; |
|
● |
income
from investments and unrealized gain (loss) on other investments; |
|
● |
income
under our Administrative Services Agreement; |
|
● |
income from SurancePlus management fees. |
Premiums
Assumed
Premiums
assumed include all premiums received by a reinsurance company during a specified accounting period, even if the policy provides coverage
beyond the end of the period. Premiums are earned over the term of the related policies. At the end of each accounting period, the portion
of the premiums that are not yet earned are included in the unearned premiums reserve and are realized as revenue in subsequent periods
over the remaining term of the policy. Our policies typically have a term of twelve months. Thus, for example, for a policy that is written
on July 1, 2022, typically one-half of the premiums will be earned in 2022 and the other half will be earned during 2023. However, in
the event of limit losses on our policies, premium recognition will be accelerated to match losses incurred in the period, when there
is no possibility of any future treaty-year losses under the contracts.
Premiums
from reinsurance on property and casualty business assumed are directly related to the number, type and pricing of contracts we write.
Premiums
assumed are recorded net of change in loss experience refund, which consists of changes in amounts due to the cedants under two of our
reinsurance contracts. These contracts contain retrospective provisions that adjust premiums in the event losses are minimal or zero.
We recognize a liability pro-rata over the period in which the absence of loss experience obligates us to refund premiums under the contracts,
and we will derecognize such liability in the period in which a loss experience arises. The change in loss experience refund is negatively
correlated to loss and loss adjustment expenses described below.
Investment
Income
Income
from our investments is primarily comprised of net realized and unrealized gains (losses) interest income and dividends on investment
securities. Such income is primarily from the Company’s investments, which includes other investments in Oxbridge Acquisition Corp.
and investments held in trust accounts that collateralize the reinsurance policies that we write. The investment parameters for trust
accounts are generally be established by the cedant for the relevant policy.
Administrative
Services Agreement
Commencing
on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 per month for office space,
utilities, secretarial and administrative support to the Sponsor and the SPAC. Upon completion of the SPAC’s initial Business Combination
or the SPAC’s liquidation, the Sponsor will cease paying these monthly fees. For the six months ended June 30, 2023, the Company recognized $60,000
in connection with this agreement. In addition, for the six-month periods ended June 30, 2023 and
2022, the Company recorded other income of $90,000, and a corresponding receivable of $90,000 from the Sponsor under the Administrative
Services Agreement, which is included in “net investment and other income” in the consolidated statements of operations,
and “Due from related party” in the consolidated balance sheet, respectively.
Incentive,
Technology, Origination and Management Fee Income
During
the six-month period ending June 30, 2023, the Company’s subsidiary, SurancePlus Inc., entered into subscriptions agreements for
the sale of its Series DeltaCat Re tokens, representing fractionalized interest in reinsurance contracts underwritten by Oxbridge Re
NS. The tokens were issued on the Avalanche blockchain.
SurancePlus
receives an incentive and management fee to cover costs associated with origination, structuring and the blockchain technology related
to the tokens. These fees are included in SurancePlus management fee line item in the consolidated statement of operations.
Expenses
Our
expenses consist primarily of the following:
|
● |
losses
and loss adjustment expenses; |
|
|
|
|
● |
policy
acquisition costs and underwriting expenses; and |
|
|
|
|
● |
general
and administrative expenses. |
Loss
and Loss Adjustment Expenses
Loss
and loss adjustment expenses are a function of the amount and type of reinsurance contracts we write and of the loss experience of
the underlying coverage. As described below, loss and loss adjustment expenses are based on the claims reported by our
Company’s ceding insurers and may include an actuarial analysis of the estimated losses, including losses incurred during the
period and changes in estimates from prior periods. Depending on the nature of the contract, loss and loss adjustment expenses may
be paid over a period of years.
Policy
Acquisition Costs and Underwriting Expenses
Policy
acquisition costs and underwriting expenses consist primarily of brokerage fees, ceding commissions, premium taxes and other direct expenses
that relate to our writing of reinsurance contracts. We amortize deferred acquisition costs over the related contract term.
General
and Administrative Expenses
General
and administrative expenses consist of salaries and benefits and related costs, including costs associated with our professional fees,
rent and other general operating expenses consistent with operating as a public company.
RESULTS
OF OPERATIONS
The
following is our consolidated statement of operations and performance ratios for the three and six-month periods ended June 31, 2023
and 2022 (dollars in thousands, except per share amounts):
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
| | | |
| | | |
| | | |
| | |
Assumed premiums | |
$ | 2,196 | | |
| 669 | | |
| 2,196 | | |
| 705 | |
Premiums ceded | |
| - | | |
| (24 | ) | |
| - | | |
| (60 | ) |
Change in unearned premiums reserve | |
| (2,013 | ) | |
| (451 | ) | |
| (2,013 | ) | |
| (241 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
| 183 | | |
| 194 | | |
| 183 | | |
| 404 | |
SurancePlus management fee income | |
| 300 | | |
| - | | |
| 300 | | |
| - | |
Net investment and other income | |
| 79 | | |
| 41 | | |
| 168 | | |
| 75 | |
Net realized investment gain | |
| - | | |
| 19 | | |
| - | | |
| 27 | |
Unrealized gain on other investments | |
| 124 | | |
| 571 | | |
| 505 | | |
| 341 | |
Change in fair value of equity securities | |
| 5 | | |
| (322 | ) | |
| 81 | | |
| (342 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total revenue | |
| 691 | | |
| 503 | | |
| 1,237 | | |
| 505 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | | |
| | |
Policy acquisition costs and underwriting expenses | |
| 20 | | |
| 21 | | |
| 20 | | |
| 44 | |
General and administrative expenses | |
| 677 | | |
| 389 | | |
| 1,081 | | |
| 728 | |
| |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 697 | | |
| 410 | | |
| 1,101 | | |
| 772 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) income before income attributable to noteholders and tokenholders | |
| (6 | ) | |
| 93 | | |
| 136 | | |
| (267 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income attributable to noteholders and tokenholders | |
| (79 | ) | |
| (16 | ) | |
| (79 | ) | |
| (43 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (85 | ) | |
| 77 | | |
| 57 | | |
| (310 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
$ | (0.01 | ) | |
| 0.01 | | |
| 0.01 | | |
| (0.05 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
| |
| | | |
| | | |
| | | |
| | |
Performance ratios to net premiums earned: | |
| | | |
| | | |
| | | |
| | |
Loss ratio | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % |
Acquisition cost ratio | |
| 10.9 | % | |
| 10.8 | % | |
| 10.9 | % | |
| 10.9 | % |
Expense ratio | |
| 380.9 | % | |
| 211.3 | % | |
| 601.6 | % | |
| 191.1 | % |
Combined ratio | |
| 380.9 | % | |
| 211.3 | % | |
| 601.6 | % | |
| 191.1 | % |
General.
Net loss for the quarter ended June 30, 2023 was $85,000, or ($0.01) basic and diluted earnings per share compared to a net income
of $77,000, or $0.01 basic and diluted earnings per share, for the quarter ended June 30, 2022. The decrease is due to higher
general and administrative expenses as a result of SurancePlus’ token offering during the quarter ended June 30, 2023.
Net
income for the six months ended June 30, 2023 was $57,000, or $0.01 per basic or diluted earnings per share compared to a net loss of
$319,000, or ($0.06) per basic and diluted loss per share, for the six months ended June 2022. The decrease in net loss was the
result of higher revenue driven by increase in SurancePlus management fee income, unrealized gain on other investment and equity
securities, more than offsetting the increased general and administrative expenses associated with SurancePlus’ token offering
during the six months ended June 30, 2023 when compared with the prior period
Premium
Income. Net premiums earned typically reflects the pro rata inclusion into income of premiums assumed over the life of the reinsurance
contracts.
Net
premiums earned for the quarter ended June 30, 2023 decreased to $183,000 from $194,000 for the quarter ended June 30, 2023.
Net
premiums earned for the six months ended June 30, 2023 decreased to $183,000 from $404,000 for the six months ended June 30,
2022. The decrease is due to the reinsurance contracts in force during the quarter ended June 30, 2023, when compared to the prior period.
Losses
Incurred. There were no losses incurred during the three and six-month periods ending June 30, 2023 and 2022.
Policy
Acquisition Costs and Underwriting Expenses. Acquisition costs represent the amortization of the brokerage fees and federal excise
taxes incurred on reinsurance contracts placed. Policy acquisition costs and underwriting expenses for the quarter ended June 30, 2023
decreased to $20,000 from $44,000 for the quarter ended June 30, 2022.
Policy
acquisition costs and underwriting expenses for the six months ended June 30, 2023 decreased to $20,000 from $44,000 for the
six-months ended June 30, 2022.
General
and Administrative Expenses. General and administrative expenses for the six-months ended June 30, 2023 increased $288,000,
to $677,000, from $389,000 for the six-months ended June 30, 2022. The increase is due to inflationary expense fluctuations during
the six-months ended June 30, 2023 along with all the recognition of offering costs associated with SurancePlus.
General
and administrative expenses for the six months ended June 30, 2023 increased to $1.1 million, from $728,000 for the quarter ended
June 30, 2022. The increase is due to expense fluctuations along with all the offering costs associated with SurancePlus being recognized
during the six-month period ending June 30, 2023.
MEASUREMENT
OF RESULTS
We
use various measures to analyze the growth and profitability of business operations. For our reinsurance business, we measure growth
in terms of premiums assumed and we measure underwriting profitability by examining our loss, underwriting expense and combined ratios.
We analyze and measure profitability in terms of net income and return on average equity.
Premiums
Assumed. We use gross premiums assumed to measure our sales of reinsurance products. Gross premiums assumed also correlates to
our ability to generate net premiums earned.
Loss
Ratio. The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting
profitability of our reinsurance business. The loss ratio for the quarter ended June 30, 2023 and 2022 was 0%. This is due to no loss
and loss adjustment expenses incurred in the quarters and six-month period ended June 30, 2023 and 2022.
Acquisition
Cost Ratio. The acquisition cost ratio is the ratio of policy acquisition costs and other underwriting expenses to net premiums
earned. The acquisition cost ratio measures our operational efficiency in producing, underwriting and administering our reinsurance business.
The
acquisition cost ratio remained consistent at 10.9% and 10.8% for the six-month period ended June 30, 2023 and 2022, respectively.
Expense
Ratio. The expense ratio is the ratio of policy acquisition costs, other underwriting expenses and general and administrative
expenses to net premiums earned. We use the expense ratio to measure our operating performance. The expense ratio increased from 191.1%
for the six-month period ended June 30, 2023 to 601.6% for the six-month period ended June 30, 2023. The increase is due to higher
general administrative expenses incurred during the six-month period ended June 30, 2023, when compared with the prior period
Combined
Ratio. We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and
the expense ratio. The combined ratio increased from 191.1% for the six-month period ended June 30, 2022 to 601.6% for the six-month
period ended June 30, 2023. The increase is due to higher general administrative expenses incurred during the six-month period ended
June 30, 2023, when compared with the prior period
FINANCIAL
CONDITION –JUNE 30, 2023 COMPARED TO DECEMBER 31, 2022
Restricted
Cash and Cash Equivalents. As of June 30, 2023, our restricted cash and cash equivalents decreased by $2.35 million, or 86%,
to $0.37 million, from $2.72 million as of December 31, 2022. The decrease is the result of funds being released from Avatar and Olympus
during the six months ended June 30, 2023.
Investments.
As of June 30, 2023, our total investments increased by $81,000 or 13% to $723,000, from $642,000 as of December 31,
2022. The increase is primarily a result of the increase in value of the equity securities during the six-month period ended June 30,
2023.
Other
investments. As of June 30, 2023, our other investments increased $505,000 to $11.93 million from $11.42 million at December
31, 2022. The increase is due to fair value changes of our investment in Oxbridge Acquisition Corp., a special purpose acquisition company
in which the Company has an equity investment measured at fair value.
Notes
Payable to Noteholders. As of June 30, 2023, our notes payable decreased by $46,000 to $118,000 from $216,000 at December 31,
2022, The decrease is due to a return made to noteholders on the Lighthouse and Avatar Contracts. These notes relate to Series 2020-1
participating notes by our reinsurance sidecar subsidiary, Oxbridge Re NS during the quarter ending June 30, 2020.
Other
liabilities – Delta Cat Re Tokenholders. As of June 30, 2023, amounts due to Delta Cat Re tokenholders increased by $1.06
million from $0 at December 31, 2022. The increase is due to the proceeds from third-party investors purchasing the Delta Cat Re tokens
(net of management fees), plus one month underwriting-relating income that is attributable to third-party tokenholders.
LIQUIDITY
AND CAPITAL RESOURCES
General
We
are organized as a holding company and provide administrative and management services to our subsidiaries, as well as to Oxbridge
Acquisition Corp., a special purpose acquisition company Our operations are conducted through our reinsurance subsidiaries, Oxbridge
Reinsurance Limited and Oxbridge Re NS and our web3 focused subsidiary SurancePlus, Inc which underwrites risks associated with our
property and casualty reinsurance programs. We have minimal continuing cash needs at the holding company level, with such needs
principally being related to the payment of administrative expenses and shareholder dividends. There are restrictions on Oxbridge
Reinsurance Limited’s and Oxbridge Re NS’ ability to pay dividends which are described in more detail below.
Sources
and Uses of Funds
Our
sources of funds primarily consist of premium receipts (net of brokerage fees and federal excise taxes, where applicable) and investment
income, including interest, dividends and realized gains. We use cash to pay losses and loss adjustment expenses, other underwriting
expenses, dividends, and general and administrative expenses. Substantially all of our surplus funds, net of funds required for cash
liquidity purposes, are invested in accordance with our business plan and investment guidelines. Our investment portfolio, except for
our investment in OAC sponsor Ltd., is primarily comprised of cash and highly liquid securities, which can be liquidated, if necessary,
to meet current liabilities. We believe that we have sufficient flexibility to liquidate any securities that we own to generate liquidity.
As
of June 30, 2023, we believe we had sufficient cash flows from operations to meet our liquidity requirements. We expect that our operational
needs for liquidity will be met by cash, investment income and funds generated from underwriting activities. We have no plans to issue
debt, and we expect to fund our operations for the foreseeable future from operating cash flows, as well as from potential future equity
offerings. However, we cannot provide assurances that in the future we will not incur indebtedness to implement our business strategy,
pay claims or make acquisitions.
Although
Oxbridge Re Holdings Limited is not subject to any significant legal prohibitions on the payment of dividends, its subsidiaries Oxbridge
Reinsurance Limited and Oxbridge Re NS are subject to Cayman Islands regulatory constraints that affect its ability to pay dividends
to us and include a minimum net worth requirement. Currently, the minimum net worth requirement for each subsidiary is $500. As of June
30, 2023, each subsidiary exceeded the minimum required. By law, each subsidiary is restricted from paying a dividend if such a dividend
would cause its net worth to drop to less than the required minimum.
Cash
Flows
Our
cash flows from operating, investing and financing activities for the six-month periods ended June 30, 2023 and 2022 are summarized below.
Cash
Flows for the Six months ended June 30, 2023 (in thousands)
Net
cash used in operating activities for the six months ended June 30, 2023 totaled $1,614, which consisted primarily of cash received
net written premiums less cash disbursed for operating expenses. Net cash used in investing activities of $5. Net cash provided
by financing activities was $1,180 which consisted primarily of net proceeds from Delta Cat Re Tokens offset by the payment made to
noteholders.
Cash
Flows for the Six months ended June 30, 2022 (in thousands)
Net
cash used in operating activities for the six months ended June 30, 2022 totaled $475, which consisted primarily of cash received net
written premiums less cash disbursed for operating expenses. Net cash used in investing activities of $376 was primarily due to the net
purchases of equity securities. There was no cash used in or provided by financing activities.
OFF-BALANCE
SHEET ARRANGEMENTS
As
of June 30, 2023, we had no off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.
Exposure
to Catastrophes
As
with other reinsurers, our operating results and financial condition could be adversely affected by volatile and unpredictable
natural and man-made disasters, such as hurricanes, windstorms, earthquakes, floods, fires, riots and explosions. Although we
attempt to limit our exposure to levels, we believe are acceptable, it is possible that an actual catastrophic event or multiple
catastrophic events could have a material adverse effect on our financial condition, results of operations and cash flows. As
described under “CRITICAL ACCOUNTING POLICIES—Reserves for Losses and Loss Adjustment Expenses” below,
under accounting principles generally accepted in the United States of America (‘‘GAAP’’), we are not
permitted to establish loss reserves with respect to losses that may be incurred under reinsurance contracts until the occurrence of
an event which may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date may
be established, with no provision for a contingency reserve to account for expected future losses.
CRITICAL
ACCOUNTING POLICIES
We
are required to make estimates and assumptions in certain circumstances that affect amounts reported in our consolidated financial statements
and related footnotes. We evaluate these estimates and assumptions on an on-going basis based on historical developments, market conditions,
industry trends and other information that we believe to be reasonable under the circumstances. These accounting policies pertain to
fair value measurements, particular with respect to our beneficial interest in Oxbridge Acquisition Corp., premium revenues and risk
transfer, reserve for loss and loss adjustment expenses, and deferred acquisition costs.
Fair
value measurement: GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements).
The
three levels of the fair value hierarchy under GAAP are as follows:
Level
1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access at the measurement date;
Level
2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets
that are not considered to be active;
and
Level
3 Inputs that are unobservable.
Inputs
are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation
decisions, including assumptions about risk. For fixed maturity securities, inputs may include price information, volatility statistics,
specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments
in stocks and exchange-traded funds is based on the last traded price. The fair value of our indirect investment in Oxbridge Acquisition
Corp. is based on the fair value calculation made by an independent valuation expert utilizing observable and unobservable inputs. A
financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the
Company’s investment custodians and management. The investment custodians and management consider observable data to be market
data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent
sources that are actively involved in the relevant markets. The categorization of a financial instrument within the hierarchy is based
upon the pricing transparency of the instrument, as well as the marketability of the instrument and the risk of forfeiture of such instrument.
Premium
Revenue and Risk Transfer. We record premiums revenue as earned pro-rata over the terms of the reinsurance agreements and the
unearned portion at the balance sheet date is recorded as unearned premiums reserve. A reserve is made for estimated premium deficiencies
to the extent that estimated losses and loss adjustment expenses exceed related unearned premiums. Investment income is not considered
in determining whether or not a deficiency exists.
We
account for reinsurance contracts in accordance with ASC 944, ‘‘Financial Services – Insurance.” Assessing whether
or not a reinsurance contract meets the conditions for risk transfer requires judgment. The determination of risk transfer is critical
to reporting premiums written. If we determine that a reinsurance contract does not transfer sufficient risk, we must account for the
contract as a deposit liability.
Reserves
for Losses and Loss Adjustment Expenses. We determine our reserves for losses and loss adjustment expenses on the basis of the
claims reported by our ceding insurers and for losses IBNR, we use the assistance of an independent actuary. The reserves for losses
and loss adjustment expenses represent management’s best estimate of the ultimate settlement costs of all losses and loss adjustment
expenses.
We
believe that the amounts are adequate; however, the inherent impossibility of predicting future events with precision, results in uncertainty
as to the amount which will ultimately be required for the settlement of losses and loss expenses, and the differences could be material.
Adjustments are reflected in the consolidated statements of income in the period in which they are determined.
Under
GAAP, we are not permitted to establish loss reserves until the occurrence of an actual loss event. As a result, only loss reserves applicable
to losses incurred up to the reporting date may be recorded, with no allowance for the provision of a contingency reserve to account
for expected future losses. Losses arising from future events, which could be substantial, are estimated and recognized at the time the
loss is incurred.
As
at June 30, 2023 we had no reserves for loss and loss adjustment expenses due to no significant events occurring during the year and
no reported claims on contract in force. See Note 7 to the consolidated financial statements.
Our
reserving methodology does not lend itself well to a statistical calculation of a range of estimates surrounding the best point estimate
of our reserve for loss and loss adjustment expense. Due to the low frequency and high severity nature of claims within much of our business,
our reserving methodology principally involves arriving at a specific point estimate for the ultimate expected loss on a contract-by-contract
basis, and our aggregate loss reserves are the sum of the individual loss reserves established.
Deferred
Acquisition Costs. We defer certain expenses that are directly related to and vary with producing reinsurance business, including
brokerage fees on gross premiums assumed, premium taxes and certain other costs related to the acquisition of reinsurance contracts.
These costs are capitalized and the resulting asset, deferred acquisition costs, is amortized and charged to expense in future periods
as premiums assumed are earned. The method followed in computing deferred acquisition costs limits the amount of such deferral to its
estimated realizable value. The ultimate recoverability of deferred acquisition costs is dependent on the continued profitability of
our reinsurance underwriting. If our underwriting ceases to be profitable, we may have to write off a portion of our deferred acquisition
costs, resulting in a further charge to income in the period in which the underwriting losses are recognized.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As
a smaller reporting company as defined by Rule 229.10(f)(1) of the Exchange Act, we are not required to provide the information under
this item.
Item 4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer
(our principal financial officer), we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, our Chief
Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the
end of the period covered by this report.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2023 that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II – OTHER INFORMATION
Item 1. Legal Proceedings
We
are not currently involved in any litigation or arbitration. We anticipate that, similar to the rest of the insurance and reinsurance
industry, we will be subject to litigation and arbitration in the ordinary course of business.
Item 1A. Risk Factors
None.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
| (a) | Sales
of Unregistered Securities |
None.
| (b) | Repurchases
of Equity Securities |
None.
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not
applicable.
Item 5. Other Information
None.
Item 6. Exhibits
The
following exhibits are filed herewith:
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
OXBRIDGE RE HOLDINGS LIMITED |
|
|
|
Date:
August 14, 2023 |
By: |
/s/
JAY MADHU |
|
|
Jay
Madhu
Chief
Executive Officer and President
(Principal
Executive Officer) |
|
|
|
Date:
August 14, 2023 |
By: |
/s/
WRENDON TIMOTHY |
|
|
Wrendon
Timothy
Chief
Financial Officer and Secretary
(Principal
Financial Officer and Principal
Accounting
Officer) |
Exhibit 31.1
Certifications
of the Chief Executive Officer
Pursuant
to Section 302 of the Sarbanes-Oxley Act and
Rule
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I,
Jay Madhu, certify that:
1. I
have reviewed this Quarterly Report on Form 10-Q of Oxbridge Re Holdings Limited;
2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;
3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d) Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
Date:
August 14, 2023 |
|
|
|
|
|
|
By: |
/s/
JAY MADHU |
|
|
Jay
Madhu |
|
|
Chief
Executive Officer and President |
|
|
(Principal
Executive Officer) |
Exhibit 31.2
Certifications
of the Chief Financial Officer
Pursuant
to Section 302 of the Sarbanes-Oxley Act and
Rule
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934
I,
Wrendon Timothy, certify that:
1. I
have reviewed this Quarterly Report on Form 10-Q of Oxbridge Re Holdings Limited;
2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;
3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d) Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal
control over financial reporting.
Date:
August 14, 2023 |
|
|
|
|
|
|
By: |
/s/
WRENDON TIMOTHY |
|
|
Wrendon
Timothy |
|
|
Chief
Financial Officer and Secretary |
|
|
(Principal
Financial Officer and Principal |
|
|
Accounting
Officer) |
Exhibit 32
Written
Statement of the Chief Executive Officer and Chief Financial Officer
Pursuant
to 18 U.S.C. §1350
Solely
for the purposes of complying with 18 U.S.C. §1350, we, the undersigned Chief Executive Officer and Chief Financial Officer of Oxbridge
Re Holdings Limited (the “Company”), hereby certify, based on our knowledge, that the Quarterly Report on Form 10-Q of the
Company for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.
/s/
JAY MADHU |
|
Jay
Madhu |
|
Chief
Executive Officer and President |
|
(Principal
Executive Officer) |
|
|
|
/s/
WRENDON TIMOTHY |
|
Wrendon
Timothy |
|
Chief
Financial Officer and Secretary |
|
(Principal
Financial Officer and Principal |
|
Accounting
Officer) |
|
|
|
Date:
August 14, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 15, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-36346
|
|
Entity Registrant Name |
OXBRIDGE
RE HOLDINGS LIMITED
|
|
Entity Central Index Key |
0001584831
|
|
Entity Tax Identification Number |
98-1150254
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
Suite
201
|
|
Entity Address, Address Line Two |
42
Edward Street, George Town
|
|
Entity Address, Address Line Three |
P.O.
Box 469
|
|
Entity Address, City or Town |
Grand
Cayman
|
|
Entity Address, Country |
KY
|
|
Entity Address, Postal Zip Code |
KY1-9006
|
|
City Area Code |
(345)
|
|
Local Phone Number |
749-7570
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
5,870,234
|
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Investments: |
|
|
Equity securities, at fair value (cost: $1,926) |
$ 723,000
|
$ 642,000
|
Cash and cash equivalents |
3,117,000
|
1,207,000
|
Restricted cash and cash equivalents |
372,000
|
2,721,000
|
Accrued interest and dividend receivable |
7,000
|
|
Premiums receivable |
1,954,000
|
282,000
|
Other Investments |
11,928,000
|
11,423,000
|
Due from Related Party |
99,000
|
45,000
|
Deferred policy acquisition costs |
221,000
|
|
Operating lease right-of-use assets |
60,000
|
44,000
|
Prepayment and other assets |
85,000
|
114,000
|
Prepaid Offering Costs |
135,000
|
133,000
|
Property and equipment, net |
7,000
|
5,000
|
Total assets |
18,708,000
|
16,616,000
|
Liabilities and Shareholders’ Equity |
|
|
Unearned premium reserve |
2,013,000
|
|
Other Liabilities - Delta Cat Re Token Holders |
1,059,000
|
|
Notes payable to noteholders |
118,000
|
216,000
|
Losses payable |
|
1,073,000
|
Operating lease liabilities |
60,000
|
44,000
|
Accounts payable and other liabilities |
303,000
|
294,000
|
Total liabilities |
3,553,000
|
1,627,000
|
Shareholders’ equity: |
|
|
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,870,234 and 5,769,587 shares issued and outstanding) |
6,000
|
6,000
|
Additional paid-in capital |
32,591,000
|
32,482,000
|
Accumulated Deficit |
(17,442,000)
|
(17,499,000)
|
Total shareholders’ equity |
15,155,000
|
14,989,000
|
Total liabilities and shareholders’ equity |
$ 18,708,000
|
$ 16,616,000
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Equity Securities, FV-NI, Cost |
$ 1,926
|
$ 1,926
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
5,870,234
|
5,769,587
|
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5,870,234
|
5,769,587
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue |
|
|
|
|
Assumed premiums |
$ 2,196
|
$ 669
|
$ 2,196
|
$ 705
|
Premiums ceded |
|
(24)
|
|
(60)
|
Change in unearned premiums reserve |
(2,013)
|
(451)
|
(2,013)
|
(241)
|
Net premiums earned |
183
|
194
|
183
|
404
|
SurancePlus management fee income |
300
|
|
300
|
|
Net investment and other income |
79
|
41
|
168
|
75
|
Net realized investment gain |
|
19
|
|
27
|
Unrealized gain on other investments |
124
|
571
|
505
|
341
|
Change in fair value of equity securities |
5
|
(322)
|
81
|
(342)
|
Total revenue |
691
|
503
|
1,237
|
505
|
Expenses |
|
|
|
|
Policy acquisition costs and underwriting expenses |
20
|
21
|
20
|
44
|
General and administrative expenses |
677
|
389
|
1,081
|
728
|
Total expenses |
697
|
410
|
1,101
|
772
|
(Loss) income before income attributable to noteholders and tokenholders |
(6)
|
93
|
136
|
(267)
|
Income attributable to noteholders and tokenholders |
(79)
|
(16)
|
(79)
|
(43)
|
Net (loss) income |
$ (85)
|
$ 77
|
$ 57
|
$ (310)
|
(Loss) earnings per share |
|
|
|
|
Basic |
$ (0.01)
|
$ 0.01
|
$ 0.01
|
$ (0.05)
|
Diluted |
$ (0.01)
|
$ 0.01
|
$ 0.01
|
$ (0.05)
|
Weighted-average shares outstanding |
|
|
|
|
Basic |
5,870,234
|
5,781,586
|
5,863,973
|
5,766,382
|
Diluted |
5,870,234
|
5,781,586
|
5,863,973
|
5,766,382
|
X |
- DefinitionIncome attributable to noteholders and tokenholders.
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating activities |
|
|
|
|
Net income (loss) |
$ (85,000)
|
$ 77,000
|
$ 57,000
|
$ (310,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Stock-based compensation |
|
|
109,000
|
64,000
|
Depreciation and amortization |
|
|
3,000
|
2,000
|
Net realized investment gains |
|
(19,000)
|
|
(27,000)
|
SurancePlus management fee income |
(300,000)
|
|
(300,000)
|
|
Change in fair value of other investments |
(124,000)
|
(571,000)
|
(505,000)
|
(341,000)
|
Change in fair value of equity securities |
(5,000)
|
322,000
|
(81,000)
|
342,000
|
Change in operating assets and liabilities: |
|
|
|
|
Accrued interest and dividend receivable |
|
|
(7,000)
|
|
Premiums receivable |
|
|
(1,672,000)
|
(285,000)
|
Due from related party |
|
|
(54,000)
|
(60,000)
|
Deferred policy acquisition costs |
|
|
(221,000)
|
(27,000)
|
Prepayment and other assets |
|
|
29,000
|
(106,000)
|
Reserve for losses and loss adjustment expenses |
|
|
(1,073,000)
|
|
Other liabilities Delta Cat Re Tokenholders |
|
|
79,000
|
|
Unearned premiums reserve |
|
|
2,013,000
|
241,000
|
Accounts payable and other liabilities |
|
|
9,000
|
32,000
|
Net cash used in operating activities |
|
|
(1,614,000)
|
(475,000)
|
Investing activities |
|
|
|
|
Purchase of equity securities |
|
|
|
(1,002,000)
|
Proceeds from sale of equity securities |
|
418,000
|
|
626,000
|
Purchase of property and equipment |
|
|
(5,000)
|
|
Net cash used in investing activities |
|
|
(5,000)
|
(376,000)
|
Financing activities |
|
|
|
|
Partial redemption of notes payable to noteholders |
|
|
(98,000)
|
|
Prepaid offering costs |
|
|
(2,000)
|
|
Gross proceeds from the issuance of Delta Cat Re tokens |
|
|
1,280,000
|
|
Net cash provided by financing activities |
|
|
1,180,000
|
|
Cash and cash equivalents, and restricted cash and cash equivalents: |
|
|
|
|
Net change during the period |
|
|
(439,000)
|
(851,000)
|
Balance at beginning of period |
|
|
3,928,000
|
5,418,000
|
Balance at end of period |
$ 3,489,000
|
$ 4,567,000
|
$ 3,489,000
|
$ 4,567,000
|
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v3.23.2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 6
|
$ 32,355
|
$ (15,710)
|
$ 16,651
|
Beginning balance, shares at Dec. 31, 2021 |
5,749,587
|
|
|
|
Net income (loss) |
|
|
(387)
|
(387)
|
Stock-based compensation |
|
32
|
|
32
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock, shares |
32,000
|
|
|
|
Ending balance, value at Mar. 31, 2022 |
$ 6
|
32,387
|
(16,097)
|
16,296
|
Ending balance, shares at Mar. 31, 2022 |
5,781,587
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 6
|
32,355
|
(15,710)
|
16,651
|
Beginning balance, shares at Dec. 31, 2021 |
5,749,587
|
|
|
|
Net income (loss) |
|
|
|
(310)
|
Ending balance, value at Jun. 30, 2022 |
$ 6
|
32,419
|
(16,020)
|
16,405
|
Ending balance, shares at Jun. 30, 2022 |
5,781,587
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 6
|
32,387
|
(16,097)
|
16,296
|
Beginning balance, shares at Mar. 31, 2022 |
5,781,587
|
|
|
|
Net income (loss) |
|
|
77
|
77
|
Stock-based compensation |
|
32
|
|
32
|
Ending balance, value at Jun. 30, 2022 |
$ 6
|
32,419
|
(16,020)
|
16,405
|
Ending balance, shares at Jun. 30, 2022 |
5,781,587
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 6
|
32,482
|
(17,499)
|
14,989
|
Beginning balance, shares at Dec. 31, 2022 |
5,769,587
|
|
|
|
Net income (loss) |
|
|
142
|
142
|
Stock-based compensation |
|
54
|
|
54
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock, shares |
96,647
|
|
|
|
Ending balance, value at Mar. 31, 2023 |
$ 6
|
32,536
|
(17,357)
|
15,185
|
Ending balance, shares at Mar. 31, 2023 |
5,866,234
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 6
|
32,482
|
(17,499)
|
14,989
|
Beginning balance, shares at Dec. 31, 2022 |
5,769,587
|
|
|
|
Net income (loss) |
|
|
|
57
|
Ending balance, value at Jun. 30, 2023 |
$ 6
|
32,591
|
(17,442)
|
15,155
|
Ending balance, shares at Jun. 30, 2023 |
5,870,234
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 6
|
32,536
|
(17,357)
|
15,185
|
Beginning balance, shares at Mar. 31, 2023 |
5,866,234
|
|
|
|
Net income (loss) |
|
|
(85)
|
(85)
|
Stock-based compensation |
|
55
|
|
55
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock, shares |
4,000
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 6
|
$ 32,591
|
$ (17,442)
|
$ 15,155
|
Ending balance, shares at Jun. 30, 2023 |
5,870,234
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.2
ORGANIZATION AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BASIS OF PRESENTATION |
1. ORGANIZATION AND BASIS OF PRESENTATION
(a)
Organization
Oxbridge
Re Holdings Limited (the “Company”) was incorporated as an exempted company on April 4, 2013 under the laws of the
Cayman Islands. The Company owns 100%
of the equity interest in Oxbridge Reinsurance Limited, an exempted entity incorporated on April 23, 2013 under the laws of the
Cayman Islands and for which a Class “C” Insurer’s license was granted on April 29, 2013 under the provisions of
the Cayman Islands Insurance Law. The Company also owns 100% of the equity interest in Oxbridge Re NS, an entity incorporated as an
exempted company on December 22, 2017 under the laws of the Cayman Islands to function as a reinsurance sidecar facility and to
increase the underwriting capacity of Oxbridge Reinsurance Limited. The Company also owns 100%
of the equity interest in SurancePlus, an entity incorporated as a business company on December 19, 2022 under the laws of the
British Virgin Islands to issue digital securities. The Company, subsidiaries (collectively “Oxbridge Re”) provide the
following: SurancePlus; is a Web3-focused subsidiary that currently leverages blockchain technology to democratize access to
high-return reinsurance contracts via digital securities. Oxbridge Reinsurance Limited; is a licensed reinsurance subsidiary that
provides reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States;
Oxbridge Re NS; a licensed reinsurance SPV/side car that provides third-party investors with access to reinsurance contracts with
returns uncorrelated to the financial markets. In addition, Oxbridge Re is also the founding and lead investor of Oxbridge
Acquisition Corp. (NASDAQ: OXAC), a special purpose acquisition company (“SPAC”). The Company operates as a single business segment
through its wholly-owned subsidiaries. The Company’s headquarters and principal executive offices are located at Suite 201, 42
Edward Street, George Town, Grand Cayman, Cayman Islands, and have their registered offices at P.O. Box 309, Ugland House, Grand
Cayman, Cayman Islands.
The
Company’s ordinary shares and warrants are listed on The NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,”
respectively.
(b)
Basis of Presentation and Consolidation
The
accompanying unaudited, consolidated financial statements of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange
Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included
in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However,
in the opinion of management, the accompanying interim consolidated financial statements reflect all normal recurring adjustments necessary
to present fairly the Company’s consolidated financial position as of June 30, 2023 and the consolidated results of operations
and cash flows for the periods presented. The consolidated results of operations for interim periods are not necessarily indicative of
the results of operations to be expected for any subsequent interim period or for the fiscal year ended December 31, 2023. The accompanying
unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Form 10-K, which was filed with the SEC on March 30, 2023.
Uses
of Estimates: In preparing the interim unaudited consolidated financial statements, management was required to make certain estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial
reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective
and complex and consequently actual results may differ from these estimates, which would be reflected in future periods.
Material
estimates that are particularly susceptible to significant change in the near-term relate to the fair value of the Company’s investment
in Oxbridge Acquisition Corp., and the determination of the reserve for losses and loss adjustment expenses (if any), which may include
amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be
reasonable under the circumstances to make these estimates. In addition, accounting policies specific to valuation of investments involve
significant judgments and estimates material to the Company’s consolidated financial statements. Although considerable variability
is likely to be inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually
reviewed and adjusted if necessary. Such adjustments are reflected in current operations.
The
Company consolidates in these consolidated financial statements the results of operations and financial position of all voting interest
entities (“VOE”) in which the Company has a controlling financial interest and all variable interest entities (“VIE”)
in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether
an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
All
significant intercompany balances and transactions have been eliminated.
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
2. SIGNIFICANT ACCOUNTING POLICIES
Cash
and cash equivalents: Cash and cash equivalents are comprised of cash and short- term investments with original maturities of
three months or less.
Restricted
cash and cash equivalents: Restricted cash and cash equivalents represent funds held in accordance
with the Company’s trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a
market value greater than or equal to the limit of liability, less unpaid premium.
Investments: The
Company from time to time invests in fixed-maturity debt securities and equity securities, and for which its fixed-maturity debt
securities are classified as available-for-sale. The Company’s available for sale debt investments are carried at fair value
with changes in fair value included as a separate component of accumulated other comprehensive income (loss) in shareholders’
equity. For the Company’s investment in equity securities, and for the Company’s investment in the special purpose
acquisition company Oxbridge Acquisition Corp. classified as “other investments”, the changes in fair value are recorded
within the consolidated statements of operations. At June 30, 2023 and December 31, 2022, the company did not own any fixed maturity
debt securities.
Unrealized
gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains
and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. The cost of securities
sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from
the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security.
Fair
value measurement: GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under GAAP are as
follows:
Level
1 |
Inputs
that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
at the measurement date; |
|
|
Level
2 |
Inputs
other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets
that are not considered to be active; and |
|
|
Level
3 |
Inputs
that are unobservable. |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Fair
value measurement (cont’d)
Inputs
are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation
decisions, including assumptions about risk. For fixed maturity debt securities, inputs may include price information, volatility statistics,
specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments
in stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy
is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes
“observable” requires significant judgment by the Company’s investment custodians and management. The investment custodians
consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant markets.
Deferred
policy acquisition costs (“DAC”): Policy acquisition costs consist of brokerage fees, federal excise
taxes and other costs related directly to the successful acquisition of new or renewal insurance contracts and are deferred and
amortized over the terms of the reinsurance agreements to which they relate. The Company evaluates the recoverability of DAC by
determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and
expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At June 30,
2023, the DAC was considered fully recoverable, and no premium deficiency loss was recorded.
Offering
Expenses: At June 30, 2023, there were $135,000 of offering expenses on the consolidated balance sheet as prepaid offering costs
of which $135,000 was in relation to an equity distribution agreement with Maxim Group LLC (“Maxim”) for the sale of the
ordinary shares. During the three and six-month period ended June 3, 2023, the Company recognized in the consolidated statements of operations
$225,000 of offering expenses in relation to the offering of Delta Cat Re digital securities issuable by the Company’s new subsidiary,
SurancePlus Inc. (See Note 6).
In
accordance with the terms of the equity distribution agreement with Maxim, we intend to offer and sell ordinary shares having an aggregate
offering price of up to $6.3 million from time to time, and in accordance with prospectus of SurancePlus Inc., the Company intends to
offer and sell its Delta Cat Re digital securities having an aggregate price of up to $5 million. Reclassification of prepaid offering
costs to additional paid-in capital will occur upon successful drawdown(s) under the respective offerings.
Reserves
for losses and loss adjustment expenses: The Company determines its reserves for losses and loss adjustment expenses, if any,
on the basis of the claims reported by the Company’s ceding insurers and for losses incurred but not reported (“IBNR”),
management uses the assistance of an independent actuary. The reserves for losses and loss adjustment expenses represent management’s
best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate;
however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately
be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated
statements of operations in the period in which they are determined.
Loss
experience refund payable: Certain contracts may include retrospective provisions that adjust premiums or result in profit commissions
in the event losses are minimal or zero. In accordance with GAAP, the Company will recognize a liability in the period in which the absence
of loss experience obligates the Company to pay cash or other consideration under the contracts. On the contrary, the Company will derecognize
such liability in the period in which a loss experience arises. Such adjustments to the liability, which accrue throughout the contract
terms, will reduce the liability should a catastrophic loss event covered by the Company occur.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Premiums
assumed: The Company records premiums assumed, net of loss experience refunds, as earned pro-rata over the terms of the reinsurance
agreements, or period of risk, where applicable, and the unearned portion at the consolidated balance sheet date is recorded as unearned
premiums reserve. A reserve is made for estimated premium deficiencies to the extent that estimated losses and loss adjustment expenses
exceed related unearned premiums. Investment income is not considered in determining whether or not a deficiency exists.
Subsequent
adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium,
are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods
have expired; in which case the premium adjustments are fully earned when assumed.
Certain
contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the contract. A reinstatement
premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement
premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement
of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement
premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned
over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums
are earned over the remaining coverage period.
Unearned
Premiums Ceded: The Company may reduce the risk of future losses on business assumed by reinsuring certain risks and exposures
with other reinsurers (retrocessionaires). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations
and to the extent that the Company does not hold sufficient security for their unpaid obligations.
Ceded
premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period
of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. There were no unearned premiums
ceded at June 30, 2023.
SurancePlus
Management Fee Income: SurancePlus management fee income represents income related to the completion of the DeltaCat tokenized
reinsurance securities as well as placement of the underlying insurance policies. The Company recognizes the associated revenue at the
time of the placement of the underlying insurance policies as the performance obligation is satisfied at that time.
Uncertain
Income Tax Positions: The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions
requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination
by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of
the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial
statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate
settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Company’s
consolidated financial statements because the Company had no uncertain tax positions at June 30, 2023 or December 31, 2022.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
(Loss)
Earnings Per Share: Basic (loss) earnings per share has been computed on the basis of the weighted-average number of
ordinary shares outstanding during the periods presented. Diluted (loss) earnings per share is computed based on the
weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such
as stock options and warrants, computed using the treasury stock method.
Stock-Based
Compensation: The Company accounts for stock-based compensation under the fair value recognition provisions of GAAP which requires
the measurement and recognition of compensation for all stock-based awards made to employees and directors, including stock options and
restricted stock issuances based on estimated fair values. The Company measures compensation for restricted stock based on the price
of the Company’s ordinary shares at the grant date. Determining the fair value of stock options at the grant date requires significant
estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of
fair value for stock options. When estimating the expected volatility, the Company takes into consideration the historical volatility
of entities similar to itself. The Company considers factors such as an entity’s industry, stage of life cycle, size and financial
leverage when selecting similar entities. The Company may use a sample peer group of companies in the reinsurance industry and/or the
Company’s own historical volatility in determining the expected volatility.
Additionally,
the Company uses the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued
and has assumed no forfeitures during the life of the options.
The
Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related
to all awards is included in general and administrative expenses.
Accounting
Updates:
Accounting
Standards Update No. 2016-13. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic
326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends the guidance on reporting
credits losses and affects loans, debt securities, trade receivables, reinsurance recoverable and other financial assets that have the
contractual right to receive cash. The Company has evaluated the impact of the requirements of ASU 2016-13 on the Company’s consolidated
financial statements, and there was not a material impact.
Segment
Information: Under GAAP, operating segments are based on the internal information that management uses for allocating resources
and assessing performance as the source of the Company’s reportable segments. The Company manages its business on the basis of
one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established under
GAAP.
Reclassifications:
Any reclassifications of prior period amounts have been made to conform to the current period presentation.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
|
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v3.23.2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
|
6 Months Ended |
Jun. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS |
3. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
SUMMARY
OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
| |
At June 30, | | |
At December 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
| |
| | |
| |
Cash on deposit | |
$ | 3,117 | | |
$ | 1,207 | |
Restricted cash held in trust | |
| 372 | | |
| 2,721 | |
Total | |
$ | 3,489 | | |
$ | 3,928 | |
Cash
and cash equivalents are held by large and reputable counterparties in the United States of America and in the Cayman Islands. Restricted
cash held in trust is custodied with Truist Bank and is held in accordance with the Company’s trust agreements with the ceding
insurers and trustees, which require that the Company provide collateral having a market value greater than or equal to the limit of
liability, less unpaid premium.
|
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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v3.23.2
INVESTMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENTS |
4. INVESTMENTS
The
Company from time to time invests in fixed-maturity debt securities and equity securities, with its fixed-maturity debt securities classified
as available-for-sale. At June 30, 2023 and December 31, 2022, the Company did not hold any available-for-sale securities.
Proceeds
received, and the gross realized gains and losses from sale of equity securities, for the periods ended June 30, 2023 and 2022, are as
follows:
SCHEDULE
OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES
| |
Gross | | |
Gross | | |
Gross | |
| |
proceeds | | |
Realized | | |
Realized | |
| |
from sales | | |
Gains | | |
Losses | |
| |
($ in thousands) | |
| |
| | |
| | |
| |
Three Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Three Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 418 | | |
$ | 19 | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 626 | | |
$ | 27 | | |
$ | - | |
Other
Investments
In
connection with Oxbridge Acquisition Corp. (“OXAC”) initial public offering (“IPO”) in August 2021, the Company’s
affiliate OAC Sponsor Ltd. (“Sponsor”) purchased an aggregate 4,897,500 private placement warrants from OXAC (“Private
Placement Warrants”) at a price of $1.00 per warrant. Each Private Placement Warrant is exercisable for one of OXAC’s Class
A ordinary share at a price of $ 11.50 per share, and as such meets the definition of a derivative as outlined within ASC 815, Derivatives
and Hedging. The Sponsor also purchased an aggregate of 2,875,000 of OXAC’s Class B ordinary shares (the “Class B shares”)
par value $0.0001 per share for $25,000. The Class B shares and Private Placement Warrants were issued to and are held by Sponsor. The
Class B shares of OXAC held by the Sponsor will
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
automatically
convert into shares of OXAC’s Class A ordinary shares on a one-for- one basis at the time of OXAC’s initial business combination
and are subject to certain transfer restrictions.
On
August 11, 2021, the Company acquired an aggregate of 1,500,000 ordinary shares and 3,094,999 preferred shares of Sponsor for an aggregate
purchase price of $2,000,000. In connection with the organization of Sponsor, the Company placed approximately 34.7% of the risk capital
and owns approximately 49.6% and 63.1% of the ordinary shares and preferred shares, respectively, of the Sponsor (the “Sponsor
Equity Interest”). The preferred shares of Sponsor are nonvoting shares and generally entitle the holders thereof to receive the
net proceeds, if any, received by Sponsor from the sale, exchange, or disposition of the Private Placement Warrants or the shares issuable
upon the exercise thereof, and the ordinary shares of Sponsor (which are voting shares in Sponsor) are equivalent to the value of the
Class B Shares of OXAC held by Sponsor.
The
registration statement for OXAC’s IPO was declared effective on August 11, 2021 and on August 16, 2021, OXAC consummated the IPO
with the sale of 11,500,000 units (the “Units”) at $10.00 per Unit, generating gross proceeds of $115,000,000. The Units
trade on the NASDAQ Capital Market under the ticker symbol “OXACU”. After the securities comprising the units began separate
trading on October 1, 2021, the Class A ordinary shares and public warrants were listed on NASDAQ under the symbols “OXAC”
and “OXACW,” respectively.
On
November 9, 2022, the OXAC held an extraordinary general meeting (the “EGM”) of shareholders. At the EGM, the OXAC’s
shareholders were presented the proposals to extend the date by which OXAC must consummate a business combination from November 16, 2022
to August 16, 2023 (or such earlier date as determined by OXAC’s Board) by amending OXAC’s Amended and Restated Memorandum
and Articles of Association (the “Extension Amendment Proposal”). The Extension Amendment Proposal to amend OXAC’s
Amended and Restated Memorandum and Articles of Association (“Charter Amendment”) was approved.
In
connection with the Extension Amendment Proposal, the Sponsor has agreed to contribute to OXAC a loan of $ (the “Extension
Loan” or “Promissory Note”), to be deposited into OXAC Trust Account to extend the Termination Date from November 16,
2022 to August 16, 2023. On November 14, 2022, the Company subscribed for additional ordinary shares in the Sponsor for an amount of
$, representing the Company’s pro-rata portion of the Extension Loan. As such, the Company’s Sponsor Equity Interest
remained at approximately % and % of the ordinary shares and preferred shares, respectively, of the Sponsor.
The
Company’s beneficial interests in OXAC’s Class B shares, the Private Placement Warrants and Extension Loan are recorded at
fair value and are classified in “Other Investments” on the consolidated balance sheets. The fair value calculation of the
Company’s beneficial interest in OXAC’s Class B shares and Private Placement Warrants is dependent on company-specific adjustments
applied to the observable trading prices of OXAC Class A shares and public warrants. The fair value calculation of the Company’s
beneficial interest in the Extension Loan is dependent on company-specific adjustments applied to the pro-rata original principal amount
of the Extension Loan. The Company’s management estimates that a specific discount of 25.11% sufficiently captures the risk or
profit that a market participant would require as compensation for i) the lack of marketability of the Company’s beneficial interests
in the OXAC and ii) assuming the inherent risk of forfeiture and default if a business combination doesn’t occur within OXAC’s
stipulated time frame. The Company has selected a discount of 25.11% based on fair value measurements by an independent valuation expert,
and due to the unobservable nature of this company-specific adjustment, the Company classifies the Other Investment as
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
Level
3 in the fair value hierarchy. Subsequent changes in fair value will be recorded in the consolidated statements of operations during the
period of the change.
As
a result of the re-measurement of our investment in OXAC, we recognized for the six months ended June 30, 2023, an unrealized gain on
other investments of $505,000 within our consolidated statement of operations.
Other
investments as of June 30, 2023 consist of the following (in thousands):
SCHEDULE
OF OTHER INVESTMENT
| |
June 30, 2023 | |
|
December 31,
2022 |
|
| |
| |
|
|
|
|
Oxbridge Acquisition Corp. Promissory Note | |
$ | 214 | |
|
|
214 |
|
Oxbridge Acquisition Corp. Class B Ordinary Shares | |
| 11,714 | |
|
|
11,209 |
|
Total | |
$ | 11,928 | |
|
|
11,423 |
|
| |
Six Months ended June 30, 2023 | |
|
Six Months ended
June 30,
2022 |
|
| |
| |
|
|
|
|
Beginning of period | |
$ | 11,423 | |
|
|
11,173 |
|
Unrealized gain on investment in affiliate | |
| 505 | |
|
|
341 |
|
End of period | |
$ | 11,928 | |
|
|
11,514 |
|
If
OXAC does not complete a business combination by August 16, 2023, the proceeds from the sale of the Private Placement Warrants (after
OXAC IPO transaction costs) will be used to fund the redemption of the shares sold in the OXAC IPO (subject to the requirements of applicable
law), and the Private Placement Warrants will expire without value. The Sponsor holds approximately 20% of the total ordinary shares
(Class A and Class B) in OXAC along with the 4,897,500 Private Placement Warrants, and the Promissory Note of $575,000. OXAC is managed
by the Company’s executive officers.
On August 7, 2023, OXAC held an
extraordinary general meeting at which the business combination with Jet Token, Inc. was approved by OXAC shareholders. In conjunction
with the business combination, OXAC was redomesticated as a Delaware entity, and changed its name to Jet.AI Inc. The business combination
was closed on August 10, 2023, and on August 11, 2023, OXAC common stock and warrants began trading on the Nasdaq Global Market under
the new ticker symbols JTAI and JTAIW.
Assets
Measured at Estimated Fair Value on a Recurring Basis
The
following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis
that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation
techniques utilized by the Company to determine such fair value as of June 30, 2023 and December 31, 2022:
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
4. |
INVESTMENTS (continued) |
SCHEDULE
OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of June 30, 2023 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,117 | | |
$ | - | | |
$ | - | | |
$ | 3,117 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 372 | | |
$ | - | | |
$ | - | | |
$ | 372 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,928 | | |
$ | 11,928 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 723 | | |
$ | - | | |
$ | - | | |
$ | 723 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,212 | | |
$ | - | | |
$ | 11,928 | | |
$ | 16,140 | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of December 31, 2022 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,207 | | |
$ | - | | |
$ | - | | |
$ | 1,207 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 2,721 | | |
$ | - | | |
$ | - | | |
$ | 2,721 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,423 | | |
$ | 11,423 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 642 | | |
$ | - | | |
$ | - | | |
$ | 642 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,570 | | |
$ | - | | |
$ | 11,423 | | |
$ | 15,993 | |
Assets
Measured at Estimated Fair Value on a Recurring Basis (continued)
At
December 31, 2022 the Company utilized the services of an independent valuation expert (“Valuation Expert”) to determine
the fair value of the Company’s indirect investment in OXAC. The Valuation Expert observed that the Class A shares of OXAC
trades in a relatively liquid market at the measurement date, and the Company’s share of OXAC’s Class B shares were
convertible to OXAC’s Class A Shares on a 1
to 1 basis. The Valuation Expert applied this ratio to the value of OXAC’s Class A shares and then applied an
additional 25.11%
discount to account for the lack of marketability and the inherent risk of forfeiture should a business combination not occur. At
June 30, 2023, management determined the discount rate of 25.11%
was reasonable due to no significant variations of marketability of the securities at December 31, 2022 through to present.
Additionally, management concludes that with respect to OXAC, there is reduced inherent risk of forfeiture and reduced default
probability due to OXAC’s additional extension through to August 16, 2023 as well as the proposed business combination with
Jet Token Inc, which closed on August 10, 2023.
Historically,
we relied on the Black-Scholes option pricing model to determine the fair value of the Company’s beneficial interest in
OXAC’s private placement warrants with a strike price of $11.50.
At June 30, 2023 and December 31, 2022, the fair value of the Private Placement Warrants were determined to be $0.
Management
has estimated the fair value of the Company’s beneficial interest in the Promissory Note to be equivalent to the discount rate
of 25.11%, as determined above, applied to the pro-rata original principal amount of the Promissory Note.
There
were no transfers between Levels 1, 2 or 3 during the three and six months ended June 30, 2023 and 2022.
The
following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified
as Level 3:
SCHEDULE
OF RECONCILIATION OF CHANGES IN FAIR VALUE
| |
Other Investments (in thousands) | |
Fair value of Level 3 other investment at January 1, 2023 | |
$ | 11,423 | |
Change in valuation inputs or other assumptions | |
| 505 | |
Fair value of Level 3 other investment at June 30, 2023 | |
$ | 11,928 | |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.2
TAXATION
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
TAXATION |
5. TAXATION
Under
current Cayman Islands law, no corporate entity, including the Company and the subsidiaries, is obligated to pay taxes in the Cayman
Islands on either income or capital gains. The Company and Oxbridge Reinsurance Limited have an undertaking from the Governor-in-Cabinet
of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands
enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance
tax, such tax will not be applicable to the Company and Oxbridge Reinsurance Limited or their operations, or to the ordinary shares or
related obligations, until April 23, 2033 and May 17, 2033, respectively.
The
Company and its subsidiaries intend to conduct substantially all of their operations in the Cayman Islands in a manner such that they
will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute
being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue
Service will not contend, perhaps successfully, that the Company or its subsidiary is engaged in a trade or business in the U.S. A foreign
corporation deemed to be so engaged would be subject to U.S. federal income tax, as well as branch profits tax, on its income that is
treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable
tax treaty.
|
X |
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v3.23.2
VARIABLE INTEREST ENTITIES
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
VARIABLE INTEREST ENTITIES |
6. VARIABLE INTEREST ENTITIES
Oxbridge
Re NS. On December 22, 2017, the Company established Oxbridge Re NS, a Cayman domiciled and licensed special purpose insurer, formed
to provide additional collateralized capacity to support Oxbridge Reinsurance Limited’s reinsurance business. In respect of the
debt issued by Oxbridge Re NS to investors, Oxbridge Re NS has entered into a retrocession agreement with Oxbridge Reinsurance Limited
effective June 1, 2020. Under this agreement, Oxbridge Re NS receives a quota share of Oxbridge Reinsurance Limited’s catastrophe
business. Oxbridge Re NS is a non-rated insurer and the risks have been fully collateralized by way of funds held in trust for the benefit
of Oxbridge Reinsurance Limited. Oxbridge Re NS is able to provide investors with access to natural catastrophe risk backed by the distribution,
underwriting, analysis and research expertise of Oxbridge Re.
The
Company has determined that Oxbridge Re NS meets the definition of a VIE as it does not have sufficient equity capital to finance its
activities. The Company concluded that it is the primary beneficiary and has consolidated the subsidiary upon its formation, as it owns
100% of the voting shares, 100% of the issued share capital and has a significant financial interest and the power to control the activities
of Oxbridge Re NS that most significantly impacts its economic performance. The Company has no other obligation to provide financial
support to Oxbridge Re NS. Neither the creditors nor beneficial interest holders of Oxbridge Re NS have recourse to the Company’s
general credit.
Upon
issuance of a series of participating notes by Oxbridge Re NS, all of the proceeds from the issuance are deposited into collateral accounts,
to fund any potential obligation under the reinsurance agreements entered into with Oxbridge Reinsurance Limited underlying such series
of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon
the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes,
in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the
applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable
annually, as determined by the applicable governing documents of each series of notes.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
6. |
VARIABLE INTEREST ENTITIES (continued) |
In
addition, holders of such notes are generally entitled to interest payments, payable annually, as determined by the applicable governing
documents of each series of notes.
The
Company receives an origination and structuring fee in connection with the formation, operation and management of Oxbridge Re NS.
Notes
Payable to Series 2020-1 noteholders
Oxbridge
Re NS entered into a retrocession agreement with Oxbridge Reinsurance Ltd on June 1, 2020 and issued $216,000
of participating notes which provides quota share support for Oxbridge Re’s global property catastrophe excess of loss
reinsurance business. The participating notes have been assigned Series 2020-1 and are due to mature on June
1, 2023. Participating notes totaling $98,000
were redeemed during the six-month period ended June 30, 2023 resulting in a balance due of $118,000
at June 30, 2023 None of the participating notes were redeemed during the six-month period ending June 30, 2022.
The
income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the six-month ended June 30, 2023
and 2022 was $0 and $43,000, respectively, and are included within accounts payable and other liabilities as at June 30, 2023 and 2022,
respectively.
SurancePlus
Inc.
SurancePlus
Inc., a wholly-owned subsidiary of Oxbridge Re Holdings Limited, was incorporated as a British Virgin Islands Business Company on December
19, 2022 for the purposes of tokenizing reinsurance contracts underwritten by its affiliated licensed reinsurer, Oxbridge Re NS.
On
March 27, 2023, the Company and SurancePlus Inc. (“SurancePlus”), issued a press release announcing the commencement of an
offering by SurancePlus of DeltaCat tokenized reinsurance securities (the “Tokens”), which represent Series DeltaCat Preferred
Shares of SurancePlus (“Preferred Shares”), and together with the Tokens, the “Securities”). Each digital security
or token, which will have a purchase price of $10.00 per Token, will represent one Preferred Share of SurancePlus.
The
proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge
Re NS, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten
by Oxbridge Re NS. The holders of the digital Securities will generally be entitled to proceeds from the payment of participating notes
in the amount of a preferred return of 20% plus an additional 80% of any proceeds in excess of the amount necessary to pay the preferred
return. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors
are expected to receive an annual return on the original purchase price of the digital securities of 42%.
On
June 27, 2023, SurancePlus Inc. completed its private placement (the “Private Placement”) of Series DeltaCat Re
Preferred Shares represented by DeltaCat Re Tokens (the “Securities”). On June 27, 2023, SurancePlus entered into
subscription agreements with accredited investors and non-U.S. persons in the Private Placement with respect to 229,766
of the Securities at a purchase price of $10.00
per token for aggregate gross proceeds of $2,297,660.
SurancePlus also previously entered into subscription agreements for and sold 15,010
of the Securities between April 5, 2023 and May 18, 2023 for gross proceeds of $150,100,
also at a purchase price of $10.00
per token. The aggregate amount raised in the Private Placement was $2,447,760
for the issuance of 244,776
Securities of which approximately $1,280,000 was received from third-party investors and approximately $1,167,000 from Oxbridge Re Holdings Limited. Approximately
$300,000 and $273,000 of management fees were deducted from the gross proceeds from the third-party investors and Oxbridge Re Holdings
Limited, respectively, The tokens were issued on the Avalanche
blockchain. Ownership of DeltaCat Re tokenized reinsurance securities indirectly confers fractionalized interests in reinsurance
contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2023-2024 treaty year.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
On
June 28, 2023, Oxbridge issued a press release announcing the completion of the Private Placement.
The
Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or
other securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable
exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state
or other securities laws. The Securities were sold in a transaction exempt from registration under the Securities Act and were sold only
to persons reasonably believed to be accredited investors in the United States under SEC Rule 506(c) under the Securities Act and outside
the United States only to non-U.S. persons in accordance with Regulation S under the Securities Act.
The
selected unconsolidated historical financial information and other data presented below is derived from SurancePlus’
standalone unaudited financial statements for the three and six months ended June 30, 2023 and the balance sheet data as of June 30,
2023.
SCHEDULE
OF FINANCIAL STATEMENTS
| |
For Three Months Ended | | |
For Six Months Ended | |
Statement of Operations Data: | |
June 30, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
| |
(in thousands) | |
| |
| | |
| |
SurancePlus management fee income | |
$ |
574 | | |
$ |
574 | |
Underwriting-related income | |
|
163 | | |
|
163 | |
Total revenue | |
$ | 737 | | |
$ | 737 | |
| |
| | | |
| | |
Expenses | |
$ | (225 | ) | |
$ | (225 | ) |
Net income | |
| 363 | | |
| 363 | |
Balance Sheet Data: | |
At June 30, 2023 | |
| |
(Unaudited) | |
| |
(in thousands) | |
Total assets | |
$ | 2,611 | |
Amounts due to Delta Cat Re Tokenholders | |
| 1,129 | |
Total shareholder’s equity | |
| 1,482 | |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
|
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v3.23.2
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Reserve For Losses And Loss Adjustment Expenses |
|
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES |
7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The
following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE
reserve movements for the six-month periods ending June 30, 2023 and 2022:
SCHEDULE
OF LOSS ADJUSTMENT EXPENSE
| |
At June 30, | | |
At June 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
| |
| | |
| |
Balance, beginning of period | |
$ | 1,073 | | |
$ | - | |
Incurred related to: | |
| | | |
| | |
Current period | |
| - | | |
| - | |
Prior period | |
| - | | |
| - | |
Total incurred | |
| - | | |
| - | |
Paid related to: | |
| | | |
| | |
Current period | |
| (1,073 | ) | |
| - | |
Prior period | |
| - | | |
| - | |
Total paid | |
| (1,073 | ) | |
| - | |
Balance, end of period | |
$ | - | | |
$ | - | |
When
losses occur, the reserves for losses and LAE are typically comprised of case reserves (which are based on claims that have been reported)
and IBNR reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and include
a provision for expected future development on existing case reserves). The Company typically suffers limit losses in the event of a
Category 3 or above hurricane making landfall in a populated area where the Company has catastrophe risk exposure. For the period ended
June 30, 2023, the Company has recorded its reserves for losses and LAE based on the contractual maximum loss the Company can
suffer under the affected contracts.
The
uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together
with the potential for unforeseen adverse developments, may result in the reserve for losses and LAE ultimately being significantly greater
or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant
loss event takes place near the end of a reporting period. Reserve for losses and LAE estimates are reviewed periodically on a contract-by-contract
basis and updated as new information becomes known. Any resulting adjustments are reflected in operations in the period in which they become
known.
The
Company’s reserving process is highly dependent on the timing of loss information received from its cedants and related brokers.
There
were no losses incurred during the three and six-month period ended June 30, 2023.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
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v3.23.2
(LOSS) EARNINGS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
(LOSS) EARNINGS PER SHARE |
8. (LOSS) EARNINGS PER SHARE
A
summary of the numerator and denominator of the basic and diluted (loss) earnings per share is presented below (dollars in thousands
except per share amounts):
SCHEDULE
OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNING PER SHARE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (85 | ) | |
| 77 | | |
$ | 57 | | |
| (310 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares - basic | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
Effect of dilutive securities - Stock options | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issuable upon conversion of warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares - diluted | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
(Loss) earnings per share - basic | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
(Loss) earnings per share - diluted | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
For
the three-month period ended June 30, 2023 and the six-month period ended June 30, 2022, options to purchase 846,250
ordinary shares and 8,230,700
warrants to purchase an aggregate of 8,230,700
ordinary shares were anti-dilutive due to the
net loss during these periods.
For
the six-month period ended June 30, 2023 and the three-month period ended June 30, 2022, options to purchase 896,250
ordinary shares and 8,230,700
warrants to purchase an aggregate of 8,230,700
ordinary shares were anti-dilutive due to the
exercise price of these securities, including unrecognized compensation expense, exceeded the average market price of the Company’s
ordinary shares during these periods.
GAAP
requires the Company to use the two-class method in computing basic (loss) earnings per share since holders of the Company’s
restricted stock have the right to share in dividends, if declared, equally with common shareholders. These participating securities
effect the computation of both basic and diluted (loss) earnings per share during periods of net (loss) income.
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v3.23.2
WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Warrants |
|
WARRANTS |
9. WARRANTS
There
were 8,230,700 warrants outstanding at June 30, 2023 and December 31, 2022. One warrant may be exercised to acquire one ordinary share
at an exercise price equal to $7.50 per share on or before March 26, 2024. The Company at its option may cancel the warrants in whole
or in part, provided that the closing price per ordinary share has exceeded $9.38 for at least ten trading days within any period of
twenty consecutive trading days, including the last trading day of the period. No warrants were exercised during the three and six-month
periods ended June 30, 2023 and 2022.
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v3.23.2
DIVIDENDS
|
6 Months Ended |
Jun. 30, 2023 |
Dividends |
|
DIVIDENDS |
10. DIVIDENDS
As
of June 30, 2023, none of the Company’s retained earnings were restricted from payment of dividends to the company’s shareholders.
However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend from the subsidiaries
would likely be required in order to fund a dividend to the Company’s shareholders and would require notification to the Cayman
Islands Monetary Authority (“CIMA”).
Under
Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of
additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
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v3.23.2
SHARE-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
11. SHARE-BASED COMPENSATION
The
Company currently has outstanding stock-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and
the 2021 Omnibus Incentive Plan (the “2021 Plan”) (hereinafter collectively referred to as “the Plans”). Under
each of the Plans, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance
of up to 1,000,000 of the Company’s ordinary shares. During the period ended June 30, 2023, the Company granted 100,647 restricted
stock to directors, officers and employees under the 2021 Plan. At June 30, 2023, there were 895,353 shares and 11,750 shares available
for grant under the 2021 Plan and the 2014 Plan, respectively.
Stock
options
Stock
options granted and outstanding under the Plan vests quarterly over four years and are exercisable over the contractual term of ten years.
A
summary of the stock option activity for the three and six-month periods ended June 30, 2023 and 2022 is as follows:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Term | |
Aggregate Intrinsic Value | |
Outstanding at January 1, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.9 years | |
| | |
Outstanding at March 31, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.6 years | |
| | |
Exercisable at March 31, 2022 | |
| 601,250 | | |
| 4.44 | | |
5.7 years | |
| | |
Outstanding at June 30, 2022 | |
| 896,250 | | |
$ | 4.71 | | |
6.4 years | |
$ | - | |
Exercisable at June 30, 2022 | |
| 641,250 | | |
$ | 4.42 | | |
5.6 years | |
$ | - | |
Outstanding at January 1, 2023 | |
| 871,250 | | |
$ | 4.67 | | |
5.6 years | |
$ | - | |
Forfeited | |
| (25,000 | ) | |
$ | 6.00 | | |
| |
| | |
Outstanding at March 31, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.5 years | |
$ | - | |
Exercisable at March 31, 2023 | |
| 736,875 | | |
$ | 4.43 | | |
5.2 years | |
$ | - | |
Outstanding at June 30, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.3 years | |
$ | - | |
Exercisable at June 30, 2023 | |
| 752,500 | | |
$ | 4.46 | | |
5.0 years | |
$ | - | |
Compensation
expense recognized for the three-month periods ended June 30, 2023 and 2022 totaled $5,000 and $15,000 and for the six-month periods
ended June 30, 2023 and 2022 totaled $10,000 and 30,000, respectively. Compensation expense is included in general and administrative
expenses. At June 30, 2023 and 2022, there was approximately $30,000 and $84,000, respectively, of total unrecognized compensation expense
related to non-vested stock options granted under the Plans. The Company expects to recognize the remaining compensation expense over
a weighted-average period of eighteen (18) months.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
11. |
SHARE-BASED COMPENSATION (cont’d) |
Restricted
Stock Awards
The
Company may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s
outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based
conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes
fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based
conditions is based on the value of the Company’s stock on the grant date.
During
the six-month periods ended June 30, 2023 and 2022, the Company granted 100,647
and 32,000 shares of restricted stock, respectfully to directors and employees under the 2021 Plan. Information with respect to the activity of
unvested restricted stock awards during the period ended June 30, 2023 is as follows (share amounts not in thousands):
SCHEDULE
OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS
| |
Weighted- | | |
Weighted- | |
| |
Number of Restricted | | |
Average
Grant Date | |
| |
Stock Awards | | |
Fair Value | |
| |
| | |
| |
Nonvested at January 1, 2023 | |
| 23,000 | | |
$ | 2.37 | |
Granted | |
| 100,647 | | |
$ | 2.37 | |
Vested | |
| (32,750 | ) | |
$ | 2.37 | |
Nonvested at June 30, 2023 | |
| 90,897 | | |
$ | | |
Restricted
stock awards (continued)
Compensation
expense recognized for the three and six-months ended June 30, 2023 totaled $50,000
and $99,000,
respectively, and is included in general and administrative expenses. Compensation expense for the three- and six-month periods
ended June 30, 2022 totaled $17,000
and $34,000,
respectively. At June 30, 2023, there was approximately $244,000
unrecognized compensation expense related to non-vested restricted stock granted under the Plan, which the Company expects to
recognize over a weighted-average period of thirteen (13)
months.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
NET WORTH FOR REGULATORY PURPOSES
|
6 Months Ended |
Jun. 30, 2023 |
Net Worth For Regulatory Purposes |
|
NET WORTH FOR REGULATORY PURPOSES |
12. NET WORTH FOR REGULATORY PURPOSES
The
subsidiaries are subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of their respective
licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500
in accordance with the relevant subsidiary’s approved business plan filed with CIMA.
At
June 30, 2023, the Oxbridge Reinsurance Limited’s net worth of $8.71 million exceeded the minimum and prescribed capital requirement.
For the three and six-month periods ended June 30, 2023 and 2022, the Subsidiary’s net loss was approximately $420,000 and $509,000,
respectively.
At
June30, 2023, the Oxbridge Re NS’ net worth of $156,000 exceeded the minimum and prescribed capital requirement. For the three
and six-month periods ended June 30, 2023 and 2022, the Subsidiary’s net income was approximately $0 and $1,000, respectively.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
The
Subsidiaries are not required to prepare separate statutory financial statements for filing with CIMA, and there were no material
differences between the Subsidiaries’ GAAP capital, surplus and net (loss) income, and its statutory capital, surplus
and net (loss) income as of June 30, 2023 or for the periods then ended.
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v3.23.2
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES |
13. FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES)
Fair
values
With
the exception of balances in respect of insurance contracts (which are specifically excluded from fair value disclosures under GAAP)
and investment securities as disclosed in Note 4 of these consolidated financial statements, the carrying amounts of all other financial
instruments, which consist of cash and cash equivalents, restricted cash and cash equivalents, accrued interest and dividends receivable,
premiums receivable and other assets, notes payable and accounts payable and other liabilities, approximate their fair values due to
their short-term nature.
Concentration
of underwriting risk
A
substantial portion of the Company’s current reinsurance business ultimately relates to the risks of a limited number of entities;
accordingly, the Company’s underwriting risks are not significantly diversified.
Concentrations
of Credit and Counterparty Risk
The
Company markets retrocessional and reinsurance policies worldwide through its brokers. Credit risk exists to the extent that any of these
brokers may be unable to fulfill their contractual obligations to the Company. For example, the Company is required to pay amounts owed
on claims under policies to brokers, and these brokers, in the Company. In some jurisdictions, if a broker fails to make such a payment,
the Company might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company
pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable
to the Company for those amounts, whether or not the premiums have actually been received.
The
Company remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments
under reinsurance agreements. The Company would also be liable in the event that its ceding companies were unable to collect amounts
due from underlying third-party reinsurers.
The
Company mitigates its concentrations of credit and counterparty risk by using reputable and several counterparties which decreases the
likelihood of any significant concentration of credit risk with any one counterparty.
Market
risk
Market
risk exists to the extent that the values of the Company’s monetary assets fluctuate as a result of changes in market prices. Changes
in market prices can arise from factors specific to individual securities or their respective issuers, or factors affecting all securities
traded in a particular market. Relevant factors for the Company are both volatility and liquidity of specific securities and markets
in which the Company holds investments. The Company has established investment guidelines that seek to mitigate significant exposure
to market risk.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
14. LEASES
Operating
lease right-of-use assets and operating lease liabilities are disclosed as line in the consolidated balance sheet. We determine if a
contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the
present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our
incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments.
Lease agreements that have lease and non-lease components, are accounted for as a single lease component. Lease expense is recognized
on a straight-line basis over the lease term.
The
Company has two operating lease obligations namely for the Company’s office facilities located at Suite 201, 42 Edward Street Grand
Cayman, Cayman Islands and residential space at Turnberry Villas in Grand Cayman, Cayman Islands. The office lease has a remaining lease
term of approximately eight (8) months and includes an option to extend the lease. Under the terms of the lease, the Company also has
the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor. The residential
lease has a remaining lease term of approximately six (6) months.
The
components of lease expense and other lease information as of and during the six-month periods ended June 30, 2023 and 2022 are as follows:
SCHEDULE
OF OPERATING LEASE COST
| |
For the Six-Month Period | | |
For the Six-Month Period | |
(in thousands) | |
Ended June 30, 2023 | | |
Ended June 30, 2022 | |
Operating Lease Cost (1) | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
(1) |
Includes short-term leases | |
| | | |
| | |
SCHEDULE OF OPERATING LEASE OBLIGATIONS
(in
thousands) | |
At
June 30, 2023 | | |
At
December 31, 2022 | |
Operating
lease right-of-use assets | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Operating
lease liabilities | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Weighted-average
remaining lease term - operating leases | |
| 0.57
years | | |
| 1.17
years | |
| |
| | | |
| | |
Weighted-average
discount rate - operating leases | |
| 7.70 | % | |
| 6.50 | % |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes to Consolidated Financial Statements (unaudited)
June 30, 2023
Future
minimum lease payments under non-cancellable leases as of June 30, 2023 and December 31, 2022, reconciled to our discounted operating
lease liability presented on the consolidated balance sheet are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
(in thousands) | |
At June 30, 2023 | | |
At December 31, 2022 | |
Remainder of 2023 | |
| 53 | | |
| - | |
2024 | |
| 9 | | |
| 40 | |
Thereafter | |
| - | | |
| 6 | |
Total future minimum lease payments | |
$ | 62 | | |
$ | 46 | |
| |
| | | |
| | |
Less imputed interest | |
| (2 | ) | |
| (2 | ) |
Total operating lease liability | |
$ | 60 | | |
| 44 | |
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
15. RELATED PARTY TRANSACTIONS
Administrative
Services Agreement
Commencing
on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 per month for office space,
utilities, secretarial and administrative support to the Sponsor and the SPAC. Upon completion of the SPAC’s initial Business Combination
or the SPAC’s liquidation, the Sponsor will cease paying these monthly fees. For the period ended June 30, 2023, the Company recorded
$60,000 income from the Sponsor under the Administrative Services Agreement, which is included in “net investment and other income”
in the consolidated statements of operations.
Included
within “due from related party” on the consolidated balance sheets is a balance of $8 thousand representing reimbursable
expenses relating to government fees and professional fees that the Company paid on behalf of the SPAC and the Sponsor, as well as $
administrative fees from the Sponsor.
Participating
Notes
During
the year ending December 31, 2021, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, invested a principal amount
of $68,000 in Series 2020-1 participating notes. During the six-month period ended June 30, 2023, Mr. Madhu received a payment of $76,000
representing partial redemption of principal and return on investment.
DeltaCat
Re Tokens
During
the six-month period ended June 30, 2023, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, entered into subscription
agreement to purchase a total of 6,200 Series DeltaCat Re tokens at a purchase price of $10.00 per token for aggregate gross proceeds
of $62,000. Ownership of DeltaCat Re tokenized reinsurance securities indirectly confers fractionalized interests in reinsurance contracts
underwritten by Oxbridge Re NS for the 2023-2024 treaty year.
TypTap Insurance Company (“TypTap”) Contract
During the three-month and six-month periods ended June 30, 2023 the Company
entered into a reinsurance agreement with TypTap, an insurance subsidiary of HCI Group, Inc., which is a related entity through common
directorship. At June 30, 2023, included within premium receivable, deferred acquisition costs and unearned premiums on the condensed
consolidated balance sheets are amounts equal to $977,000 , $110,000 and $1,007,000 respectively, relating to the reinsurance agreement
with TypTap. During the three-month and six-month periods ended June 30, 2023, included within assumed premiums, change in unearned premium
reserve and policy acquisition costs and underwriting expenses on the condensed consolidated statements of income are amounts equal to
$1,099,000, ($92,000) and $10,000, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
16. SUBSEQUENT EVENTS
We
evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements.
There were no
other events subsequent to June 30, 2023, other than disclosed in Note 4, for which disclosure was required.
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Cash and cash equivalents: |
Cash
and cash equivalents: Cash and cash equivalents are comprised of cash and short- term investments with original maturities of
three months or less.
|
Restricted cash and cash equivalents: |
Restricted
cash and cash equivalents: Restricted cash and cash equivalents represent funds held in accordance
with the Company’s trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a
market value greater than or equal to the limit of liability, less unpaid premium.
|
Investments |
Investments: The
Company from time to time invests in fixed-maturity debt securities and equity securities, and for which its fixed-maturity debt
securities are classified as available-for-sale. The Company’s available for sale debt investments are carried at fair value
with changes in fair value included as a separate component of accumulated other comprehensive income (loss) in shareholders’
equity. For the Company’s investment in equity securities, and for the Company’s investment in the special purpose
acquisition company Oxbridge Acquisition Corp. classified as “other investments”, the changes in fair value are recorded
within the consolidated statements of operations. At June 30, 2023 and December 31, 2022, the company did not own any fixed maturity
debt securities.
Unrealized
gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains
and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. The cost of securities
sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from
the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security.
|
Fair value measurement |
Fair
value measurement: GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under GAAP are as
follows:
Level
1 |
Inputs
that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
at the measurement date; |
|
|
Level
2 |
Inputs
other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets
that are not considered to be active; and |
|
|
Level
3 |
Inputs
that are unobservable. |
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
Fair
value measurement (cont’d)
Inputs
are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation
decisions, including assumptions about risk. For fixed maturity debt securities, inputs may include price information, volatility statistics,
specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments
in stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy
is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes
“observable” requires significant judgment by the Company’s investment custodians and management. The investment custodians
consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant markets.
|
Deferred policy acquisition costs (“DAC”): |
Deferred
policy acquisition costs (“DAC”): Policy acquisition costs consist of brokerage fees, federal excise
taxes and other costs related directly to the successful acquisition of new or renewal insurance contracts and are deferred and
amortized over the terms of the reinsurance agreements to which they relate. The Company evaluates the recoverability of DAC by
determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and
expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At June 30,
2023, the DAC was considered fully recoverable, and no premium deficiency loss was recorded.
|
Offering Expenses: |
Offering
Expenses: At June 30, 2023, there were $135,000 of offering expenses on the consolidated balance sheet as prepaid offering costs
of which $135,000 was in relation to an equity distribution agreement with Maxim Group LLC (“Maxim”) for the sale of the
ordinary shares. During the three and six-month period ended June 3, 2023, the Company recognized in the consolidated statements of operations
$225,000 of offering expenses in relation to the offering of Delta Cat Re digital securities issuable by the Company’s new subsidiary,
SurancePlus Inc. (See Note 6).
In
accordance with the terms of the equity distribution agreement with Maxim, we intend to offer and sell ordinary shares having an aggregate
offering price of up to $6.3 million from time to time, and in accordance with prospectus of SurancePlus Inc., the Company intends to
offer and sell its Delta Cat Re digital securities having an aggregate price of up to $5 million. Reclassification of prepaid offering
costs to additional paid-in capital will occur upon successful drawdown(s) under the respective offerings.
|
Reserves for losses and loss adjustment expenses: |
Reserves
for losses and loss adjustment expenses: The Company determines its reserves for losses and loss adjustment expenses, if any,
on the basis of the claims reported by the Company’s ceding insurers and for losses incurred but not reported (“IBNR”),
management uses the assistance of an independent actuary. The reserves for losses and loss adjustment expenses represent management’s
best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate;
however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately
be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated
statements of operations in the period in which they are determined.
|
Loss experience refund payable: |
Loss
experience refund payable: Certain contracts may include retrospective provisions that adjust premiums or result in profit commissions
in the event losses are minimal or zero. In accordance with GAAP, the Company will recognize a liability in the period in which the absence
of loss experience obligates the Company to pay cash or other consideration under the contracts. On the contrary, the Company will derecognize
such liability in the period in which a loss experience arises. Such adjustments to the liability, which accrue throughout the contract
terms, will reduce the liability should a catastrophic loss event covered by the Company occur.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
|
Premiums assumed: |
Premiums
assumed: The Company records premiums assumed, net of loss experience refunds, as earned pro-rata over the terms of the reinsurance
agreements, or period of risk, where applicable, and the unearned portion at the consolidated balance sheet date is recorded as unearned
premiums reserve. A reserve is made for estimated premium deficiencies to the extent that estimated losses and loss adjustment expenses
exceed related unearned premiums. Investment income is not considered in determining whether or not a deficiency exists.
Subsequent
adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium,
are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods
have expired; in which case the premium adjustments are fully earned when assumed.
Certain
contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the contract. A reinstatement
premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement
premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement
of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement
premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned
over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums
are earned over the remaining coverage period.
|
Unearned Premiums Ceded: |
Unearned
Premiums Ceded: The Company may reduce the risk of future losses on business assumed by reinsuring certain risks and exposures
with other reinsurers (retrocessionaires). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations
and to the extent that the Company does not hold sufficient security for their unpaid obligations.
Ceded
premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period
of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. There were no unearned premiums
ceded at June 30, 2023.
|
SurancePlus Management Fee Income |
SurancePlus
Management Fee Income: SurancePlus management fee income represents income related to the completion of the DeltaCat tokenized
reinsurance securities as well as placement of the underlying insurance policies. The Company recognizes the associated revenue at the
time of the placement of the underlying insurance policies as the performance obligation is satisfied at that time.
|
Uncertain Income Tax Positions: |
Uncertain
Income Tax Positions: The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions
requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination
by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of
the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial
statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate
settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Company’s
consolidated financial statements because the Company had no uncertain tax positions at June 30, 2023 or December 31, 2022.
OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (unaudited)
June
30, 2023
2. |
SIGNIFICANT ACCOUNTING POLICIES (continued) |
|
(Loss) Earnings Per Share: |
(Loss)
Earnings Per Share: Basic (loss) earnings per share has been computed on the basis of the weighted-average number of
ordinary shares outstanding during the periods presented. Diluted (loss) earnings per share is computed based on the
weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such
as stock options and warrants, computed using the treasury stock method.
|
Stock-Based Compensation |
Stock-Based
Compensation: The Company accounts for stock-based compensation under the fair value recognition provisions of GAAP which requires
the measurement and recognition of compensation for all stock-based awards made to employees and directors, including stock options and
restricted stock issuances based on estimated fair values. The Company measures compensation for restricted stock based on the price
of the Company’s ordinary shares at the grant date. Determining the fair value of stock options at the grant date requires significant
estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of
fair value for stock options. When estimating the expected volatility, the Company takes into consideration the historical volatility
of entities similar to itself. The Company considers factors such as an entity’s industry, stage of life cycle, size and financial
leverage when selecting similar entities. The Company may use a sample peer group of companies in the reinsurance industry and/or the
Company’s own historical volatility in determining the expected volatility.
Additionally,
the Company uses the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued
and has assumed no forfeitures during the life of the options.
The
Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related
to all awards is included in general and administrative expenses.
|
Accounting Updates: |
Accounting
Updates:
Accounting
Standards Update No. 2016-13. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic
326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends the guidance on reporting
credits losses and affects loans, debt securities, trade receivables, reinsurance recoverable and other financial assets that have the
contractual right to receive cash. The Company has evaluated the impact of the requirements of ASU 2016-13 on the Company’s consolidated
financial statements, and there was not a material impact.
|
Segment Information |
Segment
Information: Under GAAP, operating segments are based on the internal information that management uses for allocating resources
and assessing performance as the source of the Company’s reportable segments. The Company manages its business on the basis of
one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established under
GAAP.
|
Reclassifications: |
Reclassifications:
Any reclassifications of prior period amounts have been made to conform to the current period presentation.
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- DefinitionDisclosure of accounting policy for estimating the ultimate cost of settling insurance claims relating to insured events that have occurred on or before a particular date (ordinarily, the statement of financial position date). The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claims adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.
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v3.23.2
INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES |
Proceeds
received, and the gross realized gains and losses from sale of equity securities, for the periods ended June 30, 2023 and 2022, are as
follows:
SCHEDULE
OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES
| |
Gross | | |
Gross | | |
Gross | |
| |
proceeds | | |
Realized | | |
Realized | |
| |
from sales | | |
Gains | | |
Losses | |
| |
($ in thousands) | |
| |
| | |
| | |
| |
Three Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | |
Equity securities | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | |
Three Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 418 | | |
$ | 19 | | |
$ | - | |
| |
| | | |
| | | |
| | |
Six Months Ended June 30, 2022 | |
| | | |
| | | |
| | |
Equity securities | |
$ | 626 | | |
$ | 27 | | |
$ | - | |
|
SCHEDULE OF OTHER INVESTMENT |
Other
investments as of June 30, 2023 consist of the following (in thousands):
SCHEDULE
OF OTHER INVESTMENT
| |
June 30, 2023 | |
|
December 31,
2022 |
|
| |
| |
|
|
|
|
Oxbridge Acquisition Corp. Promissory Note | |
$ | 214 | |
|
|
214 |
|
Oxbridge Acquisition Corp. Class B Ordinary Shares | |
| 11,714 | |
|
|
11,209 |
|
Total | |
$ | 11,928 | |
|
|
11,423 |
|
| |
Six Months ended June 30, 2023 | |
|
Six Months ended
June 30,
2022 |
|
| |
| |
|
|
|
|
Beginning of period | |
$ | 11,423 | |
|
|
11,173 |
|
Unrealized gain on investment in affiliate | |
| 505 | |
|
|
341 |
|
End of period | |
$ | 11,928 | |
|
|
11,514 |
|
|
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS |
SCHEDULE
OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of June 30, 2023 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,117 | | |
$ | - | | |
$ | - | | |
$ | 3,117 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 372 | | |
$ | - | | |
$ | - | | |
$ | 372 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,928 | | |
$ | 11,928 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 723 | | |
$ | - | | |
$ | - | | |
$ | 723 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,212 | | |
$ | - | | |
$ | 11,928 | | |
$ | 16,140 | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
| |
Fair Value Measurements Using | | |
| |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
Total | |
As of December 31, 2022 | |
($ in thousands) | |
Financial Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,207 | | |
$ | - | | |
$ | - | | |
$ | 1,207 | |
| |
| | | |
| | | |
| | | |
| | |
Restricted cash and cash equivalents | |
$ | 2,721 | | |
$ | - | | |
$ | - | | |
$ | 2,721 | |
| |
| | | |
| | | |
| | | |
| | |
Other investments | |
$ | - | | |
$ | - | | |
$ | 11,423 | | |
$ | 11,423 | |
| |
| | | |
| | | |
| | | |
| | |
Equity securities | |
$ | 642 | | |
$ | - | | |
$ | - | | |
$ | 642 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 4,570 | | |
$ | - | | |
$ | 11,423 | | |
$ | 15,993 | |
|
SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE |
The
following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified
as Level 3:
SCHEDULE
OF RECONCILIATION OF CHANGES IN FAIR VALUE
| |
Other Investments (in thousands) | |
Fair value of Level 3 other investment at January 1, 2023 | |
$ | 11,423 | |
Change in valuation inputs or other assumptions | |
| 505 | |
Fair value of Level 3 other investment at June 30, 2023 | |
$ | 11,928 | |
|
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- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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- DefinitionTabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.
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v3.23.2
VARIABLE INTEREST ENTITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF FINANCIAL STATEMENTS |
SCHEDULE
OF FINANCIAL STATEMENTS
| |
For Three Months Ended | | |
For Six Months Ended | |
Statement of Operations Data: | |
June 30, 2023 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
| |
(in thousands) | |
| |
| | |
| |
SurancePlus management fee income | |
$ |
574 | | |
$ |
574 | |
Underwriting-related income | |
|
163 | | |
|
163 | |
Total revenue | |
$ | 737 | | |
$ | 737 | |
| |
| | | |
| | |
Expenses | |
$ | (225 | ) | |
$ | (225 | ) |
Net income | |
| 363 | | |
| 363 | |
Balance Sheet Data: | |
At June 30, 2023 | |
| |
(Unaudited) | |
| |
(in thousands) | |
Total assets | |
$ | 2,611 | |
Amounts due to Delta Cat Re Tokenholders | |
| 1,129 | |
Total shareholder’s equity | |
| 1,482 | |
|
X |
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- DefinitionTabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data.
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v3.23.2
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Reserve For Losses And Loss Adjustment Expenses |
|
SCHEDULE OF LOSS ADJUSTMENT EXPENSE |
The
following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE
reserve movements for the six-month periods ending June 30, 2023 and 2022:
SCHEDULE
OF LOSS ADJUSTMENT EXPENSE
| |
At June 30, | | |
At June 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
| |
| | |
| |
Balance, beginning of period | |
$ | 1,073 | | |
$ | - | |
Incurred related to: | |
| | | |
| | |
Current period | |
| - | | |
| - | |
Prior period | |
| - | | |
| - | |
Total incurred | |
| - | | |
| - | |
Paid related to: | |
| | | |
| | |
Current period | |
| (1,073 | ) | |
| - | |
Prior period | |
| - | | |
| - | |
Total paid | |
| (1,073 | ) | |
| - | |
Balance, end of period | |
$ | - | | |
$ | - | |
|
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- DefinitionTabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.
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v3.23.2
(LOSS) EARNINGS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNING PER SHARE |
A
summary of the numerator and denominator of the basic and diluted (loss) earnings per share is presented below (dollars in thousands
except per share amounts):
SCHEDULE
OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNING PER SHARE
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (85 | ) | |
| 77 | | |
$ | 57 | | |
| (310 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares - basic | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
Effect of dilutive securities - Stock options | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issuable upon conversion of warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares - diluted | |
| 5,870,234 | | |
| 5,781,586 | | |
| 5,863,973 | | |
| 5,766,382 | |
(Loss) earnings per share - basic | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
(Loss) earnings per share - diluted | |
$ | (0.01 | ) | |
| 0.01 | | |
$ | 0.01 | | |
| (0.05 | ) |
|
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v3.23.2
SHARE-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the stock option activity for the three and six-month periods ended June 30, 2023 and 2022 is as follows:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Term | |
Aggregate Intrinsic Value | |
Outstanding at January 1, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.9 years | |
| | |
Outstanding at March 31, 2022 | |
| 896,250 | | |
| 4.71 | | |
6.6 years | |
| | |
Exercisable at March 31, 2022 | |
| 601,250 | | |
| 4.44 | | |
5.7 years | |
| | |
Outstanding at June 30, 2022 | |
| 896,250 | | |
$ | 4.71 | | |
6.4 years | |
$ | - | |
Exercisable at June 30, 2022 | |
| 641,250 | | |
$ | 4.42 | | |
5.6 years | |
$ | - | |
Outstanding at January 1, 2023 | |
| 871,250 | | |
$ | 4.67 | | |
5.6 years | |
$ | - | |
Forfeited | |
| (25,000 | ) | |
$ | 6.00 | | |
| |
| | |
Outstanding at March 31, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.5 years | |
$ | - | |
Exercisable at March 31, 2023 | |
| 736,875 | | |
$ | 4.43 | | |
5.2 years | |
$ | - | |
Outstanding at June 30, 2023 | |
| 846,250 | | |
$ | 4.63 | | |
5.3 years | |
$ | - | |
Exercisable at June 30, 2023 | |
| 752,500 | | |
$ | 4.46 | | |
5.0 years | |
$ | - | |
|
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS |
SCHEDULE
OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS
| |
Weighted- | | |
Weighted- | |
| |
Number of Restricted | | |
Average
Grant Date | |
| |
Stock Awards | | |
Fair Value | |
| |
| | |
| |
Nonvested at January 1, 2023 | |
| 23,000 | | |
$ | 2.37 | |
Granted | |
| 100,647 | | |
$ | 2.37 | |
Vested | |
| (32,750 | ) | |
$ | 2.37 | |
Nonvested at June 30, 2023 | |
| 90,897 | | |
$ | | |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock shares.
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF OPERATING LEASE COST |
The
components of lease expense and other lease information as of and during the six-month periods ended June 30, 2023 and 2022 are as follows:
SCHEDULE
OF OPERATING LEASE COST
| |
For the Six-Month Period | | |
For the Six-Month Period | |
(in thousands) | |
Ended June 30, 2023 | | |
Ended June 30, 2022 | |
Operating Lease Cost (1) | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 50 | | |
$ | 48 | |
| |
| | | |
| | |
(1) |
Includes short-term leases | |
| | | |
| | |
|
SCHEDULE OF OPERATING LEASE OBLIGATIONS |
SCHEDULE OF OPERATING LEASE OBLIGATIONS
(in
thousands) | |
At
June 30, 2023 | | |
At
December 31, 2022 | |
Operating
lease right-of-use assets | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Operating
lease liabilities | |
$ | 60 | | |
$ | 44 | |
| |
| | | |
| | |
Weighted-average
remaining lease term - operating leases | |
| 0.57
years | | |
| 1.17
years | |
| |
| | | |
| | |
Weighted-average
discount rate - operating leases | |
| 7.70 | % | |
| 6.50 | % |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS |
Future
minimum lease payments under non-cancellable leases as of June 30, 2023 and December 31, 2022, reconciled to our discounted operating
lease liability presented on the consolidated balance sheet are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
(in thousands) | |
At June 30, 2023 | | |
At December 31, 2022 | |
Remainder of 2023 | |
| 53 | | |
| - | |
2024 | |
| 9 | | |
| 40 | |
Thereafter | |
| - | | |
| 6 | |
Total future minimum lease payments | |
$ | 62 | | |
$ | 46 | |
| |
| | | |
| | |
Less imputed interest | |
| (2 | ) | |
| (2 | ) |
Total operating lease liability | |
$ | 60 | | |
| 44 | |
|
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- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
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v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Offering costs |
$ 135,000
|
|
$ 135,000
|
|
$ 133,000
|
Expenses |
697,000
|
$ 410,000
|
1,101,000
|
$ 772,000
|
|
Surance Plus Inc [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Expenses |
225,000
|
|
225,000
|
|
|
Equity Distribution Agreement [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Offering costs |
135,000
|
|
135,000
|
|
|
Equity Distribution Agreement [Member] | Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Aggregate offering price |
6,300,000
|
|
6,300,000
|
|
|
Equity Distribution Agreement [Member] | Maximum [Member] | Delta Cat Re tokens [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Aggregate offering price |
$ 5,000,000
|
|
$ 5,000,000
|
|
|
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v3.23.2
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Investments, All Other Investments [Abstract] |
|
|
|
|
Proceeds from Sale of Equity Securities, FV-NI |
|
$ 418
|
|
$ 626
|
Equity Securities, FV-NI, Realized Gain |
|
19
|
|
27
|
Equity Securities, FV-NI, Realized Loss |
|
|
|
|
X |
- DefinitionAmount of realized gain from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
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v3.23.2
SCHEDULE OF OTHER INVESTMENT (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
End of period |
$ 11,928
|
$ 11,514
|
$ 11,928
|
$ 11,514
|
Beginning of period |
|
|
11,423
|
11,173
|
Unrealized gain on investment in affiliate |
124
|
$ 571
|
505
|
$ 341
|
Oxbridge Acquisition Corp [Member] | Promissory Note [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
End of period |
214
|
|
214
|
|
Beginning of period |
|
|
214
|
|
Oxbridge Acquisition Corp [Member] | Common Class B [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
End of period |
$ 11,714
|
|
11,714
|
|
Beginning of period |
|
|
$ 11,209
|
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
|
Cash and cash equivalents |
$ 3,117
|
$ 1,207
|
|
|
Restricted cash and cash equivalents |
372
|
2,721
|
|
|
Other investments |
11,928
|
11,423
|
$ 11,514
|
$ 11,173
|
Equity securities |
723
|
642
|
|
|
Total |
16,140
|
15,993
|
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
|
Cash and cash equivalents |
3,117
|
1,207
|
|
|
Restricted cash and cash equivalents |
372
|
2,721
|
|
|
Other investments |
|
|
|
|
Equity securities |
723
|
642
|
|
|
Total |
4,212
|
4,570
|
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Restricted cash and cash equivalents |
|
|
|
|
Other investments |
|
|
|
|
Equity securities |
|
|
|
|
Total |
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Restricted cash and cash equivalents |
|
|
|
|
Other investments |
11,928
|
11,423
|
|
|
Equity securities |
|
|
|
|
Total |
$ 11,928
|
$ 11,423
|
|
|
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v3.23.2
X |
- DefinitionFair value of investment in security owned.
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v3.23.2
INVESTMENTS (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
Nov. 14, 2022 |
Nov. 09, 2022 |
Aug. 16, 2021 |
Aug. 11, 2021 |
Aug. 31, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Common stock par value |
|
|
|
|
|
$ 0.001
|
$ 0.001
|
Aggregate purchase price |
|
|
|
$ 2,000,000
|
|
|
|
Capital risk percentage |
|
|
|
34.70%
|
|
|
|
Ordinary shares percentage |
|
|
|
49.60%
|
|
|
|
Preferred shares percentage |
|
|
|
63.10%
|
|
|
|
Fair value measurements, description |
|
|
|
|
|
The fair value calculation of the
Company’s beneficial interest in OXAC’s Class B shares and Private Placement Warrants is dependent on company-specific adjustments
applied to the observable trading prices of OXAC Class A shares and public warrants. The fair value calculation of the Company’s
beneficial interest in the Extension Loan is dependent on company-specific adjustments applied to the pro-rata original principal amount
of the Extension Loan. The Company’s management estimates that a specific discount of 25.11% sufficiently captures the risk or
profit that a market participant would require as compensation for i) the lack of marketability of the Company’s beneficial interests
in the OXAC and ii) assuming the inherent risk of forfeiture and default if a business combination doesn’t occur within OXAC’s
stipulated time frame. The Company has selected a discount of 25.11% based on fair value measurements by an independent valuation expert,
and due to the unobservable nature of this company-specific adjustment
|
|
Unrealized gain on securities |
|
|
|
|
|
$ 505,000
|
|
Debt discount rate |
|
|
|
|
|
25.11%
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
Proceed from loan payable |
|
$ 575,000
|
|
|
|
|
|
Proceed from ordinary shares |
$ 285,000
|
|
|
|
|
|
|
Ordinary Shares [Member] |
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
1,500,000
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
3,094,999
|
|
|
|
Preferred Stock [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
Equity interest percentage |
63.10%
|
|
|
|
|
|
|
Common Stock [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
Equity interest percentage |
49.60%
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
$ 7.50
|
|
Warrant [Member] | Measurement Input Strike Price [Member] |
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Measurement Input |
|
|
|
|
|
11.50
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
Issuance of warrants |
|
|
|
|
|
$ 0
|
$ 0
|
Oxbridge Acquisition Corp [Member] |
|
|
|
|
|
|
|
Percentage of common stock hold |
|
|
|
|
|
20.00%
|
|
Discount rate for marketability |
|
|
|
|
|
|
25.11%
|
Oxbridge Acquisition Corp [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
$ 11.50
|
|
|
Oxbridge Acquisition Corp [Member] | Common Class B [Member] |
|
|
|
|
|
|
|
Number of purchased shares |
|
|
|
|
2,875,000
|
|
|
Common stock par value |
|
|
|
|
$ 0.0001
|
|
|
Oridinary shares issued, value |
|
|
|
|
$ 25,000
|
|
|
Oxbridge Acquisition Corp [Member] | Private Placement Warrants [Member] |
|
|
|
|
|
|
|
Outstanding amount |
|
|
|
|
4,897,500
|
4,897,500
|
|
Warrants exercise price |
|
|
|
|
$ 1.00
|
|
|
Proceed from loan payable |
|
|
|
|
|
$ 575,000
|
|
Oxbridge Acquisition Corp [Member] | IPO [Member] |
|
|
|
|
|
|
|
Shares issued in transaction |
|
|
11,500,000
|
|
|
|
|
Share issued price per share |
|
|
$ 10.00
|
|
|
|
|
Proceeds from offering |
|
|
$ 115,000,000
|
|
|
|
|
Oxbridge Acquisition Corp. Class B Ordinary Shares [Member] |
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
1
to 1 basis
|
X |
- Definition
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v3.23.2
SCHEDULE OF FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Total revenue |
$ 691
|
|
$ 503
|
|
$ 1,237
|
$ 505
|
|
|
Expenses |
(697)
|
|
(410)
|
|
(1,101)
|
(772)
|
|
|
Income attributable to tokenholders |
(6)
|
|
93
|
|
136
|
(267)
|
|
|
Net (loss) income |
(85)
|
$ 142
|
77
|
$ (387)
|
57
|
(310)
|
|
|
Total assets |
18,708
|
|
|
|
18,708
|
|
$ 16,616
|
|
Amounts due to Delta Cat Re Tokenholders |
1,059
|
|
|
|
1,059
|
|
|
|
Total shareholder’s equity |
15,155
|
$ 15,185
|
$ 16,405
|
$ 16,296
|
15,155
|
$ 16,405
|
$ 14,989
|
$ 16,651
|
Surance Plus Inc [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Total revenue |
737
|
|
|
|
737
|
|
|
|
Expenses |
(225)
|
|
|
|
(225)
|
|
|
|
Income attributable to tokenholders |
(149)
|
|
|
|
(149)
|
|
|
|
Net (loss) income |
363
|
|
|
|
363
|
|
|
|
Total assets |
2,611
|
|
|
|
2,611
|
|
|
|
Total shareholder’s equity |
1,482
|
|
|
|
1,482
|
|
|
|
Surance Plus Inc [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Amounts due to Delta Cat Re Tokenholders |
1,129
|
|
|
|
1,129
|
|
|
|
Surance Plus Inc [Member] | Surance Plus Management Fee Income [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Total revenue |
574
|
|
|
|
574
|
|
|
|
Surance Plus Inc [Member] | Underwriting Related Income [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Total revenue |
$ 163
|
|
|
|
$ 163
|
|
|
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.2
VARIABLE INTEREST ENTITIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 27, 2023 |
Mar. 27, 2023 |
Jun. 01, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2017 |
Dec. 22, 2017 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Participating notes total |
|
|
|
|
|
$ 98,000
|
|
|
|
Convertible notes payable |
|
|
|
$ 118,000
|
|
118,000
|
|
|
|
Management fee |
|
|
|
$ 300,000
|
|
300,000
|
|
|
|
Surance Plus Inc [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
$ 10.00
|
$ 10.00
|
|
|
|
|
|
|
|
Description for offer and sale of securities |
|
The
proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge
Re NS, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten
by Oxbridge Re NS. The holders of the digital Securities will generally be entitled to proceeds from the payment of participating notes
in the amount of a preferred return of 20% plus an additional 80% of any proceeds in excess of the amount necessary to pay the preferred
return. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors
are expected to receive an annual return on the original purchase price of the digital securities of 42%.
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
244,776
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
$ 2,447,760
|
|
|
|
|
|
|
|
|
Surance Plus Inc [Member] | Parent [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
1,167,000
|
|
|
|
|
|
|
|
|
Management fee |
273,000
|
|
|
|
|
|
|
|
|
Surance Plus Inc [Member] | Third Party Investors [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
1,280,000
|
|
|
|
|
|
|
|
|
Management fee |
300,000
|
|
|
|
|
|
|
|
|
Surance Plus Inc [Member] | Subscription agreements [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
$ 150,100
|
|
|
|
|
|
|
|
|
Surance Plus Inc [Member] | Investors and non US persons [Member] | Subscription agreements [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
$ 10.00
|
|
|
|
|
|
|
|
|
Stock issued during period shares new issues |
229,766
|
|
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
$ 2,297,660
|
|
|
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
15,010
|
|
|
|
|
|
|
|
|
Notes Payable to Series 2020 -1 Noteholders [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Notes issued |
|
|
$ 216,000,000
|
|
|
|
|
|
|
Debt maturity date |
|
|
Jun. 01, 2023
|
|
|
|
|
|
|
Oxbridge Re NS [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Share capital percentage |
|
|
|
|
|
|
|
100.00%
|
|
Oxbridge Re NS [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Voting percentage |
|
|
|
|
|
|
|
|
100.00%
|
Noncontrolling interest |
|
|
|
|
|
$ 0
|
$ 43,000
|
|
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v3.23.2
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNING PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
|
|
Net (loss) income |
$ (85)
|
$ 142
|
$ 77
|
$ (387)
|
$ 57
|
$ (310)
|
Weighted average shares - basic |
5,870,234
|
|
5,781,586
|
|
5,863,973
|
5,766,382
|
Effect of dilutive securities - Stock options |
|
|
|
|
|
|
Shares issuable upon conversion of warrants |
|
|
|
|
|
|
Weighted average shares - diluted |
5,870,234
|
|
5,781,586
|
|
5,863,973
|
5,766,382
|
(Loss) earnings per share - basic |
$ (0.01)
|
|
$ 0.01
|
|
$ 0.01
|
$ (0.05)
|
(Loss) earnings per share - diluted |
$ (0.01)
|
|
$ 0.01
|
|
$ 0.01
|
$ (0.05)
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v3.23.2
(LOSS) EARNINGS PER SHARE (Details Narrative) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Warrant [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
846,250
|
8,230,700
|
8,230,700
|
Common Stock [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
|
8,230,700
|
8,230,700
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount |
|
896,250
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
WARRANTS (Details Narrative) - $ / shares
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Warrants exercised |
0
|
0
|
0
|
0
|
|
Warrant [Member] |
|
|
|
|
|
Warrant outstanding |
8,230,700
|
|
8,230,700
|
|
8,230,700
|
Exercise price |
$ 7.50
|
|
$ 7.50
|
|
|
Common Stock [Member] |
|
|
|
|
|
Closing price per share |
$ 9.38
|
|
$ 9.38
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Number of Options Outstanding |
846,250
|
871,250
|
896,250
|
896,250
|
896,250
|
|
Weighted-Average Exercise Price, Outstanding |
$ 4.63
|
$ 4.67
|
$ 4.71
|
$ 4.71
|
$ 4.71
|
|
Weighted-Average Remaining Contractual Term, Outstanding |
5 years 3 months 18 days
|
5 years 6 months
|
6 years 4 months 24 days
|
6 years 7 months 6 days
|
5 years 7 months 6 days
|
6 years 10 months 24 days
|
Number of Options Exercisable, Ending Balance |
736,875
|
|
601,250
|
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 4.43
|
|
$ 4.44
|
|
|
|
Weighted-Average Remaining Contractual Term, Exercisable |
5 years
|
5 years 2 months 12 days
|
5 years 7 months 6 days
|
5 years 8 months 12 days
|
|
|
Number of Options Outstanding |
846,250
|
846,250
|
896,250
|
896,250
|
871,250
|
896,250
|
Weighted-Average Exercise Price, Outstanding |
$ 4.63
|
$ 4.63
|
$ 4.71
|
$ 4.71
|
$ 4.67
|
$ 4.71
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
Number of Options Exercisable, Ending Balance |
752,500
|
736,875
|
641,250
|
601,250
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 4.46
|
$ 4.43
|
$ 4.42
|
$ 4.44
|
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
Number of options outstanding, Forfeited |
|
(25,000)
|
|
|
|
|
Number of options outstanding, Forfeited |
|
$ 6.00
|
|
|
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
X |
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v3.23.2
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Weighted-Number of Restricted Stock Awards, Beginning balance |
23,000
|
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares |
$ 2.37
|
Weighted-Number of Restricted Stock Awards, Granted |
100,647
|
Weighted-Average Grant Date Fair Value, Granted | $ / shares |
$ 2.37
|
Weighted-Number of Restricted Stock Awards, Vested |
(32,750)
|
Weighted-Average Grant Date Fair Value, Vested | $ / shares |
$ 2.37
|
Weighted-Number of Restricted Stock Awards, Ending balance |
90,897
|
X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
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v3.23.2
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Restricted stock, grant |
|
|
100,647
|
|
Vesting period, contractual term |
|
|
10 years
|
|
Unrecognized compensation |
$ 30,000
|
$ 84,000
|
$ 30,000
|
$ 84,000
|
General and Administrative Expense [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Compensation expense |
5,000
|
15,000
|
10,000
|
30,000
|
Restricted Stock [Member] | General and Administrative Expense [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Compensation expense |
50,000
|
$ 17,000
|
99,000
|
$ 34,000
|
Unrecognized compensation |
$ 244,000
|
|
$ 244,000
|
|
Unrecognized compensation weighted average, period |
|
|
13 months
|
|
2021 Omnibus Incentive Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Options, granted |
|
|
1,000,000
|
|
Shares available for grant |
895,353
|
|
895,353
|
|
2021 Omnibus Incentive Plan [Member] | Restricted Stock [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Restricted stock, grant |
|
|
100,647
|
32,000
|
Two Thousand Fourteen Omnibus Incentive Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Options, granted |
|
|
1,000,000
|
|
Shares available for grant |
11,750
|
|
11,750
|
|
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v3.23.2
NET WORTH FOR REGULATORY PURPOSES (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Minimum prescribed capital requirement description |
|
|
Under the terms of their respective
licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500
in accordance with the relevant subsidiary’s approved business plan filed with CIMA.
|
|
Oxbridge Reinsurance Limited [Member] |
|
|
|
|
Statutory accounting practices statutory capital and surplus balance |
$ 8,710
|
|
$ 8,710
|
|
Income loss |
420,000
|
$ 509,000
|
420,000
|
$ 509,000
|
Oxbridge Re NS [Member] |
|
|
|
|
Statutory accounting practices statutory capital and surplus balance |
156,000
|
|
156,000
|
|
Income loss |
$ 0
|
$ 1,000
|
$ 0
|
$ 1,000
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
Aug. 11, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Due from related party |
|
$ 99,000
|
|
$ 99,000
|
|
$ 45,000
|
|
Aggregate purchase price |
$ 2,000,000
|
|
|
|
|
|
|
Premiums receivable |
|
1,954,000
|
|
1,954,000
|
|
282,000
|
|
Deferred acquisition cost |
|
221,000
|
|
221,000
|
|
|
|
Unearned premiums |
|
2,013,000
|
|
2,013,000
|
|
|
|
Change in unearned premium reserve |
|
|
|
1,672,000
|
$ 285,000
|
|
|
Underwriting expenses |
|
$ 20,000
|
$ 21,000
|
20,000
|
$ 44,000
|
|
|
Mr Jay Madhu [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 68,000,000
|
Proceeds from related party debt |
|
|
|
$ 76,000,000
|
|
|
|
Number of shares issued |
|
|
|
6,200
|
|
|
|
Shares issued, price per share |
|
$ 10.00
|
|
$ 10.00
|
|
|
|
Aggregate purchase price |
|
|
|
$ 62,000
|
|
|
|
Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Administrative services agreement description |
|
|
|
Commencing
on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 per month for office space,
utilities, secretarial and administrative support to the Sponsor and the SPAC.
|
|
|
|
Administrative fees expense |
|
|
|
$ 60,000
|
|
|
|
Administrative Services Agreement [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Administrative fees expense |
|
|
|
90,000
|
|
|
|
Administrative Services Agreement [Member] | Related Party [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Due from related party |
|
$ 8,000
|
|
8,000
|
|
|
|
Reinsurance Agreement [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Premiums receivable |
|
977,000
|
|
977,000
|
|
|
|
Deferred acquisition cost |
|
110,000
|
|
110,000
|
|
|
|
Unearned premiums |
|
$ 1,007,000
|
|
1,007,000
|
|
|
|
Change in unearned premium reserve |
|
|
|
1,099,000
|
|
|
|
Deferred policy acquisition cost |
|
|
|
92,000
|
|
|
|
Underwriting expenses |
|
|
|
$ 10,000
|
|
|
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