The following is a summary of the Oxbridge Re Holdings Limited (OXBR) Q4 2023 Earnings Call Transcript:
Financial Performance:
Oxbridge Re Holdings reported a rise in net premiums earned for 2023, up to $1,255,000 from $995,000 in the previous year.
However, a net loss of $9.9 million was recognized for 2023, due to changes in the fair value of its equity investments and increased expenses. This is a larger net loss than the previous year which observed a $1.8 million net loss.
Total expenses for 2023 decreased slightly from $2.6 million in 2022 to $2.3 million.
The company's investment portfolio increased from $642,000 in 2022 to $680,000 in 2023.
Business Progress:
Oxbridge Re diversified its business with the establishment of a subsidiary, SurancePlus Inc., which specializes in Web3 technology.
The company also entered into a partnership with Jet.AI, a software company for private aircraft booking, through an acquisition.
Rebranding as a Web3-focused company that specializes in tokenized RWA is on the horizon for Oxbridge Re, as it plans to leverage its progress in the industry.
A successful initial offering of tokenized securities was facilitated through a $2.4 million private placement, giving Oxbridge Re broader exposure to the tokenized RWA market where it aims to be a key player.
More details: Oxbridge Re Holdings IR
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