The following is a summary of the Oxbridge Re Holdings Limited (OXBR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Increased cash and cash equivalents and restricted cash and cash equivalents to $4.3 million in Q1 2024.
Recorded net premiums earned of $549,000 in Q1 2024 compared to no earnings in Q1 2023.
Recorded a net loss of $905,000 or $0.15 per share for Q1 2024, compared to a net income of $0.02 per share in Q1 2023.
Total revenues for Q1 2024 were negative $125,000 with a main contributing factor being an unrealized loss of $688,000 on investments.
Decrease in investment portfolio to $284,000 due to sales of equity securities and a decrease in their fair value during Q1 2024.
Business Progress:
Optimistic about its core reinsurance business and its new venture, SurancePlus, in the real-world asset (RWA) market.
Successful initial token offering through a private placement, with projected returns for investors exceeding 45%.
No losses recorded for the contracts in force for Q1 2024, which typically lasts from June 1 to May 31 of the following year.
Planning a rebrand to become an RWA Web3-focused company with a potential expansion in the tokenized RWA market, which is expected to reach over $10 trillion.
More details: Oxbridge Re Holdings IR
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