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Analogy 1: Think of it as the Chubb for insurance companies; instead of insuring individuals and businesses directly, Oxbridge Re provides insurance coverage to other insurers.

Analogy 2: A highly specialized Travelers that only insures other insurance companies, focusing on catastrophic risks like hurricanes.

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Oxbridge Re (OXBR) provides the following major services:

• Property Catastrophe Reinsurance: Provides coverage to primary insurance companies against large-scale losses resulting from natural disasters such as hurricanes and earthquakes in the Caribbean.
• Property Per Risk and Other Property & Casualty Reinsurance: Offers coverage to primary insurance companies for individual property risks and general liability, distinct from widespread catastrophe events, predominantly in the Caribbean.

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Oxbridge Re (symbol: OXBR) is a reinsurance company. As such, it sells primarily to other companies, specifically insurance companies.

Due to the nature of the reinsurance business, which involves diversifying risk across multiple primary insurers (also known as ceding companies), Oxbridge Re does not typically disclose the specific names of its "major customers" in its public filings. This practice is common in the reinsurance industry to maintain client confidentiality and to demonstrate that no single client represents a disproportionate amount of their business.

However, based on the company's public descriptions, its customers are primarily:

• Property and casualty insurance companies.
• These insurance companies are predominantly located in the Gulf Coast region of the United States.

No specific names or symbols of customer companies are publicly identified as "major customers" of Oxbridge Re.

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List of major suppliers for Oxbridge Re (OXBR):

• BMS International Limited
• Oxbridge Financial Group Limited

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Jay Madhu, Chairman of the Board, Chief Executive Officer and President

Jay Madhu is a founder, Chairman, and President of Oxbridge Acquisition Corp. (NASDAQ: OXAC), and a founder/director of HCI Group (NYSE: HCI). He has a diverse background in insurance, banking, and real estate, and previously held various executive positions at NYSE-listed HCI Group, Inc., specializing in marketing and investor relations. Mr. Madhu was also a past board member of BayFirst Financial Corp (NASDAQ: BAFN), a bank holding company. He has been a founder and/or board member of four companies that have gone public, with three on NASDAQ and one on NYSE, including Oxbridge Re, Oxbridge Acquisition Corp, Wheeler Real Estate Investment Trust, BayFirst Financial, and HCI Group.

Wrendon Timothy, Chief Financial Officer & Corporate Secretary

Wrendon Timothy has served as Chief Financial Officer and Corporate Secretary of Oxbridge Re since August 2013 and is a director for the company's licensed reinsurance subsidiaries. He is also a founder, director, and CFO of Oxbridge Acquisition Corp (NASDAQ: OXAC). Mr. Timothy brings over 19 years of combined experience from Big 4 accounting firms (PwC & KPMG) and industry, with expertise in technical and SEC reporting, compliance, internal and external auditing, corporate governance, mergers and acquisitions analysis, risk management, and CFO and controller services. He is a Fellow of the Association of Chartered Certified Accountants (ACCA) and a Fellow Chartered Secretary (FCG), and holds a Master of Business Administration with Distinction, specializing in Finance, from Heriot-Watt University. He serves as Chairman of the Audit Committee for Jet.AI (NASDAQ: JTAI) and Chairman of the Audit & Risk Committee for OfReg.

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The key risks to Oxbridge Re (OXBR) are primarily concentrated in its specialized reinsurance business and its overall financial stability.

1. Exposure to Catastrophic Events and Underwriting Risk: Oxbridge Re operates as a specialty property and casualty reinsurer, primarily underwriting fully collateralized reinsurance contracts for companies in the hurricane-prone Gulf Coast region of the United States, with a strong focus on Florida. This business model inherently exposes the company to "medium frequency, high severity risks" such as hurricanes and windstorms. The occurrence of significant catastrophic events can lead to substantial losses and severely impact the company's financial performance, as demonstrated by a "full limit loss" of $2.29 million on one reinsurance contract due to Hurricane Milton, which increased the loss ratio to 394% and 194.8% for certain periods in 2025. This direct exposure to large-scale natural disasters is a fundamental and significant risk.
2. Weak Financial Health and Liquidity Risk: The company exhibits several indicators of financial distress and potential liquidity challenges. Oxbridge Re has reported a significant revenue decline of 63% over the past three years, a concerning net margin of -128.35%, and a negative return on equity of -55.33%. Furthermore, the company has a negative free cash flow yield of -24.3%, indicating insufficient cash generation, and a Z-Score of 0, suggesting potential financial instability. Critically, Oxbridge Re has less than a year of cash runway based on its current free cash flow, raising concerns about its ability to cover ongoing expenses and liabilities.
3. Investment Strategy Risk and Market Volatility: Oxbridge Re employs an investment strategy that takes on more risk than typically seen with other reinsurers, investing in fixed-maturity and equity securities. This non-traditional approach exposes the company to potential declines in the value of its investment portfolio due to global macro investment trends and market volatility, which has negatively impacted its financial results in the past. The company's stock itself is also highly volatile, with a reported beta of 3.68, indicating significant price fluctuations compared to the broader market.

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There are two clear emerging threats for Oxbridge Re:

1. Growing Sophistication and Market Share of Alternative Capital: The continued expansion and increasing sophistication of alternative capital providers, such as dedicated Insurance-Linked Securities (ILS) funds and collateralized reinsurance vehicles, pose a significant emerging threat. These entities increasingly compete directly with traditional reinsurers like Oxbridge Re for property catastrophe risks. They often benefit from lower operating costs and direct access to global capital markets, exerting persistent downward pressure on pricing and siphoning off attractive risk opportunities. This trend challenges the traditional reinsurer's unique role and profitability.
2. Technological Disparity in Catastrophe Risk Modeling: The rapid advancements in artificial intelligence, machine learning, and proprietary big data analytics for catastrophe risk assessment and pricing represent an an emerging threat. Larger, more technologically advanced competitors and specialized InsurTech firms are heavily investing in these tools to gain a significant competitive edge in understanding, pricing, and optimizing complex risk portfolios. Smaller reinsurers, such as Oxbridge Re, which may lack the substantial investment capacity required for comparable technological development, risk adverse selection, diminished pricing accuracy, and an inability to effectively compete for profitable business against more technologically advanced players.

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Oxbridge Re Holdings Limited (NASDAQ: OXBR) operates in two primary markets: traditional reinsurance and tokenized reinsurance securities.

Traditional Reinsurance

Oxbridge Re focuses on providing reinsurance solutions to property and casualty insurers in the U.S. Gulf Coast region, particularly emphasizing hurricane and windstorm risks in Florida and the Caribbean. The total addressable market for the global reinsurance market is estimated to be $750 billion.

Tokenized Reinsurance Securities (Real-World Assets - RWAs)

Through its subsidiary SurancePlus Inc., Oxbridge Re is a pioneer in digitizing reinsurance securities into accessible, high-yield Real-World Assets (RWAs) utilizing blockchain technology. The broader tokenized asset market, which includes these types of RWAs, is projected to reach $30 trillion globally by 2034. More specifically, the global blockchain in insurance market was valued at $496.9 million in 2021 and is projected to grow to $32.9 billion by 2031.

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• Expansion into Tokenized Reinsurance Securities via SurancePlus Inc.: Oxbridge Re has diversified its reinsurance operations by launching SurancePlus Inc., a subsidiary that leverages blockchain technology for tokenized real-world asset securities. This initiative allows Oxbridge Re to tokenize reinsurance securities, opening new investment opportunities within the substantial reinsurance market. The company has reported strong performance from its SurancePlus tokenized reinsurance offerings, with the EtaCat Re – Balanced Yield Token exceeding its target return of 20% and the ZetaCat Re – High Yield Token on track to meet its targeted return of 42%. This innovative approach to offering tokenized access to reinsurance contracts is expected to attract more investors and enhance returns.
• Strategic Partnerships and Increased Market Engagement: Oxbridge Re has been actively engaging in the global Real-World Asset (RWA) and Web3 ecosystem through participation in various industry events and by forming strategic partnerships, such as with Midnight Foundation. These partnerships and increased conference engagements aim to enhance market reach and operational capabilities, which can lead to increased underwriting capacity and new business opportunities. The company's focus on blockchain-enabled transparency and data-driven underwriting, alongside its strategic market positioning, is a key aspect of its performance and growth strategy.
• Higher Rates on Reinsurance Contracts: The company has experienced an increase in net premiums earned due to higher rates on reinsurance contracts in force. For instance, net premiums earned for the quarter ended March 31, 2025, increased compared to the prior year due to higher rates. Similarly, net premiums for the fiscal year ended December 31, 2024, increased, primarily attributed to higher rates on contracts. This trend of securing higher rates on its reinsurance contracts contributes directly to revenue growth.
• Growth in Investment and Other Income: Oxbridge Re has shown an increase in net investment and other income. For the first half of 2025, net investment and other income increased to $173,000 from $126,000 in the prior year. Similarly, for the quarter ended March 31, 2025, investment and other income rose to $79,000 from $62,000 in the prior first quarter, partly due to an increase in the fair value of equity securities. While reinsurance premiums are the core, growth in investment income provides an additional, albeit smaller, driver of total revenue.

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Share Repurchases

• There is no readily available information indicating significant share repurchase programs by Oxbridge Re over the last 3-5 years.

Share Issuance

• As of January 13, 2025, Oxbridge Re Holdings Limited's subsidiary, SurancePlus Holdings Ltd., commenced an offering of up to $5,000,000 in ordinary shares, along with private placement warrants, with proceeds intended for general corporate purposes and Web-3 segment growth.
• In February 2025, Oxbridge Re Holdings Limited entered into a securities purchase agreement to sell 705,884 ordinary shares in a registered direct offering and issued unregistered Series A and Series B Warrants in a concurrent private placement, collectively generating approximately $3 million in gross proceeds.
• In June 2023, SurancePlus completed a private placement, raising $2,447,760 through the issuance of 244,776 ToNens, which included approximately $1,280,000 from third-party investors.

Inbound Investments

• Third-party investors contributed approximately $1,280,000 in June 2023 for the issuance of ToNens in a private placement by SurancePlus, a subsidiary of Oxbridge Re.
• Oxbridge Re, through its subsidiary SurancePlus, issues "Tokenized Reinsurance Securities" (e.g., EtaCat Re, ZetaCat Re) which represent investments from a broader range of investors in its reinsurance contracts.
• Cash and cash equivalents and restricted cash increased by $1.28 million to $7.18 million from $5.9 million at December 31, 2024, partly due to premium deposits and a registered direct offering that generated $2.7 million net of expenses for the nine months ended September 30, 2025.

Outbound Investments

• Oxbridge Re made a significant investment in the sponsor of Oxbridge Acquisition, a Special Purpose Acquisition Company (SPAC), holding approximately 34.7% of the risk capital and owning approximately 49.6% and 63.1% of the ordinary shares and preferred shares, respectively, of the SPAC sponsor.
• The company has formed strategic partnerships, including one with Plume (announced March 2025) and the Midnight Foundation (announced August 2025), to enhance the distribution channels for its tokenized reinsurance offerings.