The following is a summary of the Oxbridge Re Holdings Limited (OXBR) Q2 2024 Earnings Call Transcript:
Financial Performance:
Net premiums earned for Q2 2024 were $564,000 compared to $183,000 in Q2 2023.
Total revenue for the quarter was $44,000, a significant decline from $691,000 in the same quarter last year.
Oxbridge Re reported a net loss of $821,000 for the quarter, compared to a net loss of $85,000 in Q2 2023.
Business Progress:
Oxbridge Re has diversified its business by establishing subsidiaries like SurancePlus Inc., focused on Web3 technologies and tokenized reinsurance securities.
The company successfully merged with Jet.AI Inc., integrating new technology platforms for the aviation industry.
SurancePlus released digital tokens EpsilonCat Re, achieving significant returns, and has formed a strategic partnership with Zoniqx, a pioneer in digital asset management.
Opportunities:
Oxbridge Re is pioneering tokenization in the RWA Web3 sector, positioning itself within a market projected to exceed $10 trillion over the next decade.
The company plans to capitalize on advancements in blockchain and digital asset management.
Strategic rebranding is anticipated to enhance market penetration and investor returns.
Risks:
The portfolio experienced a disproportionate unrealized loss of $1.5 million due to re-measurement of Jet.AI investment, impacting the company's financial position.
More details: Oxbridge Re Holdings IR
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