Cayman reinsurer prepares to go public

Cayman-based property and casualty (P&C) reinsurer Oxbridge Re has filed an Initial Public Offering (IPO) with the US Securities and Exchange Commission.

Established in April 2013 to provide P&C reinsurance to the Gulf Coast region of the US, Oxbridge writes fully collateralised policies to cover property losses from specified catastrophes.

For the current reinsurance policy year, the company expects the majority of its business to come from Tampa-based property and casualty insurer HCI Group.

The initial business focus will be on Florida.

In its IPO, Oxbridge said it would sell up to 4.25 million units, each consisting of one share of stock and one warrant, which could be exercised to buy another share.

Sanjay Madhu is president and CEO, and also a member of the board of directors of HCI.

Paresh Patel, CEO, president and chairman of the board of HCI, is chairman of the board of Oxbridge and the largest stockholder.