Oxbridge Re starts to gain foothold in Q2 results
Oxbridge Re, the reinsurer targeting the Gulf Coast region of the US which raised $26 million via an IPO earlier this year, has posted its first profits as it starts to establish a foothold in the market.
The company made a net profit of $541,000 for the second quarter of the year and its gross written premiums have grown to $13.8 million as business starts to flow to the company.
Its combined ratio for the second quarter was 39.8 percent compared with 31.6 percent for the year-ago period. Its profit for the first six months of the year was $935,000.
"Our results for the second quarter were in line with our expectations and we are well situated entering the hurricane season. Our reinsurance contracts are well dispersed where no single carrier has more than 50 percent of the underwriting risk,” said Jay Madhu, CEO of Oxbridge Re Holdings. "Also, I am pleased to note that our board of directors recently declared a dividend of $0.12 per share.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom