15 May 2015 Insurance

Oxbridge Re boosts profits; prepares for hurricane season

Oxbridge Re, the Cayman-based reinsurer covering property/casualty insurers in the Gulf Coast, posted solid growth and improved profits in the first quarter as its CEO said it was well positioned to cope with the forthcoming US hurricane season.

The company made a net profit of $1.8 million in the quarter compared with $393,000 in the same period a year earlier. It said the increase in net income was primarily driven by an increase in net premiums earned and investment income.

Its combined ratio of the period was just 39.4 percent compared with 28.2 percent a year earlier.

Its net earned premiums reached $1.5 million compared with $648,000 in the first quarter of 2014. The increase was driven by the growth in the number and size of reinsurance contracts placed, the company said.

At March 31, 2015, the company had $33.8 million of cash and cash equivalents, and restricted cash and cash equivalents compared with $33.5 million at December 31, 2014.

“Our core reinsurance operations performed well during the first quarter of 2015,” said Jay Madhu, CEO of Oxbridge Re Holdings. “We maintained our $0.12 quarterly dividend and our strong balance sheet allows us to manage risk, which we believe has positioned us well for the upcoming hurricane season.”

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