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.”
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