Oxbridge Re Holdings, the Cayman Islands-based property/casualty reinsurer which completed a $26.9 million initial public offering recently, made a small profit in its first results as a public company.
The company, founded by Tampa-based insurer HCI Group to provide reinsurance to the Gulf Coast region, made a net profit of $393,000 or $0.28 diluted earnings per common share in the first quarter of 2014.
Its net earned premiums for the period were $648,000. Its acquisition cost ratio, which measures operational efficiency, for the quarter was 6.6 percent. Its combined ratio was 39.4 percent.
"We are encouraged by our results for our first quarter completed as a public company," said Jay Madhu, CEO of Oxbridge Re. "We believe we are well positioned to build on the momentum established to-date and look forward to continued growth through 2014 and beyond."