Oxbridge Re posts solid first half
Oxbridge Re Holdings has reported a strong financial showing in the first six months of 2021 with net income more than doubling in the second quarter compared to the same period in 2020.
The Cayman Island reinsurer had a bottom line of $448,000 (£324,582) in the three months to the end of June, up from $165,000 (£119,544) in the corresponding 2020 quarter, and said improved results were primarily due to significant net realised gains on investments.
Second quarter net premiums increased to $205,000 (£148,525) from $135,000 (£97,809) in the prior year due to higher rates on reinsurance contracts, and no losses have been incurred to date in either of the last two calendar years.
The firm also launched a special purpose acquisition company called Oxbridge Acquisition Corp this summer to invest in disruptive technology markets, with a particular focus on insurtech, blockchain and artificial intelligence sectors.
Oxbridge Re CEO Jay Madhu (pictured) said: "We were pleased to generate further improved performance through the second quarter and first six months of 2021 with higher revenues, increased net income, and strengthened financial and operating ratios.
"We remain highly optimistic about the long-term prospects of our reinsurance business and for our investment in the recently listed Oxbridge Acquisition Corp.
"We were also pleased our sidecar investors were paid a 19 percent return to date and anticipate growing this portion of the business going forward.”
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