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.”