Oxbridge Re Gets Off To a Promising Start

May 13, 2014

Oxbridge Re Holdings, a fledgling reinsurer for property/casualty insurers in the U.S. Gulf Coast region, reported its first financial results as a public company. The numbers reflect both potential for growth, and promising results so far.

The Cayman Islands company said it produced $393,000 in net income and booked $648,000 in net earned premiums in its 2014 first quarter. Its combined ratio landed at an astounding 39.4. As Oxbridge Re noted, underwriting is not profitable when that number lands at 100 or higher.

“We believe we are well positioned to build on the momentum established to-date,” CEO Jay Madhu said in a statement.

Oxbridge is very much a new kid on the block. It launched in April 2013 with a focus on reinsurance for U.S. Gulf Coast property/casualty insurers.

The company raised nearly $27 million from an initial public offering on March 26, 2014. At the end of the first quarter, Oxbridge said it had $37.3 million in cash, equivalents, and restricted cash and equivalents on hand.