Oxbridge Re (OXBR) Registration Filing summary

Company overview and business model

• Operates as a specialty property and casualty reinsurer, focusing on fully collateralized reinsurance contracts for insurers in the Gulf Coast region, especially Florida.

• Business includes traditional reinsurance and a Web3-focused tokenization segment, offering digital securities representing fractional interests in reinsurance contracts.

• Tokenization business, through SurancePlus, issues Cat Re tokens, expanding access to reinsurance investments and aiming to develop further Web3 offerings.

• Reinsurance contracts are fully collateralized, with liabilities limited to the value of assets held in trust for each contract.

• The company is not rated and operates primarily through subsidiaries in the Cayman Islands and British Virgin Islands.

Financial performance and metrics

• Net tangible book value as of December 31, 2024, was $3.95 million, or $0.62 per share.

• If all outstanding warrants are exercised, as-adjusted net tangible book value would be $65.68 million, or $4.50 per share.

• Recent private placements in tokenized securities raised $2.45 million in 2023 and $2.88 million in 2024.

• Investment in Jet.AI resulted in holding 10,549 shares post-reverse split and a $141,000 return from a bridge loan.

Use of proceeds and capital allocation

• Proceeds from warrant exercises (up to $61.7 million if fully exercised) will be used for working capital and general corporate purposes.

• Management has broad discretion over the use of proceeds, with no specific allocations or timelines disclosed.

• Pending use, proceeds may be invested in short- and intermediate-term, interest-bearing instruments.