Oxbridge Re Holdings Limited Reports Financial Results for Q2 2024
Intellectia.AI Updated: 1970-01-01
Oxbridge Re Holdings Limited Reports Financial Results for Q2 2024
Overview : Oxbridge Re Holdings Limited announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Y/Y Change | Q1 2024 | Q/Q Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Earnings per Share (EPS) | ($0.14) | ($0.01) | -1300% | Not Provided | Not Provided | $0 |
| Net Income (loss) | ($821,000) | ($85,000) | -866% | Not Provided | Not Provided | - |
Net loss for the quarter ended June 30, 2024, was significantly higher than the previous year’s second quarter. The increase in net loss is primarily attributed to the negative change in the fair value of equity securities and investments during the quarter.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Previous Guidance | Comments |
|---|---|---|---|---|
| Premiums Earned | $564,000 | $183,000 | Not Provided | Increase due to the prior period recognizing only one month of premiums, in contrast to a full quarter in 2024. |
| SurancePlus Management Fee | Not Provided | Not Provided | Not Provided | Revenue from tokenized reinsurance securities (DeltaCat Re and EpsilonCat Re tokens). |
The increase in premiums earned is attributed to a more stable accounting method of recognizing a full quarter of premiums in 2024.
Comments from Company Officers
Summary of Comments : - Larger net loss due to negative changes in the fair value of investments, - Improvements in segment-wise revenue and operational metrics, - CEO Jay Madhu expressed optimism about the future growth of SurancePlus and successful private placements of EpsilonCat Re tokens.
Announced Dividends or Share Repo Program
Dividends : - NULL declared for this quarter. - Retained earnings available but likely to be retained for reinvestment and operational needs.
Forward Guidance
- No specific earnings guidance was provided.
- The company expressed an optimistic outlook regarding ongoing and future private placements of their tokenized securities.
Stock Price Movement
- The stock saw a 3.08% increase following the earnings release event.
Oxbridge Re Holdings Limited remains committed to leveraging its well-established reinsurance and innovative blockchain technology to drive growth and shareholder value.
