Oxbridge Re Holdings Limited (OXBR): History, Ownership, Mission, How It Works & Makes Money

Oxbridge Re Holdings Limited (OXBR) is a micro-cap reinsurer, but why should you pay attention to a company with a nine-month 2025 net premium earned of just over $1.73 million, especially when its combined ratio hit 288.6% due to a major hurricane loss? Because this Cayman Islands-based firm is a pioneer, becoming the first Nasdaq-listed company to issue a tokenized reinsurance security, fundamentally changing how you can access this asset class. Their subsidiary, SurancePlus, is making waves with its 2025-2026 tokenized Real-World Assets (RWAs), which are currently tracking annual returns as high as 42%, so you need to understand how they blend traditional Gulf Coast reinsurance with cutting-edge Web3 finance.

Oxbridge Re Holdings Limited (OXBR) History

You're looking for the origin story of Oxbridge Re Holdings Limited (OXBR), and it's a classic reinsurance tale with a modern, Web3 twist. The company started as a niche property and casualty reinsurer focused on the high-risk, high-reward Gulf Coast region of the United States. But its real transformation-and the reason we're talking about it today-is its aggressive pivot into tokenized Real-World Assets (RWAs) through its subsidiary, SurancePlus.

Given Company's Founding Timeline

Year established

Oxbridge Re Holdings Limited was formally incorporated on April 4, 2013, in the Cayman Islands.

Original location

The company is headquartered in George Town, Cayman Islands, a strategic location for a specialty reinsurer.

Founding team members

The company was founded by Sanjay Madhu, who has served as the Chairman of the Board, President, and Chief Executive Officer since April 2013. A key early executive was Wrendon Timothy, who joined as Chief Financial Officer and Corporate Secretary in August 2013.

Initial capital/funding

While the precise initial seed capital from 2013 is not publicly detailed, the company's licensed reinsurance subsidiaries were required to maintain a statutory minimum capital requirement of just $500. The first major capital event was the subsequent NASDAQ listing, which provided the scale needed to underwrite collateralized reinsurance contracts. More recently, a February 2025 registered direct offering raised net proceeds of approximately $2.7 million, bolstering its balance sheet for the Web3 pivot.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most significant shift for Oxbridge Re Holdings Limited has been its move from a traditional, niche reinsurer to a financial technology innovator focused on tokenization. This wasn't a gradual change; it was a deliberate, transformative decision to bridge the gap between institutional reinsurance and the decentralized finance (DeFi) world.

The launch of SurancePlus Inc. in 2022 was the catalyst, reimagining the reinsurance sidecar product as Tokenized Reinsurance Securities (Real-World Assets or RWAs). This move made Oxbridge Re the first Nasdaq-listed company to sponsor an 'on-chain' reinsurance RWA, democratizing a previously inaccessible asset class.

The financial results in 2025 clearly map this transition, showing both the challenges of the core business and the capital injection for the new venture. Here's the quick math:

• Capital Infusion: The February 2025 offering provided $2.7 million in net proceeds, directly supporting the tokenization efforts.
• Growth in Premiums: Net premiums earned for the nine-months ended September 30, 2025, increased to $1.73 million, up from $1.71 million in the prior year period, showing slight growth in the core business.
• Underwriting Strain: The nine-month net loss for 2025 was $2.19 million, a figure heavily influenced by underwriting losses and increased expenses related to the Web3 expansion and a full limit loss on one reinsurance contract in Q2 2025.

The firm is defintely leaning into this new identity, with CEO Jay Madhu actively speaking at major Web3 conferences in 2025 to promote the tokenized securities, which target annual returns between 20% and 42%. The company's future hinges on the success of this Web3 strategy, which is a high-risk, high-reward play in a $760 billion reinsurance market. [cite: 6, from first search]

To be fair, the traditional reinsurance side still matters, but the focus is clearly on the tokenization arm. For a deeper dive into how this strategy impacts the balance sheet, you should check out Breaking Down Oxbridge Re Holdings Limited (OXBR) Financial Health: Key Insights for Investors.

Oxbridge Re Holdings Limited (OXBR) Ownership Structure

Oxbridge Re Holdings Limited's ownership is primarily distributed among its public float, with a significant stake held by insiders, which is a common structure for smaller-cap, founder-led firms. This structure means that while institutional money provides liquidity, management's interests are defintely aligned with long-term performance, given their substantial 16.13% ownership stake.

Oxbridge Re Holdings Limited's Current Status

Oxbridge Re Holdings Limited (OXBR) is a public company, trading its ordinary shares on The NASDAQ Capital Market under the ticker symbol OXBR. This public status requires the company to maintain high transparency and adhere to stringent financial reporting standards, giving you a clear view into its operations and strategy. As of November 2025, the company has a market capitalization of approximately $9.52 million, reflecting its micro-cap status in the reinsurance sector.

The company's focus is on collateralized reinsurance in the US Gulf Coast property catastrophe market, but it's also aggressively pioneering the tokenization of reinsurance securities (Real-World Assets or RWAs) through its subsidiary SurancePlus. This dual focus is a key differentiator, but it also means the company's financial results can be volatile; for the nine months ended September 30, 2025, the company reported a net loss of $2.19 million, largely due to a full limit loss on a reinsurance contract from Hurricane Milton.

For a detailed look at the company's financial position, including the $7.18 million in restricted cash and cash equivalents reported as of September 30, 2025, you should check out Breaking Down Oxbridge Re Holdings Limited (OXBR) Financial Health: Key Insights for Investors.

Oxbridge Re Holdings Limited's Ownership Breakdown

Understanding who owns the stock helps you gauge control and potential trading pressure. The significant retail ownership means the stock can be more volatile, while the insider stake shows management has skin in the game. Here's the quick math on the breakdown as of November 2025:

Oxbridge Re Holdings Limited's Leadership

The company is steered by a lean, experienced management team, which is typical for a smaller, specialized reinsurance firm. Their long tenure provides stability, especially as they navigate the emerging tokenized reinsurance market.

• Jay Madhu: Chairman, Chief Executive Officer, and President. Mr. Madhu is a founder and the primary visionary, driving the company's strategy to digitize reinsurance assets through its SurancePlus subsidiary.
• Wrendon Timothy: Chief Financial Officer and Corporate Secretary. Mr. Timothy has served as CFO since August 2013, providing critical financial oversight and compliance expertise, especially with SEC reporting.

The executive team's compensation is tied to performance, with new employment agreements effective January 1, 2026, setting Mr. Madhu's annual base salary at $390,000 and Mr. Timothy's at $245,000, plus incentive bonuses and restricted stock grants. This structure is designed to reward success in their pivot toward Web3-focused reinsurance.

Oxbridge Re Holdings Limited (OXBR) Mission and Values

Oxbridge Re Holdings Limited's core purpose is two-fold: to achieve long-term growth in book value through disciplined underwriting of catastrophe reinsurance and to pioneer the democratization of reinsurance investment through tokenized Real-World Assets (RWAs). This dual focus anchors the company's cultural DNA in both traditional financial rigor and Web3 innovation.

Oxbridge Re Holdings Limited's Core Purpose

Official Mission Statement

The company's primary objective, articulated by management, is centered on creating sustained shareholder wealth while maintaining a highly selective risk profile. This is not just about writing policies; it's about a deliberate, data-driven approach to capital deployment.

• Achieve long-term growth in book value per share.
• Write business on a selective and opportunistic basis that generates attractive underwriting profits relative to risk.
• Democratize reinsurance investment by delivering compliant, blockchain-powered pathways into this traditionally elusive asset class.

To be fair, the tokenization effort is a significant strategic pivot that redefines their mission; it's not just an add-on. For example, the subsidiary SurancePlus completed private placements for its EpsilonCat Re, ZetaCat Re, and EtaCat Re tokens, raising over $6 million in aggregate in 2025.

Vision Statement

Oxbridge Re Holdings Limited is positioning itself as a bridge builder-connecting the established, high-value reinsurance market with the emerging digital asset ecosystem. Their vision is to be a leader in this new, compliant, tokenized space.

• Position the company as a prominent player in the Real-World Asset (RWA) and Web3 sector.
• Pioneer the digitization of reinsurance securities, transforming them into accessible, high-yield RWAs.
• Maintain a commitment to transparency and compliance as a NASDAQ-listed entity in the evolving digital landscape.

This vision is backed by performance; the 2025-2026 Balanced Yield Token is tracking approximately 25%, exceeding its 20% target, and the High Yield Token is on track to achieve its 42% annual return. You can learn more about the institutional interest in this model at Exploring Oxbridge Re Holdings Limited (OXBR) Investor Profile: Who's Buying and Why?

Oxbridge Re Holdings Limited Slogan/Tagline

The company's messaging highlights its role as an innovator, using plain English to signal a fundamental shift in the reinsurance market.

• Reimagining Reinsurance.
• The Future is Tokenized.
• Bridging Traditional Finance & Digital Innovation.

Here's the quick math on their core business: for the nine months ended September 30, 2025, the company reported total revenue of $2 million, a significant jump from the prior year's $124,000, but still faced a net loss of $2.19 million due in part to a $2.3 million full limit loss from Hurricane Milton. Still, their core values-transparency, security, and disciplined underwriting-are what they rely on to navigate these high-severity risks. They defintely need that discipline.

Core Values in Action

Oxbridge Re Holdings Limited's core values aren't just posters on a wall; they are embedded in their operational model, especially the commitment to full collateralization and blockchain-enabled transparency.

• Transparency & Security: Leveraging blockchain's immutable ledger for clear ownership and transaction records, ensuring SEC compliance for digital securities.
• Disciplined Risk Management: Specializing in underwriting low-frequency, high-severity risks, and maintaining full collateralization to protect counterparties.
• Accessibility: Lowering entry barriers for a broader range of investors to participate in high-value markets, moving beyond the select group of ultra-high net worth individuals.

What this estimate hides is the impact of their expense ratio, which increased to 156.2% for the nine months ended September 30, 2025, up from 98% in the prior period, showing the cost of scaling their new Web3 operations. That's a necessary cost for their innovation-focused value proposition.

Oxbridge Re Holdings Limited (OXBR) How It Works

Oxbridge Re Holdings Limited operates a dual-engine business model: a traditional property and casualty reinsurance business focused on the US Gulf Coast, plus a pioneering Web3 platform that tokenizes (digitizes) those reinsurance contracts into accessible financial securities for a broader investor base. This model effectively takes on catastrophe risk from insurers and transfers a portion of that risk, and its potential high returns, to global investors via blockchain technology.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework is split between the underwriting of risk and the distribution of that risk to capital markets. Honestly, the underwriting side is straightforward: Oxbridge Reinsurance Limited selects and underwrites reinsurance contracts, mainly for property catastrophe exposure in the US Gulf Coast, a market known for high rates but also high volatility. The real innovation is how they fund this.

The capital for the reinsurance contracts is raised through its subsidiary, SurancePlus Inc., which digitizes the interests in these reinsurance contracts into Real-World Assets (RWAs) called CatRe tokens. These tokens are sold to investors, effectively creating a reinsurance sidecar (Oxbridge Re NS) that is funded by tokenholders. The funds are collateralized against the reinsurance contracts, so investors are taking on the actual risk of the contracts. You can learn more about who's buying these unique assets at Exploring Oxbridge Re Holdings Limited (OXBR) Investor Profile: Who's Buying and Why?

• Risk Transfer: The core reinsurance entity transfers risk to the sidecar, Oxbridge Re NS.
• Tokenization: SurancePlus issues security-backed tokens, priced at $10 per share, representing a fractional interest in the reinsurance contracts.
• Underwriting Performance: Returns are distributed annually based on the underwriting performance of the underlying contracts, but investors receive 3.5% APY on invested funds until the contracts go live on June 1st.
• Financial Reality: For the nine months ended September 30, 2025, the company reported net premiums earned of $1.73 million and a net loss of $2.19 million, partly due to a full limit loss from Hurricane Milton, which highlights the inherent risk in this business model.

Given Company's Strategic Advantages

Oxbridge Re Holdings Limited's strategic edge comes from being a first-mover in a highly regulated industry. They are the first Nasdaq-listed company to issue a tokenized security in reinsurance, which gives them a significant advantage in attracting both capital and attention.

• Democratized Access: By tokenizing reinsurance, they open up a traditionally institutional asset class to a broader range of investors, which expands their potential capital base beyond the usual reinsurance pools.
• Uncorrelated Returns: The returns from catastrophe reinsurance are generally uncorrelated with the broader stock and bond markets, offering a valuable diversification tool for investors. This is a defintely powerful selling point.
• Compliance and Transparency: Being a NASDAQ-listed company operating out of the Cayman Islands provides a layer of regulatory compliance and transparency that many private Web3 ventures lack, building investor trust.
• High Targeted Yield: The high targeted returns, up to 42% for the ZetaCat Re tokens, are a major draw for risk-tolerant capital, even considering the high combined ratio of 288.6% for the nine months ended September 30, 2025, which shows the volatility of the underlying business.
• Liquidity Position: A strong cash position, with restricted cash and cash equivalents increasing to $7.18 million as of September 30, 2025, provides a necessary buffer and flexibility for underwriting new contracts.

Oxbridge Re Holdings Limited (OXBR) How It Makes Money

Oxbridge Re Holdings Limited generates its revenue primarily through two distinct, yet interconnected, channels: collecting premiums from its traditional property and casualty reinsurance business and earning income from its innovative tokenized Real-World Assets (RWAs) platform, SurancePlus Inc. Simply put, they make money by taking on a calculated amount of risk from other insurance companies and by selling fractionalized, tokenized interests in those reinsurance contracts to investors.

Oxbridge Re Holdings Limited's Revenue Breakdown

The company's revenue mix is a blend of predictable premium income and volatile investment returns, plus the newer, high-growth component from its Web3 subsidiary. Based on the most recent Q3 2025 results, total revenue was $645,000. The breakdown below reflects the core operating streams for the quarter ended September 30, 2025.

Here's the quick math: Net Premiums Earned for Q3 2025 were $555,000, which is about 86.05% of the $645,000 total revenue. The Net Investment and Other Income was $79,000, making up the remaining 12.25%, plus a small $11,000 increase in the fair value of equity securities. What this estimate hides is the shift: Net Premiums Earned actually decreased from the prior year's quarter, but the investment income increased, showing diversification is defintely at work.

Business Economics

The company's economic engine runs on two core principles: disciplined underwriting in catastrophe reinsurance and democratizing access to that asset class through blockchain technology.

• Reinsurance Underwriting: Oxbridge Reinsurance Limited and Oxbridge Re NS primarily offer property and casualty reinsurance to insurers in the U.S. Gulf Coast region. They collect premiums in exchange for assuming the risk of large, catastrophic losses, such as hurricanes. The pricing strategy here is simple: charge a premium high enough to cover expected losses and operating costs, plus a reasonable profit margin.
• Tokenized Reinsurance (RWAs): Through SurancePlus Inc., the company tokenizes interests in these reinsurance contracts as Real-World Assets (RWAs). This allows broader investor participation in a market traditionally limited to large institutions. The economics are highly attractive to investors because reinsurance returns are generally uncorrelated to the broader capital markets.
• Targeted Returns: The 2025-2026 tokenized offerings, like the Balanced Yield Token (EtaCat Re) and the High Yield Token (ZetaCat Re), target high annual returns-20% and 42% respectively-assuming no underlying losses. The Balanced Yield Token is currently tracking approximately 25%, exceeding its target, which shows the potential of this new model.

The tokenization strategy is a capital-light way to grow the business, essentially turning a liability (reinsurance contract) into a tradable asset, which is a smart move for efficiency. You can read more about the players in this space by Exploring Oxbridge Re Holdings Limited (OXBR) Investor Profile: Who's Buying and Why?

Oxbridge Re Holdings Limited's Financial Performance

Financial health in the reinsurance business is best viewed through underwriting metrics and balance sheet strength, especially given the volatility of catastrophe risk.

• Underwriting Performance: The Combined Ratio, a key measure of underwriting profitability (losses + expenses / premiums), increased significantly. For the nine months ended September 30, 2025, the Combined Ratio spiked to 288.6%, up sharply from 98% in the prior year. This tells you they paid out far more in claims and expenses than they took in from premiums.
• Loss Impact: The primary driver of the poor underwriting performance was a full limit loss of approximately $2.3 million on one reinsurance contract due to Hurricane Milton. This single event pushed the Loss Ratio for the six months ended June 30, 2025, to 194.8%.
• Nine-Month Revenue and Loss: Total revenue for the nine months ended September 30, 2025, was $2.0 million, a massive increase from the prior year. However, the company still reported a net loss of $2.19 million for the same period.
• Balance Sheet Strength: Despite the underwriting loss, the company's restricted cash and cash equivalents grew by 21.7% to $7.18 million as of September 30, 2025, from $5.9 million at the end of 2024. This increase was helped by a $2.7 million net capital raise from a registered direct offering.

Oxbridge Re Holdings Limited (OXBR) Market Position & Future Outlook

Oxbridge Re Holdings Limited is strategically pivoting from a traditional, micro-cap property-catastrophe reinsurer to a leader in the emerging tokenized Real-World Assets (RWA) market, a move that offers massive upside but carries substantial near-term volatility. While its core reinsurance business remains tiny, its Web3 subsidiary, SurancePlus, is its defintely most critical growth engine for 2026 and beyond.

Competitive Landscape

To be fair, Oxbridge Re Holdings Limited doesn't compete head-to-head with the global reinsurance giants; it operates in a niche where its primary competition is its own size and capital base. Its true competitive edge lies in technology, not capacity. Here's the quick math on market share, comparing their trailing 12-month revenue of $1.98 million against the estimated $639.2 billion global reinsurance market in 2025. [cite: 3, 10, 16 in step 2/3]

Opportunities & Challenges

The company's future hinges on its ability to scale its tokenization platform, SurancePlus, before a major competitor with a larger capital base enters the space. They are chasing a massive opportunity, but still, the core reinsurance business is extremely volatile, as shown by the 2025 results.

Industry Position

Oxbridge Re Holdings Limited is positioned as a niche, hybrid financial entity-part traditional, specialty reinsurer, part InsurTech disruptor.

• Reinsurance Niche: They focus on the high-severity, medium-frequency property catastrophe risks in the U.S. Gulf Coast, a segment abandoned by some larger players due to rising climate risk. [cite: 10 in step 2]
• Technology Pioneer: The company is the first Nasdaq-listed entity to issue a tokenized reinsurance security, giving it a critical first-mover advantage in a market where trust and compliance are paramount. [cite: 2 in step 1]
• Capital Constraint: Despite the innovation, its small capital base (restricted cash was $7.18 million as of September 30, 2025) limits the amount of risk it can underwrite and the size of the reinsurance contracts it can take on. [cite: 5 in step 1]
• Strategic Focus: Management's actions, including recent partnerships with platforms like Plume and the Midnight Foundation, clearly signal that the future is entirely focused on scaling the RWA tokenization business model. [cite: 11 in step 1]

You can read more about their strategic alignment in the Mission Statement, Vision, & Core Values of Oxbridge Re Holdings Limited (OXBR).