Oxbridge Re Holdings Limited (OXBR): Business Model Canvas [Dec-2025 Updated]

You're looking at a fascinating pivot in the insurance world, and honestly, after two decades analyzing markets, this one stands out. I've mapped out the Business Model Canvas for Oxbridge Re Holdings Limited (OXBR), and what you see is a company aggressively marrying old-school property and casualty reinsurance capacity for the US Gulf Coast with a new digital spine-tokenizing those risks into Real-World Assets (RWAs) for investors. They are targeting high-yield returns, aiming for 20% to 42%, while democratizing access with minimums as low as $5,000 via their SurancePlus platform. This model is a tightrope walk between underwriting discipline and blockchain innovation, so let's dive into the specifics of how they structure their value, costs, and partnerships below.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Oxbridge Re Holdings Limited and its subsidiary SurancePlus running, especially as they push into digitized reinsurance. These aren't just handshake deals; they involve specific technology platforms and direct financial exposure to the US Gulf Coast risk market.

SurancePlus Inc. for Tokenized Real-World Asset (RWA) Issuance

SurancePlus Inc. is the engine for issuing tokenized reinsurance securities, which are RWAs. For the 2025-2026 season, they launched two main offerings, EtaCat Re and ZetaCat Re. The performance tracking as of the third quarter of 2025 shows strong initial results for the Balanced Yield Token.

Here's the quick math on the targeted and tracking returns for the current season:

Token Name	Targeted Annual Return	Tracking Performance (as of Q3 2025)
EtaCat Re (Balanced Yield Token)	20%	Tracking approximately 25%
ZetaCat Re (High Yield Token)	42%	On track to meet 42% target

Each security-backed token in these offerings is priced at $10 per share. Investors in these 2025 securities received 3.5% APY on their invested funds until the contracts went live on June 1, 2025. To give you context on the broader market they are tapping into, forecasts from Boston Consulting Group estimate the tokenized RWA market will reach $16 trillion by 2030.

Reinsurance Brokers and Ceding Companies in the US Gulf Coast

Oxbridge Reinsurance Limited and Oxbridge Re NS are the licensed reinsurers that directly handle property and casualty reinsurance for cedants in the US Gulf Coast region. This is the traditional side of the business supporting the digital one. For the nine-month period ending September 30, 2025, net premiums earned for the company totaled $1.73 million, up from $1.71 million for the same period in 2024. The underwriting performance for the nine months ending September 30, 2025, showed a combined ratio of 288.6%. For just the third quarter of 2025, the combined ratio was 146.8%.

The company's liquidity position, which underpins this collateralized underwriting, saw restricted cash and cash equivalents increase to $7.18 million as of September 30, 2025, which is a 21.7% increase from $5.9 million at the end of 2024. This was supported by premium deposits and a $2.7 million registered direct offering.

Midnight Foundation for Deploying Tokenized Securities on Their Blockchain

Oxbridge Re Holdings Limited, via SurancePlus, partnered with the Midnight Foundation to deploy tokenized reinsurance securities on the Midnight blockchain. This move specifically utilizes zero-knowledge proofs to allow for selective data disclosure. The goal is to create high-yield, confidential reinsurance products that meet regulatory compliance while offering transactional privacy.

Plume (MOU) for Enhanced Distribution of Digital Assets

The Memorandum of Understanding with Plume is designed to expand the distribution reach for the 2025-2026 tokenized reinsurance securities, EtaCat Re and ZetaCat Re. Plume's platform provides a distribution channel with significant scale:

• Plume's network includes over 18 million unique addresses.
• The platform has facilitated more than 280 million transactions.
• It holds $4.5 billion in committed assets on its platform.

Coinbase Prime for Secure Custody of Bitcoin and Ethereum Treasury Assets

While specific custody volumes for Bitcoin and Ethereum treasury assets held by Coinbase Prime weren't detailed in the latest reports, the overall asset management context is clear. The company maintains a fully collateralized underwriting model. As noted, total restricted cash and cash equivalents stood at $7.18 million at September 30, 2025, resulting from premium deposits and a $2.7 million capital raise.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Key Activities

Underwriting and managing property and casualty reinsurance contracts

Metric	Period Ending September 30, 2025	Comparative Period
Net Premiums Earned (Quarterly)	$555,000	$595,000 (Q3 2024)
Net Premiums Earned (Nine Months)	$1.73 million	$1.71 million (9 months 2024)
Loss Ratio (Three Months)	0%	Consistent with prior comparative period
Loss Ratio (Nine Months)	132.4%	Increased from prior comparative period
Combined Ratio (Three Months)	146.8%	Increased from 83.7% (3 months 2024)
Combined Ratio (Nine Months)	288.6%	Increased from 98% (9 months 2024)
Acquisition Cost Ratio	11%	Consistent with prior comparative period
Expense Ratio (Nine Months)	156.2%	Increased from 98% (9 months 2024)

The company writes fully collateralized one-on-one contracts and does not use leverage. The TAM for reinsurance is cited as $750 billion.

Digitizing reinsurance securities into tokenized RWAs (EtaCat Re, ZetaCat Re)

The subsidiary SurancePlus Inc. is responsible for tokenized Real-World Assets (RWAs).

• EtaCat Re (Balanced Yield Token) tracking approximately 25% versus a 20% target for the 2025/2026 treaty year.
• ZetaCat Re (High Yield Token) on track to achieve its 42% target for the 2025/2026 treaty year.
• Token price is US$10 per share.
• Minimum investor participation is as little as US$5,000.
• Pre-commencement APY (until June 1, 2025) was 3.5%.
• Previous token Delta CatRe payout was 49%, exceeding its 42% target.

Active participation in global RWA and Web3 ecosystem events

Oxbridge Re Holdings Limited and SurancePlus attended and spoke at several events:

• Attended Rare Evo (Las Vegas).
• Attended TOKEN2049 (Singapore).
• Spoke at Spectrum 2025 (Grand Cayman).
• Scheduled to speak at Uncorrelated Cayman 2025 (Grand Cayman).
• Scheduled to present at Abu Dhabi Finance Week (ADFW) (Dec 8-11, 2025).
• Scheduled to present at Solana Breakpoint 2025 (Dec 11-13, 2025).

Managing investment portfolio, including digital assets

Investment Metric	Value as of September 30, 2025	Prior Period Value
Investment Portfolio Value	$115,000	$113,000 (Prior Year-End)
Net Investment and Other Income (Nine Months)	$251,000	$188,000 (Prior Period)

The net loss for the nine-months ending September 30, 2025, of $2.19 million compared to $2.27 million in the prior year was due to a decrease in unrealized loss on other investments.

Regulatory compliance and S-3 related filings

The company's ordinary shares trade on The NASDAQ Capital Market under the symbol OXBR.

Filing/Data Point	Value/Date
Form S-3 Registration Statement Filing Date	May 12, 2025
Ordinary Share Last Reported Sale Price (May 5, 2025)	$1.83 per share
Warrant Last Reported Sale Price (May 5, 2025)	$0.41 per warrant
Net Proceeds from February 2025 Registered Direct Offering	Approximately $2.7 million
Restricted Cash and Cash Equivalents (Sep 30, 2025)	$7.18 million
Increase in Cash (vs. Dec 31, 2024)	$1.28 million or 21.7%

Total expenses increased due to S-3 related costs.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Key Resources

You're looking at the core assets Oxbridge Re Holdings Limited uses to run its business as of late 2025. These aren't just abstract concepts; they are the tangible and intangible foundations supporting both the traditional reinsurance side and the newer tokenized asset ventures. Honestly, the blend of regulatory licenses and proprietary tech is what sets their resource base apart.

The financial health underpinning these operations is clearly visible in the balance sheet. For instance, the liquidity position shows a solid foundation for current operations and growth initiatives. As of September 30, 2025, the company reported $7.18 million in restricted cash and cash equivalents. This figure reflects an increase of $1.28 million from December 31, 2024, which the company attributes to premium deposits, the net proceeds from a registered direct offering, and offset by loss payments and general expenses.

Capital infusion is a key resource, especially for a fully collateralized reinsurer. The prompt specifically mentions the capital raised via a registered direct offering in 2025. The net proceeds from the registered direct offering for the nine-month period ending September 30, 2025, amounted to $2.7 million net of expenses. This capital directly supports the expansion of the tokenized Real-World Asset (RWA) offerings through its subsidiary. To be fair, there was also a separate $3.0 million registered direct offering announced earlier in February 2025, but the $2.7 million net figure aligns better with the year-to-date cash flow reporting as of Q3 2025.

The technological backbone is a critical, non-physical resource. Oxbridge Re Holdings Limited relies heavily on its proprietary SurancePlus blockchain technology platform, which is central to its strategy of digitizing reinsurance securities. This platform allows SurancePlus Inc., the Web3-focused subsidiary, to create tokenized reinsurance securities, which are essentially on-chain RWAs. The platform's capabilities are being enhanced through strategic integrations, such as the collaboration with the Midnight blockchain, designed to support privacy-compliant transactions using zero-knowledge proof technology.

Here's a quick look at the key quantitative resources as of late 2025:

Resource Category	Specific Item/Metric	Value as of Late 2025
Liquidity	Restricted Cash and Cash Equivalents (as of 9/30/2025)	$7.18 million
Capital Raised (YTD 9M 2025)	Net Proceeds from Registered Direct Offering	$2.7 million
Tokenized Performance (EtaCat Re)	Targeted Annual Return (2025-2026)	20% (Tracking approx. 25%)
Tokenized Performance (ZetaCat Re)	Targeted Annual Return (2025-2026)	42%
Reinsurance Operations (YTD 9M 2025)	Net Premiums Earned	$1.73 million

The licensed entities form the regulatory and operational structure for underwriting risk. These are the entities that actually write the policies.

• Oxbridge Reinsurance Limited: A Cayman Islands licensed reinsurance entity focusing on the U.S. Gulf Coast property and casualty (P&C) market.
• Oxbridge Re NS: Provides investors access to reinsurance contracts as an alternative investment, with potential annualized returns targeted between ~20% to 40%.

Personnel are also a vital, though less directly quantifiable, resource, particularly in specialized areas. The increase in expenses points to investment in these teams. For the quarter ended September 30, 2025, total expenses increased, partly due to increased human resource and personnel costs, as well as Web3 subsidiary tokenization costs. This indicates the presence of specialized underwriting and blockchain development personnel necessary to manage the complex, dual-focus business model.

• Personnel costs increased, reflecting investment in specialized underwriting and blockchain development teams.
• Tokenization costs for the Web3 subsidiary were noted as a driver of increased quarterly expenses.
• The company's structure involves specialized personnel to manage fully collateralized contracts held in U.S. trust accounts.

If onboarding new specialized talent takes longer than expected, the pace of SurancePlus development could slow, which is a defintely near-term operational risk. Finance: draft 13-week cash view by Friday.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and insurers choose Oxbridge Re Holdings Limited. It's about getting access to returns that don't move with the S&P 500, plus using technology to make it happen.

Access to high-yield, catastrophe-linked returns, targeting 20% to 42%

Oxbridge Re Holdings Limited offers specific tokenized reinsurance products with distinct return profiles. For the 2025-2026 offerings, the targets are clearly defined:

Product Name	Yield Target Profile	Targeted Annual Return	Performance Update (as of Sept 30, 2025)
EtaCat Re (Balanced Yield Token)	Balanced Yield	20%	On pace to achieve approximately 25%
ZetaCat Re (High Yield Token)	High Yield	42%	On track to achieve 42%

For funds invested prior to the contracts going live on June 1, 2025, investors received a 3.5% APY. The company reported a net income of $187,000, or $0.02 per share, for the third quarter of 2025.

Investment asset uncorrelated with traditional capital markets

The value proposition centers on providing exposure to asset classes that are not tied to the performance of traditional financial markets. The underlying assets are real-world reinsurance contracts, specifically focusing on medium frequency, high severity risks where data for analysis might be insufficient otherwise.

Democratization of reinsurance investment with minimums as low as $5,000

Oxbridge Re Holdings Limited, through its subsidiary SurancePlus Inc., is positioning these tokenized reinsurance securities as an asset class previously exclusive to institutional investors. Each security-backed token is priced at $10 per share. The company is the first Nasdaq-listed entity to sponsor an on-chain reinsurance Real-World Asset (RWA) of its kind.

Transparency and immutability via blockchain-enabled securities

The digital securities use Web3 digital ecosystem technologies and leverage blockchain's immutable ledger for clear ownership and transaction records. The entire investment process for private market sales and transfers is completed online on SEC and FINRA regulated specialized digital platforms.

Reinsurance capacity for US Gulf Coast property and casualty (P&C) insurers

Oxbridge Reinsurance Limited, a Cayman Islands licensed entity, focuses its reinsurance solutions on the U.S. Gulf Coast property and casualty (P&C) market. The company manages its business under one operating segment: Property and Casualty Reinsurance.

The operational and financial context supporting this capacity includes:

• Net premiums earned for the nine-months ended September 30, 2025, were $1.73 million.
• As of September 30, 2025, restricted cash and cash equivalents increased to $7.18 million from $5.9 million at December 31, 2024.
• Trailing twelve-month revenue as of September 30, 2025, was $2.42M.
• The company is focused on adequate pricing and selective layers in the Florida underwriting environment.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Customer Relationships

You're looking at how Oxbridge Re Holdings Limited (OXBR) connects with the capital markets and the insurers they back as of late 2025. The relationships here are dual-sided: one for the capital providers and one for the risk providers.

Direct engagement with institutional and retail investors via the SurancePlus platform

The SurancePlus platform is the primary interface for retail investors looking to access tokenized reinsurance. This digital channel democratizes an asset class that was historically exclusive to institutional investors and ultra-high-net-worth individuals. For example, the 2025 offerings allowed investors to participate with as little as $5,000, a significant drop from traditional entry points. Each security-backed token was initially priced at $10 per share. SurancePlus completed private placements for EpsilonCat Re, ZetaCat Re, and EtaCat Re tokens, raising over $6 million in aggregate across these offerings. Before the contracts went live on June 1, 2025, investors earned a 3.5% APY on their invested funds.

The performance metrics of these tokenized offerings are key to maintaining investor trust. Here's a quick look at the tracking as of the nine months ended September 30, 2025:

Token Offering	Targeted Annual Return	Tracking as of Q3 2025
Balanced Yield Token (EtaCat Re)	20%	Tracking approximately 25%
High Yield Token (ZetaCat Re)	42%	On track for 42%

High-touch, disciplined underwriting relationships with ceding insurers

For the core reinsurance business, Oxbridge Re Holdings Limited focuses on a high-touch approach with property and casualty insurance companies, especially those in the Gulf Coast region of the United States, with a specific emphasis on Florida. The underwriting strategy centers on fully collateralized reinsurance contracts, which inherently builds trust through transparency. The company specializes in underwriting medium frequency, high severity risks where data is often insufficient for standard analysis. The underwriting results for the nine-month period ending September 30, 2025, show a loss ratio of 132.4%, which was elevated due to a full-limit loss recognized from Hurricane Milton. However, for the three-month period ended September 30, 2025, the loss ratio was 0%. Net premiums earned for the nine-month period of 2025 reached $1.73 million.

Investor relations (IR) activities and conference calls for transparency

Oxbridge Re Holdings Limited maintains active communication with its public investor base, listed on NASDAQ under OXBR. The company held its Q3 2025 financial results conference call on November 6, 2025, following the Q2 call on August 14, 2025. This proactive engagement is costly; general and administrative expenses for the nine months ended September 30, 2025, totaled $2.52 million. The expense ratio for that nine-month period rose to 156.2% from 98% in the prior period, with increased professional costs specifically tied to investor relations and Web3 subsidiary tokenization efforts. The expense ratio for Q3 2025 alone was 146.8%, up from 83.7% in Q3 2024.

Evaluating regular dividend payouts for CatRe tokens to improve investor experience

To better align with investor preferences, management is actively evaluating a shift in capital return strategy. Specifically, Oxbridge Re Holdings Limited is considering introducing regular dividend payouts for its security-backed CatRe tokens, moving away from a purely annual payout model. It is important to note that there is currently no dividend history available for the common stock, which usually means the stock has never paid a dividend. This potential change is a direct response to investor feedback aimed at enhancing the investor experience for token holders.

Digital, self-service access to tokenized RWA offerings

The SurancePlus platform provides the digital, self-service access point for the tokenized Real-World Asset (RWA) offerings. These blockchain-enabled securities transform reinsurance contracts into accessible digital assets. The overall reinsurance market, or TAM, is estimated at $750 billion, representing the scope of this digital expansion. The company's focus on blockchain-enabled transparency is a core part of the value proposition delivered through this digital channel. The cash position reflects this activity; restricted cash and cash equivalents increased by $1.28 million to $7.18 million as of September 30, 2025, supported by premium deposits and a $2.7 million registered direct offering.

Finance: draft 13-week cash view by Friday.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Channels

You're looking at how Oxbridge Re Holdings Limited gets its value propositions-tokenized reinsurance and traditional P&C reinsurance-out to the market. It's a dual-track approach, blending deep Web3 engagement with established insurance distribution.

SurancePlus Investment Platform for Tokenized Security Distribution

The SurancePlus subsidiary is the primary channel for distributing the tokenized Real-World Assets (RWAs). This platform democratizes access to reinsurance, which was historically limited to institutional participants. The current 2025-2026 offerings are the main focus here.

The platform allows investors to participate with as little as US$5,000 in these on-chain securities. This accessibility is a key differentiator for this channel. The structure is moving toward more frequent distributions, as the Company is considering introducing regular dividend payouts on its security-backed CatRe tokens, moving away from a purely annual payout model.

Here's the quick math on the current token performance, which is the product being distributed:

Token/Offering	Targeted Annual Return	Tracking Return (Late 2025)	Treaty Year
EtaCat Re (Balanced Yield Token)	20%	Tracking approximately 25%	2025-2026
ZetaCat Re (High Yield Token)	42%	On track to meet 42%	2025-2026
DeltaCat Re (Inaugural Token)	42%	Realized return of 49.11%	Prior

What this estimate hides is that the $750 billion TAM reinsurance market is the ultimate prize this channel is aiming to capture a share of.

Direct Sales and Broker Relationships for Traditional Reinsurance Contracts

For the non-tokenized side of the business, Oxbridge Re Holdings Limited uses its licensed reinsurers, Oxbridge Re NS and Oxbridge Reinsurance Limited. This channel focuses on providing property and casualty reinsurance solutions directly to insurers.

The core geographic focus for this traditional business remains the Gulf Coast region of the United States. The financial results show activity through this channel:

• Net premiums earned for the nine-months ended September 30, 2025, were $1.73 million.
• This was an increase from $1.71 million for the nine-month period ended September 30, 2024.
• Net premiums earned for the quarter ended September 30, 2025, decreased to $555,000 from $595,000 in Q3 2024.

The expense ratio increase to 160.7% for the six-month period ended June 30, 2025, from 105.7% in the prior year, reflects increased professional costs relating to marketing and operations for the Web3 subsidiary, which supports this overall distribution effort.

Global Web3 and RWA Conferences (e.g., TOKEN2049, Solana Breakpoint 2025)

Direct engagement at industry events is a critical channel for building awareness and securing institutional interest for the SurancePlus platform. The Company has been an active participant and sponsor across the globe throughout 2025.

Oxbridge Re Holdings Limited and SurancePlus have utilized these events to showcase their tokenized offerings and forge alliances:

• Attended Rare Evo 2025 in Las Vegas (August 6-10, 2025).
• Attended TOKEN2049 in Singapore and Dubai.
• Attended Money20/20 Europe 2025 in Amsterdam (June 3-5, 2025).
• Spoke at Spectrum 2025 in Grand Cayman.
• Scheduled to speak at Uncorrelated Cayman 2025.
• Attended Solana Breakpoint 2025 in Abu Dhabi in December 2025.

Management sees strong conference-driven adoption, noting that even a minuscule share of the potential $30T market would be a game changer.

Investor Relations and Corporate Website for Public Company Filings

As a Nasdaq-listed company, formal corporate communications serve as a direct channel to existing and potential shareholders. This includes SEC filings and scheduled conference calls.

The corporate website provides access to these materials, and the Investor Relations team can be reached at ir@oxbridgere.com. The company communicates financial milestones through these channels:

• Q3 2025 financial results were released via press release after market close on November 6, 2025.
• The Q3 2025 conference call was scheduled for November 6, 2025, at 4:30 p.m. Eastern time.
• Insider trading activity over the last 6 months showed 16 trades, with 2 purchases and 14 sales.
• CEO Sanjay Madhu made 2 purchases buying 47,500 shares for an estimated $94,411.

Strategic Blockchain Platform Partnerships for Distribution

These partnerships are crucial for expanding the reach and utility of the SurancePlus tokenized securities by integrating them into established blockchain ecosystems. These alliances strengthen distribution capabilities.

Key partnership channels include:

• Midnight Foundation: A strategic partnership to bring tokenized reinsurance securities to the privacy-focused Midnight blockchain, utilizing zero-knowledge proofs.
• Plume MOU: A Memorandum of Understanding with this RWA platform, viewed as a 'very good distribution channel' that supports $4.5 billion in assets and over 18 million unique wallet addresses.

Finance: draft 13-week cash view by Friday.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Customer Segments

Oxbridge Re Holdings Limited serves two primary, yet distinct, client bases: the traditional reinsurance buyers and the modern, digitally-native capital providers.

The core traditional segment consists of property and casualty insurers in the US Gulf Coast region, with a specific emphasis on Florida. Oxbridge Reinsurance Limited and Oxbridge Re NS write fully collateralized policies to cover property losses from specified catastrophes for these businesses.

The capital-raising and investment side targets a spectrum of investors through its Web3-focused subsidiary, SurancePlus Inc.. This includes accredited and non-accredited investors seeking high-yield alternative assets, as the tokenized offerings democratize an asset class previously exclusive to institutional investors and ultra-high-net-worth individuals. Access is now possible with as little as $5,000.

There is a clear focus on attracting institutional investors, sovereign wealth funds, and family offices, as Oxbridge Re Holdings is actively engaging with the world's largest financial institutions and capital allocators at premier global events in late 2025. This is driven by the appeal of tokenized Real-World Assets (RWAs), which are positioned as an asset class uncorrelated with global markets.

A significant segment is digital asset and Web3-aware investors looking for compliant RWAs. SurancePlus Inc. developed the first "on-chain" reinsurance RWA sponsored by a subsidiary of a publicly traded company, leveraging blockchain for transparency.

Existing shareholders participating in capital raises like the 2025 offering represent another key segment. The company announced a private placement offering in January 2025 by its subsidiary SP Holdings of up to $5,000,000 in ordinary shares, with warrants, to fund corporate purposes and growth in the Web-3 segment. Furthermore, a registered direct offering in Q1 2025 generated $2.7 million net of expenses, boosting cash reserves.

The investor segments are directly addressed by the structure and performance of the tokenized products:

Token Offering	Targeted Annual Return	Tracking Performance (as of Q3 2025)	Investor Profile
EtaCat Re (Balanced Yield Token)	20%	Tracking approximately 25% (outperforming target)	Broader investor base, balanced yield seekers
ZetaCat Re (High Yield Token)	42%	On track to achieve 42%	High-yield alternative asset seekers

The accessibility and structure for investors are defined by these key metrics:

• Token price of $10 per share.
• Pre-launch APY of 3.5% until contracts go live on June 1st, 2025.
• Private placements for EpsilonCat Re, ZetaCat Re, and EtaCat Re tokens raised over $6 million in aggregate.
• Participation is available to U.S. investors under SEC Rule 506(c) and non-U.S. investors under Regulation S.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Cost Structure

You're looking at the costs that eat into Oxbridge Re Holdings Limited's revenue, which is crucial when underwriting results are volatile. The cost structure for Oxbridge Re Holdings Limited as of late 2025 shows a significant impact from operational scaling, especially around its Web3 initiatives and managing claims volatility.

Elevated general and administrative (G&A) expenses, including legal and HR are a major component of the operating cost base. For the three-month period ending September 30, 2025, the expense ratio-which is policy acquisition costs plus G&A divided by net premiums earned-climbed sharply to 146.8%, up from 83.7% for the same period last year. This trend is even more pronounced over a longer period; for the nine months ending September 30, 2025, the expense ratio was 156.2%, a substantial increase from 98% for the first nine months of 2024.

The drivers behind this expense intensity are clear. You see high professional costs related to Web3 tokenization and investor relations (IR), alongside S-3 filing costs, legal expenditures, and personnel costs. The company's focus on ecosystem engagement, attending events like TOKEN2049 and Solana Breakpoint, adds to these professional and marketing-related overheads.

The underwriting side also presents specific costs. Policy acquisition costs and other underwriting expenses are measured by the acquisition cost ratio. For the full year ended December 31, 2024, this ratio stood at 11.0%. For the first quarter of 2025, the ratio was reported at 10.9%.

Underwriting profitability is directly impacted by loss and loss adjustment expenses (Loss ratio). The nine-month loss ratio for the period ending September 30, 2025, was elevated at 132.4%. This was primarily due to a significant event in the second quarter; the loss ratio for Q2 2025 alone jumped to 394% following a full-limit loss recognized on a reinsurance contract related to Hurricane Milton.

Here's a quick look at how the key ratios compare across recent periods:

Metric	Q3 2024 (3-Month)	Q3 2025 (3-Month)	9M 2025 (9-Month)
Expense Ratio	83.7%	146.8%	156.2%
Loss Ratio	N/A	0% (Q3 only)	132.4%
Combined Ratio	N/A	146.8%	N/A

Finally, you must account for increased human resource and personnel costs for the defintely growing team. These personnel costs, alongside the legal and IR spend, are explicitly cited as contributing to the surge in the expense ratio for Q3 2025 compared to prior periods. Total expenses for the nine months ending September 30, 2025, reached $4.99M, reflecting these higher operational outlays.

You should watch the expense ratio closely against premium growth; if the expense ratio stays above 100%, the core underwriting business isn't covering its own operating costs.

• Elevated G&A, legal, and HR spend are key cost drivers.
• Professional costs are high due to Web3/tokenization marketing and IR.
• The nine-month expense ratio for 2025 hit 156.2%.
• The nine-month loss ratio for 2025 was 132.4%.
• Acquisition Cost Ratio was 10.9% in Q1 2025.

Finance: draft 13-week cash view by Friday.

Oxbridge Re Holdings Limited (OXBR) - Canvas Business Model: Revenue Streams

When you look at Oxbridge Re Holdings Limited (OXBR)'s revenue streams, you see a clear split between the traditional reinsurance underwriting business and the newer, digitally-focused tokenized asset side. It's a hybrid model, and the numbers reflect that mix as of late 2025.

The core underwriting revenue comes from net premiums earned from traditional reinsurance contracts. For the nine-months ended September 30, 2025, this figure was $1.73 million, which was a slight increase from $1.71 million in the prior year period. For the third quarter alone, net premiums earned settled at $555,000.

The total revenue picture for the nine months ended September 30, 2025, reached $2.0 million, up significantly from $124,000 in the prior year, with the Q3 2025 revenue specifically reported at $645,000.

Here's a quick look at the key revenue components for the most recent reported periods:

Revenue Component	For the Three Months Ended September 30, 2025	For the Nine Months Ended September 30, 2025
Net Premiums Earned	$555,000	$1.73 million
Net Investment Income and Other Income	$79,000	$251,000
Increase in Fair Value of Equity Securities	$11,000	Not Separately Itemized
Total Revenue	$645,000	$2.0 million

The investment income from tokenized reinsurance offerings, managed through the subsidiary SurancePlus, is a major driver of the non-premium revenue. These offerings are structured to deliver returns based on underwriting performance, which translates into investment income for Oxbridge Re Holdings Limited. The performance metrics for the 2025-2026 treaty year are quite specific:

• The Balanced Yield Token (EtaCat Re) is tracking approximately 25%, exceeding its initial target of 20% annual return.
• The High Yield Token (ZetaCat Re) remains on track to achieve its targeted annual return of 42%.

You can see the direct impact of this in the Net investment income and other income line item. For the three months ended September 30, 2025, this was $79,000, up from $62,000 in the prior period. Over the nine-month period, this income grew to $251,000 from $188,000.

Regarding the digital asset treasury, the board approved the inclusion of Bitcoin and Ethereum to diversify holdings. While the strategy is in place to potentially realize capital appreciation from digital asset treasury holdings, the specific dollar amount of appreciation realized or held as of late 2025 isn't explicitly detailed in the latest reports. The focus here is on diversification and long-term growth prospects.

Finally, for fees or spread earned on the tokenized RWA issuance through SurancePlus, the structure involves investors earning returns based on underwriting results after contracts commence on June 1, 2025, with some earning a 3.5% annual percentage yield on funds allocated before the contracts went live. Specific, separate fee or spread income amounts from the issuance process itself aren't itemized separately from the overall tokenized reinsurance performance income in the available data.