Company: OXBRW
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001493152-25-021063
Chunk: 99

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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%, from 83.7% for the three-month
period ended September 30, 2024. For the nine-month period ended September 30, 2025, the combined ratio increased to 288.6%, from 98%
for the nine-month period ended September 30, 2024. The increase is due to higher general and administrative expenses and the losses
incurred during the three-month and nine-month periods ended September 30, 2025, when compared with the prior comparable periods.

FINANCIAL
CONDITION –SEPTEMBER 30, 2025 COMPARED TO DECEMBER 31, 2024

Restricted
Cash and Cash Equivalents. As of September 30, 2025, our restricted cash and cash equivalents increased by $1.28 million or
21.7%, to $7.18 million, from $5.9 million as of December 31, 2024. The increase is the net result of premium deposits made during
the nine-months ending September 30, 2025, the registered direct offering and ATM program that generated $3.5 million net of
expenses, and payment of Hurricane Milton losses and general administrative expenses.

Investments.
As of September 30, 2025, our total investments increased by $2,000 or 1.77% to $115,000, from $113,000 as of December 31, 2024.
The increase is primarily a result of the increase in value of the equity securities during the nine-month period ended September 30,
2025.

Notes
Payable to Noteholders. As of September 30, 2025, our notes payable remained at $118,000 as there were no redemptions during
the period.

Mezannine
Equity – EpsilonCat Re / DeltaCat Re / ZetaCat Re and EtaCat Re Tokenholders. As of September 30, 2025, amounts due to
CatRe tokenholders decreased to $1.2 million from $1.73 million at December 31, 2024. The decrease is due to the tokenholders share in
the limit loss experienced on one of our reinsurance contracts affected by Hurricane Milton.

Unearned
Premiums Reserve. As of September 30, 2025, our unearned premiums reserve increased by $490,000, to $1.48 million from $991,000
at December 31, 2024. The