Company: OXBRW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009673
Chunk: 12

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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CEMBER 31, 2024

Restricted Cash and Cash
Equivalents. As of March 31, 2025, our restricted cash and cash equivalents increased by $3.7 million, or 62.85%, to $9.6 million,
from $5.9 million as of December 31, 2024. The increase is the result of premium deposits made during the three months ending March 31,
2025 and the registered direct offering that generated $2.7 million net of expenses.

Investments.
As of March 31, 2025, our total investments increased by $3,000 or 2.65% to $116,000, 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 three-month period ended March 31, 2025.

Notes Payable
to Noteholders. As of March 31, 2025, our notes payable remained at $118,000 as there were no redemptions during the period.

Mezannine
Equity – EpsilonCat Re and DeltaCat Re Tokenholders. As
of March 31, 2025, amounts due to CatRe tokenholders increased to $1.9 million from $1.73 million at December 31, 2024. The increase
is due to the recognition of three months of underwriting-relating income that is attributable to third-party tokenholders.

Unearned
Premiums Reserve. As
of March 31, 2025, our unearned premiums reserve decreased by $594,000, to $397,000 from $991,000 at December 31, 2024. The decrease
is due to change in uneaerned premium reserves for the three month period ended March 31, 2025.

31

LIQUIDITY AND CAPITAL RESOURCES

General

We are organized as a holding
company and provide administrative and management services to our subsidiaries. Our operations are conducted through our reinsurance subsidiaries,
Oxbridge Reinsurance Limited and Oxbridge Re NS and our web3 focused subsidiary SurancePlus Inc. which underwrites risks associated with
our property and casualty reinsurance programs as well as the tokenization of RWAs such as Reinsurance contracts. We have minimal continuing
cash needs at the holding company level, with such needs principally being related to the payment of administrative expenses and shareholder
dividends. There are