Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 183

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 15
Chunk 183
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 tokens at a purchase price of $10.00 per token for aggregate gross proceeds
of $92,447. Ownership of EpsilonCat Re tokenized reinsurance securities indirectly conferred fractionalized interests in reinsurance contracts
underwritten by Oxbridge Re NS for the 2024-2025 treaty year.

TypTap
Insurance Company (“TypTap”) Contract

During
the year ended December 31, 2024 the Company entered into a reinsurance agreement with TypTap, an insurance subsidiary of HCI Group,
Inc. (“HCI”). Jay Madhu, our Chairman and Chief Executive Officer, also serves as a non-employee director of HCI.
Pursuant to the agreement, we have agreed to indemnify HCI and TypTap for a portion of reinstatement premium which HCI or TypTap
pays or becomes liable to pay to reinstate reinsurance protection. At December 31, 2024 and 2023, included within premium
receivable, deferred acquisition costs and unearned premiums on the consolidated balance sheets are amounts equal to $447,000,
$46,000 and
$418,000
(2023: $489,000, $50,000 and $458,000) respectively, relating to the reinsurance agreement with TypTap. During the years ended
December 31, 2024 and 2023, included within assumed premiums, change in unearned premium reserve and policy acquisition costs and
underwriting expenses on the consolidated statements of operations are amounts equal to $1,003,000,
$39,000
and $115,000 (2023: $1,099,000 ($458,000) and $70,000),
respectively.

Bridge
Loan with Affiliate

On September 11, 2023, the Company,
along with seven (7) other investors, entered into a binding term sheet (“Bridge Agreement”) with Jet.AI to provide Jet.AI
with an aggregate sum of $500,000 of short-term bridge financing pending its receipt of funds from its other existing financing arrangements.

The Bridge Agreement provided for
the issuance of Notes in an aggregate principal amount of $625,000, reflecting a 20% original issue discount. The Notes bore interest
at 5% per annum and matured on March 11, 2024.

The Company invested the sum of
$100,000 in the Notes and is recorded as “Loan Receivable” on the consolidated balance sheets at cost at December 31, 2023.
On March