Company: OXBRW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-023960
Chunk: 70

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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addition, holders of such notes are generally entitled to interest payments, payable annually, as determined by the applicable governing
documents of each series of notes.

The
Company receives an origination and structuring fee in connection with the formation, operation and management of Oxbridge Re NS.

    14

OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes
to Consolidated Financial Statements (unaudited) 

June
30, 2025

6.
VARIABLE INTEREST ENTITIES (continued)

Notes
Payable to Series 2020-1 noteholders 

Oxbridge
Re NS entered into a retrocession agreement with Oxbridge Reinsurance Ltd on June 1, 2020 and issued $216,000 of participating notes
which provides quota share support for Oxbridge Re’s global property catastrophe excess of loss reinsurance business. The participating
notes have been assigned Series 2020-1 and matured on June 1, 2023. Participating notes totaling $98,000 were redeemed during the year
ended December 31, 2023 resulting in a balance due of $118,000 at December 31, 2024. None of the participating notes were redeemed during
the six-month period ending June 30, 2025.

The
income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the six-months ended June 30,
2025 and 2024 was $0.

SurancePlus
Inc.

SurancePlus
Inc. (“SurancePlus”), an indirectly owned subsidiary of Oxbridge Re Holdings Limited, was incorporated as a British Virgin
Islands Business Company on December 19, 2022 for the purposes of tokenizing reinsurance contracts underwritten by its affiliated licensed
reinsurer, Oxbridge Re NS.

On
March 27, 2023, the Company and SurancePlus, issued a press release announcing the commencement of an offering by SurancePlus of DeltaCat
Re tokenized reinsurance securities (the “Tokens”), which represent Series DeltaCat Preferred Shares of SurancePlus (“Preferred
Shares”, and together with the Tokens, the “Securities”). Each digital security or token, which will have a purchase
price of $10.00 per Token, will represent one Preferred Share of SurancePlus. On September 11, 2023, the DeltaCat Re tokens were reclassified
as tokenized interests carrying rights equivalent to the DeltaCat Re