Company: OXBRW
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001493152-25-021063
Chunk: 68

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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 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)

September
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 September 30, 2025 and December 31, 2024. None of the participating notes were redeemed during the nine-month period ending
September 30, 2025.

The
income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the nine-months ended September
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