Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 593

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1C
Chunk 593
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 combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and
the expense ratio. The combined ratio decreased from 185.2% for the year ended December 31, 2023 to 94.3 % for the year ended December
31, 2024. The decrease is due to the higher levels of premium earned and lower general administrative expenses incurred during the year
ended December 31, 2024.

FINANCIAL
CONDITION – DECEMBER 31, 2024 COMPARED TO DECEMBER 31, 2023

Restricted
Cash and Cash Equivalents. As of December 31, 2024, our cash and restricted cash increased by $2.2 million to $5.9 million from
$3.7 million as of December 31, 2023. The increase is primarily due to new collateral deposits for treaty year ending May 31, 2025 more
than offsetting funds being released from the underlying trusts for treaty year ending May 31, 2024.

36

Investments.
As of December 31, 2024, our equity securities decreased by $567,000 to $113,000, from $680,000 as of December 31, 2023. The
decrease is primarily a result of the sale of two of the equity securities and the decrease in value of the equity securities during
the year ended December 31, 2024.

Other
investments. As of December 31, 2024, our other investments decreased to $48,000 from $2.48 million at December 31,
2023. The decrease is due primarily to the fair value changes of our investment in Jet.AI in which the Company has an equity
investment measured at fair value as well as proceeds on redemption of Series A-1 Preferred Stock.

Notes
Payable to Noteholders. As of December 31, 2024 our notes payable remained stable at $118,000.

Other
liabilities – EpsilonCat Re and DeltaCat Re Tokenholders. As of December 31, 2024, amounts due to CatRe tokenholders
increased to $1.73 million from $1.52 million at December 31, 2023. The increase is due to the proceeds from third-party investors
purchasing the EpsilonCat Re participation shares represented by digital tokens (net of management fees), plus seven months of
underwriting-relating income