Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 983

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 6
Chunk 983
---
    2024  
    2023 

    For Years ended 

    December 31, 

    2024  
    2023 

    ($ in thousands) 

    Gross balance, beginning of year 
    $         -  
     1,073 
  
    Incurred, net of reinsurance, related to: 

    Current year 
     -  
     - 
  
    Prior year 
     -  
     - 
  
    Total incurred 
     -  
     - 
  
    Paid related to: 

    Current year 
     -  
     - 
  
    Prior year 
     -  
     (1,073)
  
    Total paid 
     -  
     (1,073)
  
    Balance, end of year 
    $-  
     -

When
losses occur, the reserves for losses and LAE are typically comprised of case reserves (which are based on claims that have been reported)
and IBNR reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and include
a provision for expected future development on existing case reserves). The Company typically suffers limit losses in the event of a
Category 3 or above hurricane making landfall in a populated area where the Company has catastrophe risk exposure.

The
uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together
with the potential for unforeseen adverse developments, may result in the reserve for losses and LAE ultimately being significantly greater
or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant
loss event takes place near the end of a reporting period. Reserve for losses and LAE estimates are reviewed periodically on a contract-by-contract
basis and updated as new information becomes known. Any resulting adjustments are reflected in income in the period in which they become
known.

The
Company’s reserving process is highly dependent on the timing of loss information received from its cedants and related brokers.

There
were no losses incurred during the years ended December 31, 2024 and 2023.

    F-18

OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes
to Consolidated Financial Statements, Continued

7.
RESERVE FOR LOS