Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 555

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 555
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uring fee in connection with the formation, operation and management of Oxbridge Re
NS.

    F-15

OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes
to Consolidated Financial Statements, Continued

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 and 2023.

The
income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for year ended December 31, 2024 and
2023 was $0.

SurancePlus
Inc.

SurancePlus
Inc. (“SurancePlus”), an indirect 80% 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 Preferred Shares in accordance with the provisions of British Virgin
Islands law.

The
proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge
Re NS, and the proceeds from the sale of participating notes will be invested in collateralized re