Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 30, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-36346 | ||
Entity Registrant Name | OXBRIDGE RE HOLDINGS LIMITED | ||
Entity Central Index Key | 0001584831 | ||
Entity Tax Identification Number | 98-1150254 | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Address, Address Line One | Suite 201 | ||
Entity Address, Address Line Two | 42 Edward Street | ||
Entity Address, Address Line Three | P.O. Box 469 | ||
Entity Address, City or Town | Grand Cayman | ||
Entity Address, Country | KY | ||
Entity Address, Postal Zip Code | KY1-9006 | ||
City Area Code | (345) | ||
Local Phone Number | 749-7570 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,606,951 | ||
Entity Common Stock, Shares Outstanding | 5,866,234 | ||
Documents Incorporated by Reference [Text Block] | Information required by Part III is incorporated by reference from registrant’s Proxy Statement for its 2023 annual meeting of stockholders or an amendment to this Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission within 120 days after the end of its fiscal year ended December 31, 2022. | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 400 | ||
Auditor Name | HACKER, JOHNSON & SMITH PA | ||
Auditor Location | Tampa, Florida | ||
Ordinary Shares Par Value 0.001 Usd Per Share [Member] | |||
Title of 12(b) Security | Ordinary Shares, par value $0.001 (USD) per share | ||
Trading Symbol | OXBR | ||
Security Exchange Name | NASDAQ | ||
Warrants [Member] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | OXBRW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Equity securities, at fair value (cost: $1,926 and $1,522) | $ 642 | $ 577 |
Cash and cash equivalents | 1,207 | 3,527 |
Restricted cash and cash equivalents | 2,721 | 1,891 |
Premiums receivable | 282 | 284 |
Other investments | 11,423 | 11,173 |
Due from related parties | 45 | 5 |
Deferred policy acquisition costs | 38 | |
Operating lease right-of-use assets | 44 | 135 |
Prepayment and other assets | 114 | 50 |
Prepaid offering costs | 133 | |
Property and equipment, net | 5 | 9 |
Total assets | 16,616 | 17,689 |
Liabilities: | ||
Notes payable to noteholders | 216 | 216 |
Reserve for losses and loss adjustment expenses | 1,073 | |
Unearned premiums reserve | 350 | |
Operating lease liabilities | 44 | 135 |
Accounts payable and other liabilities | 294 | 337 |
Total liabilities | 1,627 | 1,038 |
Shareholders’ equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,769,587 and 5,749,587 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 32,482 | 32,355 |
Accumulated Deficit | (17,499) | (15,710) |
Total shareholders’ equity | 14,989 | 16,651 |
Total liabilities and shareholders’ equity | $ 16,616 | $ 17,689 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
[custom:FairValueEquitySecuritiesCost-0] | $ 1,926 | $ 1,522 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,769,587 | 5,749,587 |
Common stock, shares outstanding | 5,769,587 | 5,749,587 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Net premiums earned | $ 995 | $ 965 |
Net investment and other income | 201 | 99 |
Net realized investment gain | 27 | 755 |
Unrealized (loss) gain on other investments | (35) | 9,173 |
Change in fair value of equity securities | (338) | (767) |
Total revenue | 850 | 10,225 |
Expenses | ||
Losses and loss adjustment expenses | 1,073 | 158 |
Policy acquisition costs and underwriting expenses | 110 | 106 |
General and administrative expenses | 1,413 | 1,305 |
Total expenses | 2,596 | 1,569 |
(Loss) income before income attributable to noteholders | (1,746) | 8,656 |
Income attributable to noteholders | (43) | (91) |
Net (loss) income | $ (1,789) | $ 8,565 |
(Loss) Earnings per share | ||
Basic and Diluted | $ (0.31) | $ 1.49 |
Weighted-average shares outstanding | ||
Basic and Diluted | 5,772,396 | 5,735,779 |
Assumed Premiums [Member] | ||
Revenue | ||
Net premiums earned | $ 645 | $ 904 |
Change In Unearned Premium Reserve [Member] | ||
Revenue | ||
Net premiums earned | $ 350 | $ 61 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net (loss) income | $ (1,789) | $ 8,565 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Share-based compensation | 127 | 61 |
Depreciation and amortization | 4 | 7 |
Net realized investment gains | (27) | (755) |
Change in fair value of equity securities | 338 | 767 |
Change in fair value of other investments | 35 | (9,173) |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | 1 | |
Premiums receivable | 2 | 180 |
Due from related party | (40) | (5) |
Deferred policy acquisition costs | 38 | 7 |
Prepayment and other assets | (64) | 25 |
Prepaid offering costs | (133) | |
Losses payable | 1,073 | |
Unearned premiums reserve | (350) | (61) |
Accounts payable and other liabilities | (43) | 128 |
Net cash used in operating activities | (829) | (253) |
Investing activities | ||
Purchase of equity securities | (1,002) | (1,148) |
Purchase of other investments | (285) | (2,000) |
Proceeds from sale of equity securities | 626 | 1,346 |
Purchase of property and equipment | (3) | |
Net cash used in investing activities | (661) | (1,805) |
Cash and cash equivalents, and restricted cash and cash equivalents: | ||
Net change during the year | (1,490) | (2,058) |
Balance at beginning of year | 5,418 | 7,476 |
Balance at end of year | 3,928 | 5,418 |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 6 | $ 32,294 | $ (24,275) | $ 8,025 |
Balance, shares at Dec. 31, 2020 | 5,733,587 | |||
Net loss for the year | 8,565 | 8,565 | ||
Issurance of Restricted stock, net | ||||
Issuance of restricted stock, shares | 16,000 | |||
Share-based compensation | 61 | 61 | ||
Balance at Dec. 31, 2021 | $ 6 | 32,355 | (15,710) | 16,651 |
Balance, shares at Dec. 31, 2021 | 5,749,587 | |||
Net loss for the year | (1,789) | (1,789) | ||
Issurance of Restricted stock, net | ||||
Issuance of restricted stock, shares | 20,000 | |||
Share-based compensation | 127 | 127 | ||
Balance at Dec. 31, 2022 | $ 6 | $ 32,482 | $ (17,499) | $ 14,989 |
Balance, shares at Dec. 31, 2022 | 5,769,587 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION (a) Organization Oxbridge Re Holdings Limited (the “Company”) was incorporated as an exempted company on April 4, 2013 under the laws of the Cayman Islands. Oxbridge Re Holdings Limited owns 100 100 The Company’s ordinary shares and warrants are listed on The NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,” respectively. (b) Basis of Presentation and Consolidation The accompanying consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany transactions and balances have been eliminated upon consolidation. The Company consolidates in these consolidated financial statements the results of operations and financial position of all voting interest entities (“VOE”) in which the Company has a controlling financial interest and all variable interest entities (“VIE”) in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. Cash and cash equivalents Restricted cash and cash equivalents Investments : Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. Fair value measurement Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. For fixed maturity securities, inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments in stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company’s investment custodians and management. The investment custodians consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant markets. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument, as well as the marketability of the instrument and the inherent risk of forfeiture of such instrument. Management utilizes the services of an independent valuation specialist to estimate the fair value of Level 3 securities. Deferred policy acquisition costs (“DAC”) Offering Expenses: 133,000 of offering expenses on the consolidated balance sheet as prepaid offering costs in relation to an equity distribution agreement with Maxim Group LLC for the sale of the ordinary shares. In accordance with the terms of the equity distribution agreement, we may offer and sell ordinary shares having an aggregate offering price of up to $ 6.3 million from time to time. Reclassification of prepaid offering costs to additional paid-in capital will occur upon successful drawdown(s) under the offering. Property and equipment five years four years no Reserves for losses and loss adjustment expenses Loss experience refund payable Premiums assumed OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Subsequent adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when assumed. Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums are earned over the remaining coverage period. Unearned Premiums Ceded Ceded premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. There were no unearned premiums ceded at December 31, 2022 and 2021. Uncertain income tax positions (Loss) Earnings Per Share Share-Based Compensation OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Additionally, the Company uses the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued and has assumed no forfeitures during the life of the options. The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. Pending Accounting Updates Accounting Standards Update No. 2016-13. . Segment Information : Under GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance as the source of the Company’s reportable segments. The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established under GAAP. |
CASH AND CASH EQUIVALENTS AND R
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 3. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS 2022 2021 December 31, 2022 2021 (in thousands) Cash held on deposit $ 1,207 $ 3,527 Restricted cash held in trust 2,721 1,891 Total $ 3,928 $ 5,418 Cash and cash equivalents are held by large and reputable counterparties in the United States of America and in the Cayman Islands. Restricted cash held in trust is custodied with Truist Bank, and is held in accordance with the Company’s trust agreements with the ceding insurers and trustees, which require that the Company provide collateral having a market value greater than or equal to the limit of liability, less unpaid premium. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | 4. INVESTMENTS The Company from time to time invests in fixed-maturity securities and equity securities, with its fixed-maturity securities classified as available-for-sale. At December 31, 2022 and 2021, the Company did not hold any available-for-sale securities. Proceeds received, and the gross realized gains and losses from sale of equity securities, for the years ended December 31, 2022 and 2021 are as follows: SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES Gross proceeds from sales Gross Realized Gains Gross Realized Losses ($ in thousands) Year ended December 31, 2022 Equity securities $ 626 $ 27 $ - Year ended December 31, 2021 Equity securities $ 1,346 $ 755 $ - Other Investments In connection with Oxbridge Acquisition Corp. (“OXAC”) initial public offering (“IPO”) in August 2021, the Company’s affiliate OAC Sponsor Ltd. (“Sponsor”) purchased an aggregate 4,897,500 1.00 11.50 2,875,000 0.0001 25,000 On August 11, 2021, the Company acquired an aggregate of 1,500,000 3,094,999 2,000,000 34.7% 49.6% 63.1% The registration statement for OXAC’s IPO was declared effective on August 11, 2021 and on August 16, 2021, OXAC consummated the IPO with the sale of 11,500,000 10.00 115,000,000 On November 9, 2022, the OXAC held an extraordinary general meeting (the “EGM”) of shareholders. At the EGM, the OXAC’s shareholders were presented the proposals to extend the date by which OXAC must consummate a business combination from November 16, 2022 to August 16, 2023 (or such earlier date as determined by OXAC’s Board) by amending OXAC’s Amended and Restated Memorandum and Articles of Association (the “Extension Amendment Proposal”). The Extension Amendment Proposal to amend OXAC’s Amended and Restated Memorandum and Articles of Association (“Charter Amendment”) was approved. In connection with the Extension Amendment Proposal, the Sponsor has agreed to contribute to OXAC a loan of $ 575,000 285,000 49.6% 63.1% OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 4. INVESTMENTS (continued) Other Investments (continued) The Company’s beneficial interests in OXAC’s Class B shares, the Private Placement Warrants and Extension Loan are recorded at fair value and are classified in “Other Investments” on the consolidated balance sheets. The fair value calculation of the Company’s beneficial interest in OXAC’s Class B shares and Private Placement Warrants is dependent on company-specific adjustments applied to the observable trading prices of OXAC Class A shares and public warrants. The fair value calculation of the Company’s beneficial interest in the Extension Loan is dependent on company-specific adjustments applied to the pro-rata original principal amount of the Extension Loan. The Company’s management estimates that a specific discount of 25.11% sufficiently captures the risk or profit that a market participant would require as compensation for i) the lack of marketability of the Company’s beneficial interests in the OXAC and ii) assuming the inherent risk of forfeiture and default if a business combination doesn’t occur within OXAC’s stipulated time frame. The Company has selected a discount of 25.11% based on fair value measurements by an independent valuation expert, and due to the unobservable nature of this company-specific adjustment, the Company classifies the Other Investment as Level 3 in the fair value hierarchy. Subsequent changes in fair value will be recorded in the consolidated statement of operations during the period of the change. As a result of the re-measurement of our investment in OXAC, we recognized for the year ended December 31, 2022, an unrealized loss of $ 35,000 Other investments as of December 31, 2022 and 2021 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT December 31, 2022 December 31, 2021 Oxbridge Acquisition Corp. Private Placement Warrants $ - $ 1,300 Oxbridge Acquisition Corp. Promissory Note 214 - Oxbridge Acquisition Corp. Class B Ordinary Shares 11,209 9,873 Total $ 11,423 $ 11,173 Beginning of year $ 11,173 $ - Investment in affiliate 285 2,000 Unrealized (loss) /gain on investment in affiliate (35 ) 9,173 End of year $ 11,423 $ 11,173 If OXAC does not complete a business combination by August 16, 2023 the proceeds from the sale of the Private Placement Warrants (after OXAC IPO transaction costs) will be used to fund the redemption of the shares sold in the OXAC IPO (subject to the requirements of applicable law), and the Private Placement Warrants will expire without value. The Sponsor holds approximately 20% 4,897,500 575,000 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 4. INVESTMENTS (continued) Assets Measured at Estimated Fair Value on a Recurring Basis The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2022 and 2021: SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2022 ($ in thousands) Financial Assets: Cash and cash equivalents $ 1,207 $ - $ - $ 1,207 Restricted cash and cash equivalents $ 2,721 $ - $ - $ 2,721 Other investments $ - $ - $ 11,423 $ 11,423 Equity securities $ 642 $ - $ - $ 642 Total $ 4,570 $ - $ 11,423 $ 15,993 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2021 ($ in thousands) Financial Assets: Cash and cash equivalents $ 3,527 $ - $ - $ 3,527 Restricted cash and cash equivalents $ 1,891 $ - $ - $ 1,891 Other investments $ - $ - $ 11,173 $ 11,173 Equity securities $ 577 $ - $ - $ 577 Total $ 5,995 $ - $ 11,173 $ 17,168 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 4. INVESTMENTS (continued) Assets Measured at Estimated Fair Value on a Recurring Basis T he Company utilizes the services of an independent valuation expert (“Valuation Expert”) to determine the fair value of the Company’s indirect investment in OXAC. The Valuation Expert observed that the Class A shares of OXAC trades in a relatively liquid market at the measurement date, and the Company’s share of OXAC’s Class B shares were convertible to OXAC’s Class A Shares on a 1 to 1 basis . The Valuation Expert applied this ratio to the value of OXAC’s Class A shares and then applied an additional 25.11% discount to account for the lack of marketability and the inherent risk of forfeiture should a business combination not occur. Management concludes that with respect to OXAC, there is reduced inherent risk of forfeiture and reduced default probability due to OXAC’s additional extension through to August 16, 2023 as well as the proposed business combination as disclosed in Note 17. The Valuation Expert relied on the Black-Scholes option pricing model to determine the fair value of the Company’s beneficial interest in OXAC’s private placement warrants with a strike price of $ 11.50 2.97 0.67 0 4.85 Management has estimated the fair value of the Company’s beneficial interest in the Promissory Note to be equivalent to the discount rate of 25.11 There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2022 and 2021. The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified as Level 3: SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE Other Investments (in thousands) Fair value of Level 3 other investment at January 1, 2022 $ 11,173 Investment in affiliate 285 Change in valuation inputs or other assumptions (35 ) Fair value of Level 3 other investment at December 31, 2022 $ 11,423 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 5. TAXATION Under current Cayman Islands law, no corporate entity, including the Company and the subsidiaries, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company and Oxbridge Reinsurance Limited have an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to the Company and Oxbridge Reinsurance Limited, or their operations, or to the ordinary shares or related obligations, until April 23, 2033 and May 17, 2033, respectively. The Company and its subsidiaries intend to conduct substantially all of their operations in the Cayman Islands in a manner such that they will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue Service will not contend, perhaps successfully, that the Company or its subsidiaries are engaged in a trade or business in the U.S. A foreign corporation deemed to be so engaged would be subject to U.S. federal income tax, as well as branch profits tax, on its income that is treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable tax treaty. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | 6. VARIABLE INTEREST ENTITIES Oxbridge Re NS. The Company has determined that Oxbridge Re NS meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company concluded that it is the primary beneficiary and has consolidated the subsidiary upon its formation, as it owns 100% 100% Upon issuance of a series of participating notes by Oxbridge Re NS, all of the proceeds from the issuance are deposited into collateral accounts, to fund any potential obligation under the reinsurance agreements entered into with Oxbridge Reinsurance Limited underlying such series of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In 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. Oxbridge Re Holdings Limited receives an origination and structuring fee in connection with the formation, operation, and management of Oxbridge Re NS. 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 June 1, 2023 The income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for year ended December 31, 2022 was $ 43,000 91,000 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
RESERVE FOR LOSSES AND LOSS ADJ
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Reserve For Losses And Loss Adjustment Expenses | |
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES | 7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE reserve movements for the years ended December 31, 2022 and 2021 SCHEDULE OF LOSS ADJUSTMENT EXPENSE 2022 2021 Year ended December 31, 2022 2021 ($ in thousands) Gross balance, beginning of year $ - - Incurred, net of reinsurance, related to: Current year 1,073 158 Prior year - - Total incurred 1,073 158 Paid related to: Current year - (158 ) Prior year - - Total paid - (158 ) Balance, end of year $ 1,073 - 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. For the year ended December 31, 2022, the Company has recorded it’s reserves for losses and LAE based on the contractual maximum loss the Company can suffer under the affected contracts. 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. The losses incurred during the year ended December 31, 2022 related to a first limit loss suffered by the Company as a result of underwriting exposure to Hurricane Ian, which made landfall in Florida on September 28, 2022. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (continued) Reserving methodologies and assumptions Loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves. To establish IBNR loss estimates, the Company uses quarterly actuarial estimates from its independent actuary, who utilizes loss data reported by the Company along with industry loss data and information, knowledge of the business written and actuary’s own professional judgment. The independent actuary employs standard actuarial methods for its analysis each quarter. Such methods may include the: ● Reported Loss Development Method. ● Expected Loss Ratio Method. ● Bornhuetter-Ferguson Reported Loss Method. ● Frequency / Severity Method. The approach is valuable because sometimes there is more inherent stability in the frequency and severity data when viewed separately rather than in the total losses OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (continued) Reserving methodologies and assumptions (continued In addition, the Company may supplement its analysis with other reserving methodologies that are deemed to be relevant to specific contracts. For each contract, the Company utilizes reserving methodologies that are deemed appropriate to calculate a best estimate, or point estimate, of reserves. The decision of whether to use a single methodology or a combination of multiple methodologies depends upon the judgment of the independent actuary, if utilized. The Company’s reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate depending on the type and structure of the contract, the age and maturity of the contract, and the duration of the expected paid losses on the contract. The Company’s gross aggregate reserves are the sum of the point estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses at any point in time and subtracting cumulative paid claims and case reserves, which incorporate specific exposures, loss payment and reporting patterns and other relevant factors. There were no significant changes in the Company’s methodology or assumptions relating to the Company’s reserve for loss and loss adjustment expenses for the years ended December 31, 2022 or 2021. Claims Development Tables, IBNR Reserves and Claims Frequency The following table discloses information about the Company’s incurred and paid claims development as of December 31, 2022, as well as cumulative claim frequency and the total of incurred-but-not-reporting and expected development on reported claims included within the net incurred claims amounts. A claim is defined as a reported loss from a cedant on an excess-of-loss reinsurance contract arising from a loss event for which the Company records a paid loss or case reserve. The Company operates a single business segment, being property catastrophe reinsurance. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 7. RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (continued) Property Catastrophe Reinsurance SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (in thousands) Incurred Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 As of December 31, 2022 Total of Incurred-but Cumulative Number of Reported Claims (dollars in thousands) 2016 $ 14,775 $ 18,801 $ 17,795 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ - 5 2017 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ - 8 2018 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ - 2 2019 $ - $ - $ - $ - $ - - 2020 $ - $ - $ - $ - - 2021 $ 158 $ 158 $ - 1 2022 - $ 1,073 $ - 1 Total $ 66,248 $ 67,321 $ - Cumulative Paid Losses and Loss Adjustment Expenses For the Years Ended December 31, (in thousands) Accident Year 2016 2017 2018 2019 2020 2021 2022 2016 $ 6,073 $ 16,073 $ 17,687 $ 17,689 $ 17,689 $ 17,689 $ 17,689 2017 $ 36,293 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 2018 $ 6,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 2019 $ - $ - $ - $ - 2020 $ - $ - $ - 2021 $ 158 $ 158 2022 $ - Total $ 66,248 $ 66,248 Reserve for loss and loss adjustment expenses at December 31, 2022, net of reinsurance $ - $ 1,073 The following table shows the historical average annual percentage payout of claims at December 31, 2022. SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 4 5 6 Property Catastrophe Reinsurance 57.8 % 34.0 % 9.1 % 0.0 % 0.0 % 0 % OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(LOSS) EARNINGS PER SHARE | 8. (LOSS) EARNINGS PER SHARE A summary of the numerator and denominator of the basic and diluted (loss) earnings per share is presented below (dollars in thousands except per share amounts): SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNINGS PER SHARE 2022 2021 Years ended December 31 2022 2021 Numerator: Net (loss) earnings $ (1,789 ) 8,565 Denominator: Weighted average shares - basic 5,772,396 5,735,779 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 5,772,396 5,735,779 (Loss) earnings per share - basic $ (0.31 ) 1.49 (Loss) earnings per share - diluted $ (0.31 ) 1.49 For the year ended December 31, 2022, options to purchase 871,250 896,250 GAAP requires the Company to use the two-class method in computing basic (loss) earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted (loss) earnings per share during the years ended December 31, 2022 and 2021. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
WARRANTS | 9. WARRANTS There were 8,230,700 7.50 9.38 No |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2022 | |
Dividends | |
DIVIDENDS | 10. DIVIDENDS As of December 31, 2022, none of the Company’s accumulated deficit were restricted from payment of dividends to the company’s shareholders. However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend from the subsidiaries would likely be required in order to fund a dividend to the Company’s shareholders and would require notification to the Cayman Islands Monetary Authority (“CIMA”). Under Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | 11. SHARE-BASED COMPENSATION The Company currently has outstanding share-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and the 2021 Omnibus Incentive Plan (the “2021 Plan”) (herein collectively referred to as “the Plans”). Under each of the Plans, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance of up to 1,000,000 32,000 996,000 11,750 Stock options Stock options granted and outstanding under the Plans vests quarterly over four years and are exercisable over the contractual term of ten years A summary of the stock option activity for the years ended December 31, 2022 and 2021 is as follows (option amounts not in thousands): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2021 896,250 $ 4.71 6.9 $ - Exercisable at December 31, 2021 561,250 $ 4.45 5.8 $ - Forfeited (25,000 ) $ 6.00 - - Outstanding at December 31, 2022 871,250 $ 4.67 5.8 $ - Exercisable at December 31, 2022 721,250 $ 4.39 5.3 $ - OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 11. SHARE-BASED COMPENSATION (continued) Compensation expense recognized for the years ended December 31, 2022 and 2021 totaled $ 58,000 57,000 48,000 112,000 24 There were no options granted during the year ended December 31, 2022. During the year ended December 31, 2021, 400,000 SCHEDULE OF ESTIMATED FAIR VALUE OF OPTIONS GRANTED 2021 Expected dividend yield 0 % Expected volatility 31 % Risk-free interest rate 0.92 % Expected life (in years) 6.25 Per share grant date fair value of options issued $ 0.32 At the time of the grant, the dividend yield was based on the Company’s history and expectation of dividend payouts at the time of the grant; expected volatility was based on volatility of similar companies’ common stock; the risk-free rate was based on the U.S. Treasury yield curve in effect. The Company examined its historical pattern of option exercises in an effort to determine if there were any pattern based on certain employee populations. From this analysis, the Company could not identify any patterns in the exercise of options. As such, the Company used the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued. Restricted Stock Awards The Company may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the year ended December 31, 2022 is as follows (share amounts not in thousands): SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Restricted Stock Awards Weighted- Average Grant Date Fair Value Nonvested at January 1, 2021 - Granted 16,000 $ 3.57 Vested (1,000 ) Nonvested at December 31, 2021 15,000 Granted 32,000 $ 3.57 Forfeited (12,000 ) $ 3.57 Vested (12,000 ) Nonvested at December 31, 2022 23,000 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 11. SHARE-BASED COMPENSATION (continued) Compensation expense recognized for the years ended December 31, 2022 and 2021 totaled $ 69,000 4,000 121,000 112,000 34 |
NET WORTH FOR REGULATORY PURPOS
NET WORTH FOR REGULATORY PURPOSES | 12 Months Ended |
Dec. 31, 2022 | |
Net Worth For Regulatory Purposes | |
NET WORTH FOR REGULATORY PURPOSES | 12. NET WORTH FOR REGULATORY PURPOSES The subsidiaries are subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of their respective licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500 in accordance with the relevant subsidiary’s approved business plan filed with CIMA. At December 31, 2022, the Oxbridge Reinsurance Limited’s net worth of $ 9.22 2.0 8.18 At December 31, 2022, the Oxbridge Re NS’ net worth of $ 155 11 24 The Subsidiaries are not required to prepare separate statutory financial statements for filing with CIMA, and there were no material differences between the Subsidiaries’ GAAP capital, surplus and net income, and its statutory capital, surplus and net income as of December 31, 2022 or for the year then ended. |
FAIR VALUE AND CERTAIN RISKS AN
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES | 13. FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES Fair values With the exception of balances in respect of insurance contracts (which are specifically excluded from fair value disclosures under GAAP) and investment securities as disclosed in Note 4 of these consolidated financial statements, the carrying amounts of all other financial instruments, which consist of cash and cash equivalents, restricted cash and cash equivalents, accrued interest and dividends receivable, premiums receivable and other assets, notes payable, and accounts payable and other liabilities, approximate their fair values due to their short-term nature. Concentration of underwriting risk A substantial portion of the Company’s current reinsurance business ultimately relates to the risks of a limited number of entities; accordingly, the Company’s underwriting risks are not diversified. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 13. FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES (continued) Concentrations of Credit and Counterparty Risk The Company markets retrocessional and reinsurance policies worldwide through its brokers. Credit risk exists to the extent that any of these brokers may be unable to fulfill their contractual obligations to the Company. For example, the Company is required to pay amounts owed on claims under policies to brokers, and these brokers, may fail to pay over the money to the cedants. In some jurisdictions, if a broker fails to make such a payment, the Company might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable to the Company for those amounts, whether or not the premiums have actually been received. The Company remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments under reinsurance agreements. The Company would also be liable in the event that its ceding companies were unable to collect amounts due from underlying third-party reinsurers. The Company seeks to mitigate its concentration of credit risk, and its counterparty risk by using reputable (and in some cases) several counterparties which decreases the likelihood of any significant credit and/or counterparty risk. Market risk Market risk exists to the extent that the values of the Company’s monetary assets fluctuate as a result of changes in market prices. Changes in market prices can arise from factors specific to individual securities or their respective issuers, or factors affecting all securities traded in a particular market. Relevant factors for the Company are both volatility and liquidity of specific securities and markets in which the Company holds investments. The Company has established investment guidelines that seek to mitigate significant exposure to market risk. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
LEASES | 14. LEASES Operating lease right-of-use assets and operating lease liabilities are recognized in the consolidated balance sheets. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components, are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company has two operating lease obligations namely for the Company’s office facilities located at Suite 201, 42 Edward Street Grand Cayman, Cayman Islands and residential space at Turnberry Villas in Grand Cayman, Cayman Islands. The office lease has a remaining lease term of approximately fourteen (14) months and includes an option to extend the lease. Under the terms of the lease, the Company also has the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor. The residential lease has a remaining lease term of less than 1 month, and was renewed subsequent to year end. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 14. LEASES (continued) The components of lease expense and other lease information as of and during the year ended December 31, 2022 and 2021 are as follows: SCHEDULE OF OPERATING LEASE COST (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Operating Lease Cost (1) $ 96 $ 96 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 96 $ 96 (1) Includes short-term leases SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) At December 31, 2022 At December 31, 2021 Operating lease right-of-use assets $ 44 $ 135 Operating lease liabilities $ 44 $ 135 Weighted-average remaining lease term - operating leases 1.17 1.68 Weighted-average discount rate - operating leases 6.5 % 5.49 % Future minimum lease payments under non-cancellable leases as of December 31, 2022 and 2021, reconciled to our discounted operating lease liability presented on the consolidated balance sheets are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (in thousands) At December 31, 2022 At December 31, 2021 2021 $ - $ - 2022 - 97 2023 40 40 Thereafter 6 6 Total future minimum lease payments $ 46 $ 143 Less imputed interest (2 ) (8 ) Total operating lease liabilities $ 44 135 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS Administrative Services Agreement Commencing on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $ 10,000 per month for office space, utilities, secretarial and administrative support to the Sponsor and the SPAC. Upon completion of the SPAC’s initial Business Combination or the SPAC’s liquidation, the Sponsor will cease paying these monthly fees. For the year ended December 31, 2022, the Company received $ 90,000 120,000 from the Sponsor under the Administrative Services Agreement, which is included in “net investment and other income” in the consolidated statements of operations. 30,000 Included within “due from related parties” on the consolidated balance sheets is a balance of $ 15 Participating Notes During the year ending December 31, 2021, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, invested a principal amount of $ 68 0 12 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 16. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT,NET At December 31, 2022 2021 Leasehold improvements $ 21 $ 21 Furniture and Fixtures 38 38 Motor vehicle 34 34 Computer equipment and software 37 37 Total, at cost 130 130 less accumulated depreciation and amortization (125 ) (121 ) Property and equipment, net $ 5 $ 9 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements. Business Combination with Jet Token Inc. On February 28, 2023, the Company announced in a press release that Oxbridge Acquisition Corp. (“Oxbridge Acquisition”) filed a Current Report on Form 8-K with the Securities and Exchange Commission in connection with Oxbridge Acquisition’s business combination with Jet Token Inc. (“Jet”), a Delaware based company. Upon the closing of the transaction, the combined company will be named Jet.AI Inc. Jet offers fractional aircraft ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of Jet’s Argus Platinum operating partner. Jet’s charter app enables travelers to look, book and fly. The funding and capital markets access from this transaction is expected to enable Jet to continue its growth strategy of AI software development and fleet expansion. The business combination is expected to be completed late in the second quarter of 2023. The Company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance Limited (“Oxbridge Reinsurance”), is the lead investor in Oxbridge Acquisition’s sponsor and holds the equivalent of 1,426,180 14,261,800 3,094,999 Launch of SurancePlus Offering On March 27, 2023, Oxbridge Re Holdings Limited (the “Company”) and its indirect wholly owned subsidiary SurancePlus Inc. (“SurancePlus”), a British Virgin Islands Business Company, issued a press release announcing the commencement of an offering by SurancePlus of up to $ 5.0 10.00 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 Limited, a Cayman Islands licensed reinsurance company subsidiary of the Company, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS Limited. The holders of the Securities will generally be entitled to proceeds from the payment of participating notes in the amount of a preferred return of $12.00 plus 80% of any proceeds in excess of the amount necessary to pay the preferred return. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors are expected to receive a return on the original purchase price of the tokens of up to 196% after 3 years. There were no other events subsequent to December 31, 2022, other than stated above, for which disclosure was required. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | Schedule I - Summary of Investments - Other Than Investments in Related Parties Cost or Consolidated Amortized Fair Balance Sheet Type of investment Cost Value Value Equity securities 1,926 642 642 Total investments $ 1,926 $ 642 642 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II - Condensed Financial Information of Registrant 2022 2021 At December 31, 2022 2021 Assets Cash and cash equivalents 931 3,227 Equity securities 642 577 Investment in subsidiaries 9,389 10,884 Due from subsidiaries 3,872 2,109 Due from related party 35 5 Prepayment and other assets 105 50 Prepaid offering costs 133 - Operating lease right-of-use assets 44 135 Property and equipment, net 5 9 Total assets $ 15,156 16,996 Liabilities and Shareholders’ Equity Liabilities: Operating lease liabilities 44 135 Accounts payable and other liabilities 123 210 Total liabilities 167 345 Shareholders’ equity: Ordinary share capital 6 6 Additional paid-in capital 32,482 32,355 Accumulated Deficit (17,499 ) (15,710 ) Total shareholders’ equity 14,989 16,651 Total liabilities and shareholders’ equity $ 15,156 16,996 SCHEDULE II (continued) OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) 2022 2021 Years Ended December 31, 2022 2021 Revenue Net investment income $ 47 29 Change in fair value of equity securities (338 ) (767 ) Net realized investment gain 27 755 Management fees and other income 1,883 1,465 Operating expenses (1,406 ) (1,124 ) Income before equity in (loss) income of subsidiaries 213 358 Equity in (loss) / income of subsidiaries (2,002 ) 8,207 Net (loss) income $ (1,789 ) 8,565 SCHEDULE II (continued) OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENT OF CASH FLOWS - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) 2022 2021 Years Ended December 31, 2022 2021 Operating activities Net (loss) income $ (1,789 ) 8,565 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Equity in loss (income) of subsidiaries 2,002 (8,207 ) Share-based compensation 127 61 Depreciation 4 7 Net realized investment gain (27 ) (755 ) Change in fair value of equity securities 338 767 Change in operating assets and liabilities: Due from subsidiary (1,763 ) (48 ) Due from related party (30 ) (5 ) Prepayment and other assets (55 ) 25 Prepaid offering costs (133 ) - Accounts payable and other liabilities (87 ) 77 Net cash (used in) provided by operating activities $ (1,413 ) 487 Investing activities Purchase of equity securities (1,002 ) (1,148 ) Investment in subsidiary (507 ) (1,750 ) Proceeds from sale of equity securities 626 1,346 Purchase of property and equipment - (3 ) Net cash used in investing activities $ (883 ) (1,555 ) Net change in cash and cash equivalents (2,296 ) (1,068 ) Cash and cash equivalents at beginning of year 3,227 4,295 Cash and cash equivalents at end of year $ 931 3,227 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III - Supplementary Insurance Information Year Segment Deferred acquisition costs, net Reserves for losses and loss adjustment expenses – gross Unearned premiums – gross Net premiums earned Investment income (loss) Net losses, and loss adjustment expenses Amortization of deferred acquisition costs Operating expenses Gross premiums written 2022 Property & Casualty $ - $ 1,073 $ - $ 995 $ 27 $ 1,073 $ 109 $ 1,414 $ 645 2021 Property & Casualty $ 38 $ - $ 350 $ 965 $ 755 $ 158 $ 106 $ 1,305 $ 904 |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | Schedule IV - Reinsurance Information Year Segment Direct Gross Premiums Premiums ceded to other companies Premiums assumed from other companies Net amount Percentage of amount assumed to net 2022 Property & Casualty $ - $ - $ 645 $ 645 100 % 2021 Property & Casualty $ - $ - $ 904 $ 904 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and cash equivalents | Restricted cash and cash equivalents |
Investments | Investments : Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. |
Fair value measurement | Fair value measurement Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. For fixed maturity securities, inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments in stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company’s investment custodians and management. The investment custodians consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant markets. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument, as well as the marketability of the instrument and the inherent risk of forfeiture of such instrument. Management utilizes the services of an independent valuation specialist to estimate the fair value of Level 3 securities. |
Deferred policy acquisition costs (“DAC”) | Deferred policy acquisition costs (“DAC”) Offering Expenses: 133,000 of offering expenses on the consolidated balance sheet as prepaid offering costs in relation to an equity distribution agreement with Maxim Group LLC for the sale of the ordinary shares. In accordance with the terms of the equity distribution agreement, we may offer and sell ordinary shares having an aggregate offering price of up to $ 6.3 million from time to time. Reclassification of prepaid offering costs to additional paid-in capital will occur upon successful drawdown(s) under the offering. |
Property and equipment | Property and equipment five years four years no |
Reserves for losses and loss adjustment expenses | Reserves for losses and loss adjustment expenses |
Loss experience refund payable | Loss experience refund payable |
Premiums assumed | Premiums assumed OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Subsequent adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when assumed. Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums are earned over the remaining coverage period. |
Unearned Premiums Ceded | Unearned Premiums Ceded Ceded premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. There were no unearned premiums ceded at December 31, 2022 and 2021. |
Uncertain income tax positions | Uncertain income tax positions |
(Loss) Earnings Per Share | (Loss) Earnings Per Share |
Share-Based Compensation | Share-Based Compensation OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Additionally, the Company uses the guidance in the SEC’s Staff Accounting Bulletin No. 107 to determine the estimated life of options issued and has assumed no forfeitures during the life of the options. The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. |
Pending Accounting Updates | Pending Accounting Updates Accounting Standards Update No. 2016-13. . |
Segment Information | Segment Information : Under GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance as the source of the Company’s reportable segments. The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established under GAAP. |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS 2022 2021 December 31, 2022 2021 (in thousands) Cash held on deposit $ 1,207 $ 3,527 Restricted cash held in trust 2,721 1,891 Total $ 3,928 $ 5,418 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES | Proceeds received, and the gross realized gains and losses from sale of equity securities, for the years ended December 31, 2022 and 2021 are as follows: SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES Gross proceeds from sales Gross Realized Gains Gross Realized Losses ($ in thousands) Year ended December 31, 2022 Equity securities $ 626 $ 27 $ - Year ended December 31, 2021 Equity securities $ 1,346 $ 755 $ - |
SCHEDULE OF OTHER INVESTMENT | Other investments as of December 31, 2022 and 2021 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT December 31, 2022 December 31, 2021 Oxbridge Acquisition Corp. Private Placement Warrants $ - $ 1,300 Oxbridge Acquisition Corp. Promissory Note 214 - Oxbridge Acquisition Corp. Class B Ordinary Shares 11,209 9,873 Total $ 11,423 $ 11,173 Beginning of year $ 11,173 $ - Investment in affiliate 285 2,000 Unrealized (loss) /gain on investment in affiliate (35 ) 9,173 End of year $ 11,423 $ 11,173 |
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS | SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2022 ($ in thousands) Financial Assets: Cash and cash equivalents $ 1,207 $ - $ - $ 1,207 Restricted cash and cash equivalents $ 2,721 $ - $ - $ 2,721 Other investments $ - $ - $ 11,423 $ 11,423 Equity securities $ 642 $ - $ - $ 642 Total $ 4,570 $ - $ 11,423 $ 15,993 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2021 ($ in thousands) Financial Assets: Cash and cash equivalents $ 3,527 $ - $ - $ 3,527 Restricted cash and cash equivalents $ 1,891 $ - $ - $ 1,891 Other investments $ - $ - $ 11,173 $ 11,173 Equity securities $ 577 $ - $ - $ 577 Total $ 5,995 $ - $ 11,173 $ 17,168 |
SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE | The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified as Level 3: SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE Other Investments (in thousands) Fair value of Level 3 other investment at January 1, 2022 $ 11,173 Investment in affiliate 285 Change in valuation inputs or other assumptions (35 ) Fair value of Level 3 other investment at December 31, 2022 $ 11,423 |
RESERVE FOR LOSSES AND LOSS A_2
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reserve For Losses And Loss Adjustment Expenses | |
SCHEDULE OF LOSS ADJUSTMENT EXPENSE | The following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE reserve movements for the years ended December 31, 2022 and 2021 SCHEDULE OF LOSS ADJUSTMENT EXPENSE 2022 2021 Year ended December 31, 2022 2021 ($ in thousands) Gross balance, beginning of year $ - - Incurred, net of reinsurance, related to: Current year 1,073 158 Prior year - - Total incurred 1,073 158 Paid related to: Current year - (158 ) Prior year - - Total paid - (158 ) Balance, end of year $ 1,073 - |
SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES | Property Catastrophe Reinsurance SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (in thousands) Incurred Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 As of December 31, 2022 Total of Incurred-but Cumulative Number of Reported Claims (dollars in thousands) 2016 $ 14,775 $ 18,801 $ 17,795 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ - 5 2017 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ - 8 2018 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ - 2 2019 $ - $ - $ - $ - $ - - 2020 $ - $ - $ - $ - - 2021 $ 158 $ 158 $ - 1 2022 - $ 1,073 $ - 1 Total $ 66,248 $ 67,321 $ - Cumulative Paid Losses and Loss Adjustment Expenses For the Years Ended December 31, (in thousands) Accident Year 2016 2017 2018 2019 2020 2021 2022 2016 $ 6,073 $ 16,073 $ 17,687 $ 17,689 $ 17,689 $ 17,689 $ 17,689 2017 $ 36,293 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 2018 $ 6,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 2019 $ - $ - $ - $ - 2020 $ - $ - $ - 2021 $ 158 $ 158 2022 $ - Total $ 66,248 $ 66,248 Reserve for loss and loss adjustment expenses at December 31, 2022, net of reinsurance $ - $ 1,073 |
SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT | The following table shows the historical average annual percentage payout of claims at December 31, 2022. SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 4 5 6 Property Catastrophe Reinsurance 57.8 % 34.0 % 9.1 % 0.0 % 0.0 % 0 % |
(LOSS) EARNINGS PER SHARE (Tabl
(LOSS) EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNINGS PER SHARE | A summary of the numerator and denominator of the basic and diluted (loss) earnings per share is presented below (dollars in thousands except per share amounts): SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNINGS PER SHARE 2022 2021 Years ended December 31 2022 2021 Numerator: Net (loss) earnings $ (1,789 ) 8,565 Denominator: Weighted average shares - basic 5,772,396 5,735,779 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 5,772,396 5,735,779 (Loss) earnings per share - basic $ (0.31 ) 1.49 (Loss) earnings per share - diluted $ (0.31 ) 1.49 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the stock option activity for the years ended December 31, 2022 and 2021 is as follows (option amounts not in thousands): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2021 896,250 $ 4.71 6.9 $ - Exercisable at December 31, 2021 561,250 $ 4.45 5.8 $ - Forfeited (25,000 ) $ 6.00 - - Outstanding at December 31, 2022 871,250 $ 4.67 5.8 $ - Exercisable at December 31, 2022 721,250 $ 4.39 5.3 $ - |
SCHEDULE OF ESTIMATED FAIR VALUE OF OPTIONS GRANTED | SCHEDULE OF ESTIMATED FAIR VALUE OF OPTIONS GRANTED 2021 Expected dividend yield 0 % Expected volatility 31 % Risk-free interest rate 0.92 % Expected life (in years) 6.25 Per share grant date fair value of options issued $ 0.32 |
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS | SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Restricted Stock Awards Weighted- Average Grant Date Fair Value Nonvested at January 1, 2021 - Granted 16,000 $ 3.57 Vested (1,000 ) Nonvested at December 31, 2021 15,000 Granted 32,000 $ 3.57 Forfeited (12,000 ) $ 3.57 Vested (12,000 ) Nonvested at December 31, 2022 23,000 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
SCHEDULE OF OPERATING LEASE COST | The components of lease expense and other lease information as of and during the year ended December 31, 2022 and 2021 are as follows: SCHEDULE OF OPERATING LEASE COST (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Operating Lease Cost (1) $ 96 $ 96 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 96 $ 96 (1) Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBLIGATIONS | SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) At December 31, 2022 At December 31, 2021 Operating lease right-of-use assets $ 44 $ 135 Operating lease liabilities $ 44 $ 135 Weighted-average remaining lease term - operating leases 1.17 1.68 Weighted-average discount rate - operating leases 6.5 % 5.49 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under non-cancellable leases as of December 31, 2022 and 2021, reconciled to our discounted operating lease liability presented on the consolidated balance sheets are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (in thousands) At December 31, 2022 At December 31, 2021 2021 $ - $ - 2022 - 97 2023 40 40 Thereafter 6 6 Total future minimum lease payments $ 46 $ 143 Less imputed interest (2 ) (8 ) Total operating lease liabilities $ 44 135 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT,NET | Property and equipment, net consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT,NET At December 31, 2022 2021 Leasehold improvements $ 21 $ 21 Furniture and Fixtures 38 38 Motor vehicle 34 34 Computer equipment and software 37 37 Total, at cost 130 130 less accumulated depreciation and amortization (125 ) (121 ) Property and equipment, net $ 5 $ 9 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | Dec. 22, 2017 | Apr. 04, 2013 |
Oxbridge Reinsurance Limited [Member] | ||
Ownership percentage | 100% | |
Oxbridge Re NS [Member] | ||
Ownership percentage | 100% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
[custom:PrepaidOfferingCosts-0] | $ 133,000 | |
Impairments in property and equipment | $ 0 | $ 0 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | five years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | five years | |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | four years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AggregateOfferingPrice-0] | $ 6,300,000 |
SUMMARY OF CASH AND CASH EQUIVA
SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash held on deposit | $ 1,207 | $ 3,527 |
Restricted cash held in trust | 2,721 | 1,891 |
Total | $ 3,928 | $ 5,418 |
SCHEDULE OF GROSS REALIZED GAIN
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from Sale of Equity Securities, FV-NI | $ 626 | $ 1,346 |
Equity Securities, FV-NI, Realized Gain | 27 | 755 |
Equity Securities, FV-NI, Realized Loss |
SCHEDULE OF OTHER INVESTMENT (D
SCHEDULE OF OTHER INVESTMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 11,423 | $ 11,173 |
Beginning of year | 11,173 | |
Investment in affiliate | 285 | 2,000 |
Unrealized (loss) /gain on investment in affiliate | (35) | 9,173 |
Beginning of year | 11,423 | 11,173 |
Oxbridge Acquisition Corp [Member] | Common Class B [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 11,209 | 9,873 |
Oxbridge Acquisition Corp [Member] | Private Placement Warrants [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1,300 | |
Oxbridge Acquisition Corp [Member] | Promissory Note [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 214 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and cash equivalents | $ 1,207 | $ 3,527 | |
Restricted cash and cash equivalents | 2,721 | 1,891 | |
Other investments | 11,423 | 11,173 | |
Equity securities | 642 | 577 | |
Total | 15,993 | 17,168 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and cash equivalents | 1,207 | 3,527 | |
Restricted cash and cash equivalents | 2,721 | 1,891 | |
Other investments | |||
Equity securities | 642 | 577 | |
Total | 4,570 | 5,995 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and cash equivalents | |||
Restricted cash and cash equivalents | |||
Other investments | |||
Equity securities | |||
Total | |||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and cash equivalents | |||
Restricted cash and cash equivalents | |||
Other investments | 11,423 | 11,173 | |
Equity securities | |||
Total | $ 11,423 | $ 11,173 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in affiliate | $ 285 | $ 2,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of Level 3 other Investment, beginning | 11,173 | |
Investment in affiliate | 285 | |
Change in valuation inputs or other assumptions | (35) | |
Fair value of Level 3 other Investment, ending | $ 11,423 | $ 11,173 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Nov. 14, 2022 | Nov. 09, 2022 | Aug. 16, 2021 | Aug. 11, 2021 | Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock par value | $ 0.001 | $ 0.001 | |||||
Aggregate purchase price | $ 2,000,000 | ||||||
Capital risk percentage | 34.70% | ||||||
Ordinary shares percentage | 49.60% | ||||||
Preferred Shares Percentage | 63.10% | ||||||
Fair value measurements, description | The fair value calculation of the Company’s beneficial interest in OXAC’s Class B shares and Private Placement Warrants is dependent on company-specific adjustments applied to the observable trading prices of OXAC Class A shares and public warrants. The fair value calculation of the Company’s beneficial interest in the Extension Loan is dependent on company-specific adjustments applied to the pro-rata original principal amount of the Extension Loan. The Company’s management estimates that a specific discount of 25.11% sufficiently captures the risk or profit that a market participant would require as compensation for i) the lack of marketability of the Company’s beneficial interests in the OXAC and ii) assuming the inherent risk of forfeiture and default if a business combination doesn’t occur within OXAC’s stipulated time frame. The Company has selected a discount of 25.11% based on fair value measurements by an independent valuation expert, and due to the unobservable nature of this company-specific adjustment, the Company classifies the Other Investment as Level 3 in the fair value hierarchy. Subsequent changes in fair value will be recorded in the consolidated statement of operations during the period of the change. | ||||||
Unrealized loss on securities | $ 35,000 | ||||||
Debt discount rate | 25.11% | ||||||
Sponsor [Member] | |||||||
Proceed from loan payable | $ 575,000 | ||||||
Proceed from ordinary shares | $ 285,000 | ||||||
Ordinary Shares [Member] | |||||||
Number of shares issued | 1,500,000 | ||||||
Preferred Stock [Member] | |||||||
Number of shares issued | 3,094,999 | ||||||
Preferred Stock [Member] | Sponsor [Member] | |||||||
Equity interest percentage | 63.10% | ||||||
Common Stock [Member] | Sponsor [Member] | |||||||
Equity interest percentage | 49.60% | ||||||
Warrant [Member] | |||||||
Outstanding amount | 8,230,700 | 8,230,700 | |||||
Class of warrant or right exercise price of warrants or rights1 | $ 7.50 | ||||||
Warrants and rights outstanding, term | 8 months 1 day | ||||||
Warrant [Member] | Measurement Input, Price Volatility [Member] | |||||||
Warrants and rights outstanding, measurement input | 2.97 | ||||||
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||
Warrants and rights outstanding, measurement input | 0 | ||||||
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||
Warrants and rights outstanding, measurement input | 4.85 | ||||||
Oxbridge Acquisition Corp [Member] | |||||||
Percentage of common stock hold | 20% | ||||||
Additional discount rate | 25.11% | ||||||
Oxbridge Acquisition Corp [Member] | Private Placement Warrant [Member] | |||||||
Outstanding amount | 4,897,500 | ||||||
Proceed from loan payable | $ 575,000 | ||||||
Oxbridge Acquisition Corp [Member] | Common Class A [Member] | |||||||
Class of warrant or right exercise price of warrants or rights1 | $ 11.50 | ||||||
Oxbridge Acquisition Corp [Member] | Common Class B [Member] | |||||||
Number of purchased, shares | 2,875,000 | ||||||
Common stock par value | $ 0.0001 | ||||||
Oridinary shares issued, value | $ 25,000 | ||||||
Oxbridge Acquisition Corp [Member] | Private Placement Warrants [Member] | |||||||
Outstanding amount | 4,897,500 | ||||||
Class of warrant or right exercise price of warrants or rights1 | $ 1 | ||||||
Oxbridge Acquisition Corp [Member] | IPO [Member] | |||||||
Shares issued in transaction | 11,500,000 | ||||||
Share issued price per share | $ 10 | ||||||
Proceeds from offering | $ 115,000,000 | ||||||
Oxbridge Acquisition Corp. Class B Ordinary Shares [Member] | |||||||
Debt Conversion, Description | 1 to 1 basis | ||||||
Oxbridge Acquisition Corp. Private Placement Warrants [Member] | |||||||
Strike price | 11.50 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Oxbridge Re NS [Member] | |||
Noncontrolling interest | $ 43,000 | $ 91,000 | |
Notes Payable to Series 2020 -1 Noteholders [Member] | |||
Notes issued | $ 216 | ||
Debt maturity date | Jun. 01, 2023 | ||
Oxbridge Re NS [Member] | |||
Share capital percentage | 100% | ||
Oxbridge Re NS [Member] | |||
Voting percentage | 100% |
SCHEDULE OF LOSS ADJUSTMENT EXP
SCHEDULE OF LOSS ADJUSTMENT EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reserve For Losses And Loss Adjustment Expenses | ||
Gross balance, beginning of year | ||
Current year | 1,073 | 158 |
Prior year | ||
Total incurred | 1,073 | 158 |
Current year | (158) | |
Prior year | ||
Total paid | (158) | |
Balance, end of year | $ 1,073 |
SCHEDULE OF INCURRED LOSSES AND
SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (Details) Claims in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) Claims | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) |
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | $ 67,321 | $ 66,248 | |||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | 66,248 | 66,248 | |||||
Reserve for loss and loss adjustment expenses, net of reinsurance | 1,073 | ||||||
Short-Duration Insurance Contracts, Accident Year 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | 17,689 | 17,689 | $ 17,689 | $ 17,689 | $ 17,795 | $ 18,801 | $ 14,775 |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | 5 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 17,689 | 17,689 | 17,689 | 17,689 | 17,687 | 16,073 | $ 6,073 |
Short-Duration Insurance Contracts, Accident Year 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | 8 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | $ 36,293 | |
Short-Duration Insurance Contracts, Accident Year 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | 2 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 10,000 | 10,000 | 10,000 | 10,000 | $ 6,000 | ||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | |||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | |||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | |||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | |||||||
Short-Duration Insurance Contract, Accident Year 2021 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | 158 | 158 | |||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | 1 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 158 | $ 158 | |||||
Short-Duration Insurance Contract, Accident Year 2022 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Losses and Loss Adjustment Expenses | 1,073 | ||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | |||||||
Cumulative Number of Reported Claims | Claims | 1 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses |
SCHEDULE OF HISTORICAL AVERAGE
SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT (Details) - Property Catastrophe Reinsurance [Member] | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 1 | 57.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 2 | 34% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 3 | 9.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 4 | 0% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 5 | 0% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 6 | 0% |
SCHEDULE OF COMPUTATION OF BASI
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED (LOSS) EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net (loss) earnings | $ (1,789) | $ 8,565 |
Weighted average shares - basic | 5,772,396 | 5,735,779 |
Effect of dilutive securities - Stock options | ||
Shares issuable upon conversion of warrants | ||
Weighted average shares - diluted | 5,772,396 | 5,735,779 |
(Loss) earnings per share - basic | $ (0.31) | $ 1.49 |
(Loss) earnings per share - diluted | $ (0.31) | $ 1.49 |
(LOSS) EARNINGS PER SHARE (Deta
(LOSS) EARNINGS PER SHARE (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 871,250 | 896,250 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Warrants exercised | 0 | 0 |
Warrant [Member] | ||
Warrant outstanding | 8,230,700 | 8,230,700 |
Exercise price | $ 7.50 | |
Common Stock [Member] | ||
Closing price per share | $ 9.38 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options Outstanding | 896,250 | |
Weighted-Average Exercise Price, Outstanding | $ 4.71 | |
Weighted-Average Remaining Contractual Term, Outstanding | 5 years 9 months 18 days | 6 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding | ||
Number of Options Exercisable, Ending Balance | 561,250 | |
Weighted-Average Exercise Price, Exercisable | $ 4.45 | |
Weighted-Average Remaining Contractual Term, Exercisable | 5 years 3 months 18 days | 5 years 9 months 18 days |
Aggregate Intrinsic Value | ||
Number of options outstanding, Forfeited | (25,000) | |
Weighted-Average Exercise Price | $ 6 | |
Number of Options Outstanding | 871,250 | 896,250 |
Weighted-Average Exercise Price, Outstanding | $ 4.67 | $ 4.71 |
Aggregate Intrinsic Value, Outstanding | ||
Number of Options Exercisable | 721,250 | 561,250 |
Weighted-Average Exercise Price, Exercisable | $ 4.39 | $ 4.45 |
Aggregate Intrinsic Value, Exercisable |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUE OF OPTIONS GRANTED (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Per share grant date fair value of options issued | $ 3.57 | $ 3.57 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected dividend yield | 0% | |
Expected volatility | 31% | |
Risk-free interest rate | 0.92% | |
Expected life (in years) | 6 years 3 months | |
Per share grant date fair value of options issued | $ 0.32 |
SCHEDULE OF ACTIVITY OF UNVESTE
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted-Number of Restricted Stock Awards, Beginning Balance | 15,000 | |
Weighted-Number of Restricted Stock Awards, Beginning Balance | 32,000 | 16,000 |
Weighted-Average Grant Date Fair Value, Granted | $ 3.57 | $ 3.57 |
Weighted-Number of Restricted Stock Awards, Beginning Balance | (12,000) | (1,000) |
Weighted-Number of Restricted Stock Awards, Beginning Balance | (12,000) | |
Weighted-Average Grant Date Fair Value, Forfeited | $ 3.57 | |
Weighted-Number of Restricted Stock Awards, Beginning Balance | 23,000 | 15,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock, grant | 32,000 | 16,000 |
Vesting period, contractual term | 10 years | |
Unrecognized compensation expense, non-vested stock options | $ 48,000 | $ 112,000 |
Unrecognized compensation weighted average, period | 24 months | |
Number of options, granted | 400,000 | |
General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Sharebased compensation expense, recognized | $ 58,000 | $ 57,000 |
Restricted Stock [Member] | General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Sharebased compensation expense, recognized | $ 69,000 | 4,000 |
Unrecognized compensation weighted average, period | 34 months | |
Unrecognized compensation expense | $ 121,000 | $ 112,000 |
2021 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares available for grant | 996,000 | |
2021 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock, grant | 32,000 | |
2014 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares available for grant | 11,750 | |
2014 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options, granted | 1,000,000 | |
2021 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options, granted | 1,000,000 |
NET WORTH FOR REGULATORY PURP_2
NET WORTH FOR REGULATORY PURPOSES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum prescribed capital requirement description | Under the terms of their respective licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500 in accordance with the relevant subsidiary’s approved business plan filed with CIMA. | |
Oxbridge Reinsurance Limited [Member] | ||
Net worth amount | $ 9,220 | |
Subsidiary's net income/(loss) | 2,000 | $ 8,180 |
Oxbridge Re NS [Member] | ||
Net worth amount | 155 | |
Subsidiary's net income/(loss) | $ 11 | $ 24 |
SCHEDULE OF OPERATING LEASE COS
SCHEDULE OF OPERATING LEASE COST (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Leases | |||
Operating Lease Cost | [1] | $ 96 | $ 96 |
Operating cash flows from operating leases | $ 96 | $ 96 | |
[1]Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBL
SCHEDULE OF OPERATING LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease right-of-use assets | $ 44 | $ 135 |
Operating lease liabilities | $ 44 | $ 135 |
Weighted-average remaining lease term - operating leases | 1 year 2 months 1 day | 1 year 8 months 4 days |
Weighted-average discount rate - operating leases | 6.50% | 5.49% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2021 | ||
2022 | 97 | |
2023 | 40 | 40 |
Thereafter | 6 | 6 |
Total future minimum lease payments | 46 | 143 |
Less imputed interest | (2) | (8) |
Total operating lease liabilities | $ 44 | $ 135 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due from related party | $ 45,000 | $ 5,000 |
Administrative Services Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
[custom:AdministrativeServicesAgreementDescription] | Commencing on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $ | |
Proceeds from related party | $ 90,000 | |
Administrative fees expense | 120,000 | |
Investment income | 30,000 | |
Due from related party | 15,000 | |
Administrative Services Agreement [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 10,000 | |
Mr Jay Madhu [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from related party | $ 0 | 12,000 |
Principal amount | $ 68,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT,NET (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 130 | $ 130 |
less accumulated depreciation and amortization | (125) | (121) |
Property and equipment, net | 5 | 9 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 21 | 21 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 38 | 38 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 34 | 34 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 37 | $ 37 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | Mar. 31, 2023 | Feb. 28, 2023 |
Subsequent Event [Line Items] | ||
Stock issued during period shares, new issues | $ 14,261,800 | |
Surance Plus Inc [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period shares, new issues | $ 5,000,000 | |
Shares issued, price per share | $ 10 | |
Private Placement [Member] | ||
Subsequent Event [Line Items] | ||
Private placement warrants | 3,094,999 | |
Common Class B [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period shares, new issues | 1,426,180 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Total investments, Cost or amortized cost | $ 1,926 |
Total investments, Fair value | 642 |
Total investments, Balance sheet value | 642 |
Equity Securities, Investment Summary [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Total investments, Cost or amortized cost | 1,926 |
Total investments, Fair value | 642 |
Total investments, Balance sheet value | $ 642 |
Schedule II Condensed Balance S
Schedule II Condensed Balance Sheet Parent Company Only (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Cash and cash equivalents | $ 1,207 | $ 3,527 | |
Equity securities | 642 | 577 | |
Due from related party | 45 | 5 | |
Prepayment and other assets | 114 | 50 | |
Prepaid offering costs | 133 | ||
Operating lease right-of-use assets | 44 | 135 | |
Property and equipment, net | 5 | 9 | |
Total assets | 16,616 | 17,689 | |
Liabilities: | |||
Operating lease liabilities | 44 | 135 | |
Accounts payable and other liabilities | 294 | 337 | |
Shareholders’ equity: | |||
Ordinary share capital | 6 | 6 | |
Accumulated Deficit | (17,499) | (15,710) | |
Total shareholders’ equity | 14,989 | 16,651 | $ 8,025 |
Total liabilities and shareholders’ equity | 16,616 | 17,689 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 931 | 3,227 | |
Equity securities | 642 | 577 | |
Investment in subsidiaries | 9,389 | 10,884 | |
Due from subsidiaries | 3,872 | 2,109 | |
Due from related party | 35 | 5 | |
Prepayment and other assets | 105 | 50 | |
Prepaid offering costs | 133 | ||
Operating lease right-of-use assets | 44 | 135 | |
Property and equipment, net | 5 | 9 | |
Total assets | 15,156 | 16,996 | |
Liabilities: | |||
Operating lease liabilities | 44 | 135 | |
Accounts payable and other liabilities | 123 | 210 | |
Total liabilities | 167 | 345 | |
Shareholders’ equity: | |||
Ordinary share capital | 6 | 6 | |
Additional paid-in capital | 32,482 | 32,355 | |
Accumulated Deficit | (17,499) | (15,710) | |
Total shareholders’ equity | 14,989 | 16,651 | |
Total liabilities and shareholders’ equity | $ 15,156 | $ 16,996 |
Schedule II Condensed Statement
Schedule II Condensed Statements of Income Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Net realized investment gain | $ 27 | $ 755 |
Operating expenses | 2,596 | 1,569 |
Net (loss) income | (1,789) | 8,565 |
Parent Company [Member] | ||
Revenue | ||
Net investment income | 47 | 29 |
Change in fair value of equity securities | (338) | (767) |
Net realized investment gain | 27 | 755 |
Management fees and other income | 1,883 | 1,465 |
Operating expenses | (1,406) | (1,124) |
Income before equity in (loss) income of subsidiaries | 213 | 358 |
Equity in (loss) / income of subsidiaries | (2,002) | 8,207 |
Net (loss) income | $ (1,789) | $ 8,565 |
Schedule II Condensed Stateme_2
Schedule II Condensed Statement of Cash Flows - Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net (loss) income | $ (1,789) | $ 8,565 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Share-based compensation | 127 | 61 |
Change in operating assets and liabilities: | ||
Due from related party | (40) | (5) |
Prepayment and other assets | (64) | 25 |
Prepaid offering costs | (133) | |
Accounts payable and other liabilities | (43) | 128 |
Net cash (used in) provided by operating activities | (829) | (253) |
Investing activities | ||
Purchase of equity securities | (1,002) | (1,148) |
Proceeds from sale of equity securities | 626 | 1,346 |
Purchase of property and equipment | (3) | |
Net cash used in investing activities | (661) | (1,805) |
Parent Company [Member] | ||
Operating activities | ||
Net (loss) income | (1,789) | 8,565 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Equity in loss (income) of subsidiaries | 2,002 | (8,207) |
Share-based compensation | 127 | 61 |
Depreciation | 4 | 7 |
Net realized investment gain | (27) | (755) |
Change in fair value of equity securities | 338 | 767 |
Change in operating assets and liabilities: | ||
Due from subsidiary | (1,763) | (48) |
Due from related party | (30) | (5) |
Prepayment and other assets | (55) | 25 |
Prepaid offering costs | (133) | |
Accounts payable and other liabilities | (87) | 77 |
Net cash (used in) provided by operating activities | (1,413) | 487 |
Investing activities | ||
Purchase of equity securities | (1,002) | (1,148) |
Investment in subsidiary | (507) | (1,750) |
Proceeds from sale of equity securities | 626 | 1,346 |
Purchase of property and equipment | (3) | |
Net cash used in investing activities | (883) | (1,555) |
Net change in cash and cash equivalents | (2,296) | (1,068) |
Cash and cash equivalents at beginning of year | 3,227 | 4,295 |
Cash and cash equivalents at end of year | $ 931 | $ 3,227 |
Schedule III Supplementary Insu
Schedule III Supplementary Insurance Information (Details) - Property, Liability and Casualty Insurance Product Line [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred acquisition costs, net | $ 38 | |
Reserves for losses and loss adjustment expenses - gross | 1,073 | |
Unearned premiums - gross | 350 | |
Net premiums earned | 995 | 965 |
Investment income (loss) | 27 | 755 |
Net losses, and loss adjustment expenses | 1,073 | 158 |
Amortization of deferred acquisition costs | 109 | 106 |
Operating expenses | 1,414 | 1,305 |
Gross premiums written | $ 645 | $ 904 |
Schedule IV Reinsurance Informa
Schedule IV Reinsurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Net premiums earned | $ 995 | $ 965 |
Property, Liability and Casualty Insurance Product Line [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Direct gross premiums | ||
Premiums ceded to other companies | ||
Premiums assumed from other companies | 645 | 904 |
Net premiums earned | $ 645 | $ 904 |
Percentage of amount assumed to net | 100% | 100% |