Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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, Georgetown | |
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 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 Common Stock, Shares Outstanding | 6,006,661 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Equity securities, at fair value (cost: $1,563 and $1,926) | $ 284 | $ 680 |
Cash and cash equivalents | 532 | 495 |
Restricted cash and cash equivalents | 3,780 | 3,250 |
Premiums receivable | 489 | 977 |
Other Investments | 1,790 | 2,478 |
Loan Receivable | 100 | |
Due from Related Party | 63 | 63 |
Deferred policy acquisition costs | 40 | 101 |
Operating lease right-of-use assets | 148 | 9 |
Prepayment and other assets | 123 | 96 |
Prepaid Offering Costs | 12 | |
Property and equipment, net | 2 | 4 |
Total assets | 7,263 | 8,253 |
Liabilities: | ||
Notes payable to noteholders | 118 | 118 |
Notes payable to DeltaCat Re Tokenholders | 1,918 | 1,523 |
Unearned Premium Reserve | 366 | 915 |
Operating lease liabilities | 148 | 9 |
Accounts payable and other liabilities | 214 | 356 |
Total liabilities | 2,764 | 2,921 |
Shareholders’ equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,006,661 and 5,870,234 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 32,812 | 32,740 |
Accumulated Deficit | (28,319) | (27,414) |
Total shareholders’ equity | 4,499 | 5,332 |
Total liabilities and shareholders’ equity | $ 7,263 | $ 8,253 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Equity Securities, FV-NI, Cost | $ 1,563 | $ 1,926 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 6,006,661 | 5,870,234 |
Common stock, shares outstanding | 6,006,661 | 5,870,234 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | ||
Net premiums earned | $ 549,000 | |
Net investment and other income | 62,000 | 89,000 |
Interest and gain on redemption of loan | 41,000 | |
Unrealized (loss) gain on other investments | (688,000) | 381,000 |
Change in fair value of equity securities | (89,000) | 76,000 |
Total revenue | (125,000) | 546,000 |
Expenses | ||
Policy acquisition costs and underwriting expenses | 60,000 | |
General and administrative expenses | 488,000 | 404,000 |
Total expenses | 548,000 | 404,000 |
(Loss) Income before income attributable to noteholders | (673,000) | 142,000 |
Income attributable to noteholders | (232,000) | |
Net (loss) income | $ (905,000) | $ 142,000 |
(Loss) Earnings per share | ||
(Loss) Income per share, Basic | $ (0.15) | $ 0.02 |
(Loss) Income per share, Diluted | $ (0.15) | $ 0.02 |
Weighted-average shares outstanding | ||
Weighted average number of shares outstanding, Basic | 6,005,162 | 5,857,643 |
Weighted average number of shares outstanding, Diluted | 6,005,162 | 5,857,643 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating activities | |||
Net (loss) income | $ (905,000) | $ 142,000 | |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
Stock-based compensation | 72,000 | 54,000 | |
Depreciation and amortization | 2,000 | 2,000 | |
Change in fair value of other investments | 688,000 | (381,000) | $ 8,945,000 |
Change in fair value of equity securities | 89,000 | (76,000) | |
Interest and gain on redemption of loan | (41,000) | ||
Change in operating assets and liabilities: | |||
Premiums receivable | 488,000 | 138,000 | |
Due from related party | (24,000) | ||
Deferred policy acquisition costs | 61,000 | ||
Prepayment and other assets | (27,000) | (34,000) | |
Prepaid Offering Costs | (12,000) | ||
Other Liablities Delta Cat Re Tokenholders | 395,000 | ||
Unearned premiums reserve | (549,000) | ||
Accounts payable and other liabilities | (142,000) | 39,000 | |
Net cash provided by (used in) operating activities | 119,000 | (140,000) | |
Investing activities | |||
Purchase of property and equipment | (5,000) | ||
Proceeds from redemption of loan receivable | 141,000 | ||
Proceeds from sale of equity securities | 307,000 | ||
Net cash provided by (used in) investing activities | 448,000 | (5,000) | |
Financing activities | |||
Partial redemption of notes payable to noteholders | (44,000) | (98,000) | |
Prepaid offering costs | (119,000) | ||
Net cash used in financing activities | (163,000) | ||
Cash and cash equivalents, and restricted cash and cash equivalents: | |||
Net change during the period | 567,000 | (308,000) | |
Balance at beginning of period | 3,745,000 | 3,928,000 | 3,928,000 |
Balance at end of period | 4,312,000 | 3,620,000 | $ 3,745,000 |
Non-cash investing activities | |||
Operating lease right-of-use assets | 148,000 | 65,000 | |
Operating lease liabilities | $ 148,000 | $ 65,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 6,000 | $ 32,482,000 | $ (17,499,000) | $ 14,989,000 |
Balance, shares at Dec. 31, 2022 | 5,769,587 | |||
Net income (loss) | 142,000 | 142,000 | ||
Stock-based compensation | 54,000 | 54,000 | ||
Issuance of restricted stock | ||||
Issuance of restricted stock, shares | 96,647 | |||
Balance at Mar. 31, 2023 | $ 6,000 | 32,536,000 | (17,357,000) | 15,185,000 |
Balance, shares at Mar. 31, 2023 | 5,866,234 | |||
Balance at Dec. 31, 2023 | $ 6,000 | 32,740,000 | (27,414,000) | 5,332,000 |
Balance, shares at Dec. 31, 2023 | 5,870,234 | |||
Net income (loss) | (905,000) | (905,000) | ||
Stock-based compensation | 72,000 | 72,000 | ||
Issuance of restricted stock | ||||
Issuance of restricted stock, shares | 136,427 | |||
Balance at Mar. 31, 2024 | $ 6,000 | $ 32,812,000 | $ (28,319,000) | $ 4,499,000 |
Balance, shares at Mar. 31, 2024 | 6,006,661 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
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. The Company directly owns 100 100 100 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 unaudited, consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations for any subsequent interim period or for thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Form 10-K, which was filed with the SEC on March 26, 2024 Uses of Estimates Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the reserve for losses and loss adjustment expenses (if any), which may include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies specific to valuation of investments involve significant judgments and estimates material to the Company’s consolidated financial statements. Although considerable variability is likely to be inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. 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. All significant intercompany balances and transactions have been eliminated. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Cash and cash equivalents Restricted cash and cash equivalents Restricted cash and cash equivalents represent funds held in accordance with the Company’s trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium. 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. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Fair value measurement (cont’d) 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 debt 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. Deferred policy acquisition costs (“DAC”) Offering Expenses : During the three-month period ended March 31, 2024, the Company recognized in the consolidated balance sheet $ 12,000 of offering expenses in relation to the offering of EpilsonCat Re digital securities issuable by the Company’s subsidiary, SurancePlus Inc. (See Note 6). In accordance with the terms of the equity distribution agreement with Maxim, we intend to offer and sell ordinary shares having an aggregate offering price of up to $ 6.3 5 an Reserves for losses and loss adjustment expenses Loss experience refund payable OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Premiums assumed 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 is incepted 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 March 31, 2024 or December 31,2023. Uncertain Income Tax Positions OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) (Loss) Earnings Per Share Basic (loss) earnings per share has been computed on the basis of the weighted-average number of ordinary shares outstanding during the periods presented. Diluted (loss) earnings per share is computed based on the weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such as stock options and warrants, computed using the treasury stock method. Share-Based Compensation 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 expenses related to all awards is included in general and administrative expenses. Accounting Updates: From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective will not have a material effect on its consolidated financial position or results of operations upon adoption. Segment Information Reclassifications |
CASH AND CASH EQUIVALENTS AND R
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 3 Months Ended |
Mar. 31, 2024 | |
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 At March 31, At December 31, 2024 2023 (in thousands) Cash on deposit $ 532 $ 495 Restricted cash held in trust 3,780 3,250 Total $ 4,312 $ 3,745 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 (unaudited) March 31, 2024 |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | 4. INVESTMENTS The Company from time to time invests in fixed-maturity debt securities and equity securities, with its fixed-maturity debt securities classified as available-for-sale. At March 31, 2024 and December 31, 2023, 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 periods ended March 31, 2024 and 2023, 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) Three Months Ended March 31, 2024 Equity securities $ 307 $ - $ - Three Months Ended March 31, 2023 Equity securities $ - $ - $ - Other Investments On August 7, 2023, OXAC held an extraordinary general meeting at which the business combination with Jet Token, Inc. was approved by OXAC shareholders. In conjunction with the business combination, OXAC was redomesticated as a Delaware entity, and changed its name to Jet.AI Inc. The business combination was closed on August 10, 2023, and on August 11, 2023, OXAC common stock and warrants began trading on the Nasdaq Global Market under the new ticker symbols JTAI and JTAIW. The Company’s beneficial interests in Jet. AI’s ordinary shares, public 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 Jet.AI’s ordinary shares and public warrants is dependent on the observable trading prices of JetAI’s Class A shares and public warrants. The fair value calculation of the Company’s beneficial interest in the Extension Loan is estimated t o be the pro-rata original principal amount of the Extension Loan due to the short-term nature. The Sponsor holds 2,875,000 575 1,000 4,897,500 As a result of the re-measurement of our investment in Jet.AI, we recognized for the three months ended March 31, 2024, an unrealized loss of $ 688,000 Other investments as of March 31, 2024 and December 31, 2023 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT March 31, 2024 December 31, 2023 Jet.AI. Series A-1 Convertible Preferred Stock $ 285 $ 285 Jet.AI common stock 1,505 2,193 Total $ 1,790 $ 2,478 Beginning of year $ 2,478 $ 11,423 Unrealized loss on other investments (688 ) (8,945 ) End of period $ 1,790 $ 2,478 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 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 March 31, 2024 and December 31, 2023: 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 March 31, 2024 ($ in thousands) Financial Assets: Cash and cash equivalents $ 532 $ - $ - $ 532 Restricted cash and cash equivalents $ 3,780 $ - $ - $ 3,780 Other investments $ 1,505 $ - $ 285 $ 1,790 Equity securities $ 284 $ - $ - $ 284 Total $ 6,101 $ - $ 285 $ 6,386 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 ($ in thousands) Financial Assets: Cash and cash equivalents $ 495 $ - $ - $ 495 Restricted cash and cash equivalents $ 3,250 $ - $ - $ 3,250 Other investments $ 2,193 $ - $ 285 $ 2,478 Equity securities $ 680 $ - $ - $ 680 Total $ 6,618 $ - $ 285 $ 6,903 There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2024 and 2023. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
TAXATION
TAXATION | 3 Months Ended |
Mar. 31, 2024 | |
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 subsidiary is 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 | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. The Company 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 (unaudited) March 31, 2024 6. VARIABLE INTEREST ENTITIES (continued) Notes Payable to Series 2020-1 noteholders Oxbridge Re NS entered into a retrocession agreement with Oxbridge Reinsurance Ltd on June 1, 2020 and issued $ 216,000 June 1, 2023 98,000 118,000 The income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the three-months ended March 31, 2024 and 2023 was $ 0 SurancePlus Inc. SurancePlus Inc., a indirect wholly-owned subsidiary of Oxbridge Re Holdings Limited, was incorporated as a British Virgin Islands Business Company on December 19, 2022 for the purposes of tokenizing reinsurance contracts underwritten by its affiliated licensed reinsurer, Oxbridge Re NS. On March 27, 2023, the Company and SurancePlus Inc. (“SurancePlus”), issued a press release announcing the commencement of an offering by SurancePlus of DeltaCat tokenized reinsurance securities (the “Tokens”), which represent Series DeltaCat Preferred Shares of SurancePlus (“Preferred Shares”, and together with the Tokens, the “Securities”). Each digital security or token, which will have a purchase price of $ 10.00 The net proceeds from the offer and sale of the Securities were used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, and the proceeds from the sale of participating notes were invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the digital Securities are generally be entitled to proceeds from the payment of participating notes in the amount of a preferred return of 20% plus an additional 80% of any proceeds in excess of the amount necessary to pay the preferred return. On June 27, 2023, SurancePlus Inc. completed its private placement (the “Private Placement”) of Series DeltaCat Re Preferred Shares represented by DeltaCat Re Tokens (the “Securities”). On June 27, 2023, SurancePlus entered into subscription agreements with accredited investors and non-U.S. persons in the Private Placement with respect to 229,766 10.00 2,297,660 15,010 150,100 10.00 2,447,760 244,776 1,280,000 1,167,000 300,000 273,000 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 6. VARIABLE INTEREST ENTITIES (continued) Notes Payable to Series 2020-1 noteholders (continued) On March 18, 2024, Oxbridge Re Holdings Limited (the “Company”) and its indirect wholly owned subsidiary SurancePlus Inc. (“SurancePlus”), a British Virgin Islands Business Company, announced the commencement of an offering by SurancePlus of Participation Shares (the “Securities”) represented by digital tokens to be issued under a 3-year Participation Share Investment Contract (the “PSIC”). The Participation Shares are not shares in SurancePlus and shall have no preemptive right or conversion rights. The Participation Shares solely confer contractual rights against SurancePlus as contained in the PSIC. At the offering’s commencement, up to one million ( 1,000,000 10.00 The net proceeds from the offer and sale of the Participation Shares will be used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, an affiliated Cayman Islands licensed reinsurance entity, and the proceeds from the sale of such participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the Participation Shares will generally be entitled to proceeds from the payment of the participating notes in the amount of a preferred return equal to the initial Participation Share price, plus 20%, and then 80% of any proceeds in excess of the amount necessary to pay the preferred return. The Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state or other securities laws. The Securities were sold in a transaction exempt from registration under the Securities Act and were sold only to persons reasonably believed to be accredited investors in the United States under SEC Rule 506(c) under the Securities Act and outside the United States only to non-U.S. persons in accordance with Regulation S under the Securities Act. The selected unconsolidated historical financial information and other data presented below is derived from SurancePlus’ standalone unaudited financial statements for the three months ended March 31, 2024 and the balance sheet data as of March 31, 2024. SCHEDULE OF FINANCIAL STATEMENTS Statement of Operations Data: For Three Months Ended March 31, 2024 (Unaudited) Surance Plus Management fee income — Underwriting related income 488 Total revenue 488 Expenses (13 ) Income attributable to tokenholders (444 ) Net income 31 Balance Sheet Data: At March 31, 2024 (Unaudited) (In thousands) Total assets 4,088 Amounts due to Delta Cat Re Tokenholders * 2,461 Due to Parent 53 Total shareholder’s equity 1,575 * includes underwriting profit of $ 705,000 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
RESERVE FOR LOSSES AND LOSS ADJ
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES | 3 Months Ended |
Mar. 31, 2024 | |
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 three-month periods ending March 31, 2024 and 2023: SCHEDULE OF LOSS ADJUSTMENT EXPENSE At March 31, At March 31, 2024 2023 (in thousands) Balance, beginning of period $ - $ 1,073 Incurred related to: Current period - - Prior period - - Total incurred - - Paid related to: Current period - - Prior period - - Total paid - - Balance, end of period $ - $ 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 three-month periods ended March 31, 2024 and 2023, 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. There were no losses incurred during the three-month periods ended March 31, 2024 and 2023. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
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 EARNING PER SHARE 2024 2023 Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income $ (905 ) 142 Denominator: Weighted average shares - basic 6,005,162 5,857,643 Weighted average shares - diluted 6,005,162 5,857,643 (Loss) Earnings per share - basic $ (0.15 ) 0.02 (Loss) Earnings per share - basic $ (0.15 ) 0.02 For the three-month period ended March 31, 2024 options to purchase 846,250 8,230,700 8,230,700 For the three-month period ended March 31, 2023, options to purchase 846,250 8,230,700 8,230,700 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 shareholders. These participating securities effect the computation of both basic and diluted (loss) earnings per share during periods of net (loss) income. |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2024 | |
Warrants | |
WARRANTS | 9. WARRANTS There were 8,230,700 7.50 9.38 No |
DIVIDENDS
DIVIDENDS | 3 Months Ended |
Mar. 31, 2024 | |
Dividends | |
DIVIDENDS | 10. DIVIDENDS For the period ended March 31, 2024, none of the Company’s retained earnings 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. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | 11. SHARE-BASED COMPENSATION The Company currently has outstanding stock-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and the 2021 Omnibus Incentive Plan (the “2021 Plan”) (hereinafter 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 1,000,000 136,427 758,926 11,750 Stock options Stock options granted and outstanding under the Plan vests quarterly over four years and are exercisable over the contractual term of ten years A summary of the stock option activity for the three-month periods ended March 31, 2024 and 2023 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2023 871,250 $ 4.67 5.6 - Forfeited (25,000 ) $ 6.00 Outstanding at March 31, 2023 846,250 $ 4.63 5.5 $ - Exercisable at March 31, 2023 736,875 $ 4.43 5.2 $ - Outstanding at January 1, 2024 846,250 $ 4.63 4.8 $ - Outstanding at March 31, 2024 846,250 $ 4.63 4.5 $ - Exercisable at March 31, 2024 799,375 $ 4.55 4.4 $ - Compensation expense recognized for the three-month periods ended March 31, 2024 and 2023 totaled $ 5,000 5,000 15,000 35,000 he Company expects to recognize the remaining compensation expense over a weighted-average period of nine ( 9 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. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 11. SHARE-BASED COMPENSATION (cont’d) Restricted Stock Awards (cont’d) During the three-month periods ended March 31, 2024 and 2023, the Company granted 136,427 and 96,647 shares of restricted stock, respectfully to directors and employees under the 2021 Plan. Information with respect to the activity of unvested restricted stock awards during the period s SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2024 46,073 $ 1.05 Granted 136,427 $ 1.05 Vested (34,574 ) $ 1.05 Nonvested at March 31, 2024 147,926 Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2023 23,000 $ 2.37 Granted 96,647 $ 2.37 Vested (16,250 ) $ 2.37 Nonvested at March 31, 2023 103,397 $ 2.37 Compensation expense recognized for the three-month periods ended March 31, 2024 and 2023 totaled $ 67,000 49,000 262,000 |
NET WORTH FOR REGULATORY PURPOS
NET WORTH FOR REGULATORY PURPOSES | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, Oxbridge Reinsurance Limited’s net worth of $ 3,000 1.28 90,000 At March 31, 2024, the Oxbridge Re NS’ net worth of $ 264,000 exceeded the minimum and prescribed capital requirement. For the three-month periods ended March 31, 2024 and 2023 the Oxbridge Re NS’ net income was approximately $ 41,000 and $ NIL , respectively. 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 (loss) income, and its statutory capital, surplus and net (loss) income as of March 31, 2024 or for the period then ended. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
FAIR VALUE AND CERTAIN RISKS AN
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES | 3 Months Ended |
Mar. 31, 2024 | |
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, 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 significantly diversified. 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, in the Company. 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 mitigates its concentrations of credit and counterparty risk by using reputable and several counterparties which decreases the likelihood of any significant concentration of credit risk with any one counterparty. 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. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
LEASES | 14. LEASES Operating lease right-of-use assets and operating lease liabilities are disclosed as line 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 thirty-five ( 35 the Company also has the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor 9 The components of lease expense and other lease information as of and during the three-month periods ended March 31, 2024 and 2023 are as follows: SCHEDULE OF OPERATING LEASE COST For the Three-Month Period For the Three-Month Period (in thousands) Ended March 31, 2024 Ended March 31, 2023 Operating Lease Cost (1) $ 24 $ 24 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 26 $ 24 (1) Includes short-term leases SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) At March 31, 2024 At December 31, 2023 Operating lease right-of-use assets $ 148 $ 9 Operating lease liabilities $ 148 $ 9 Weighted-average remaining lease term - operating leases 2.24 0.39 Weighted-average discount rate - operating leases 9.19 % 7.13 % Future minimum lease payments under non-cancellable leases as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 At December 31, 2023 Remainder of 2024 80 9 2025 39 - 2026 39 - 2027 6 - Total future minimum lease payments $ 164 $ 9 Less imputed interest (16 ) - Total operating lease liability $ 148 9 OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS DeltaCat Re Tokens During the year ended December 31, 2023, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, entered into subscription agreement to purchase a total of 6,200 10.00 62,000 TypTap Insurance Company (“TypTap”) Contract During the year ended ended December 31, 2023 the Company entered into a reinsurance agreement with TypTap, an insurance subsidiary of HCI Group, Inc., which is a related entity through common directorship. At March 31, 2024, included within premium receivable, deferred acquisition costs and unearned premiums on the consolidated balance sheets are amounts equal to $ 244,000 , $ 20,000 and $ 183,000 respectively, relating to the reinsurance agreement with TypTap. During the three-month period ended March 31, 2024, included within assumed premiums, change in unearned premium reserve and policy acquisition costs and underwriting expenses on the consolidated statements of operations are amounts equal to $ 0 , ($ 275,000 ) and $ 30,000 , respectively Bridge Loan with Affiliate On September 11, 2023, the Company, along with seven (7) other investors, entered into a binding term sheet (“Bridge Agreement”) with Jet.AI to provide Jet.AI with an aggregate sum of $ 500,000 The Bridge Agreement provides for the issuance of Notes in an aggregate principal amount of $ 625,000 20% 5% March 11, 2024 Notes with 100% of the proceeds of any equity or debt financing at a redemption premium of 110% of the principal amount of the Notes. An event of default under the Notes includes failing to redeem the Notes as provided above and other typical bankruptcy events of Jet.AI. In an event of default, the outstanding principal amount of the Notes will increase by 120%, and the company may convert its Note into shares of common stock of Jet.AI at the conversion price set forth in the Bridge Agreement with registration rights associated with those shares. The Company invested the sum of $ 100,000 141,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements. There were no events subsequent to March 31, 2024 for which disclosure was required. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and cash equivalents | Restricted cash and cash equivalents Restricted cash and cash equivalents represent funds held in accordance with the Company’s trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium. |
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. OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Fair value measurement (cont’d) 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 debt 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. |
Deferred policy acquisition costs (“DAC”) | Deferred policy acquisition costs (“DAC”) |
Offering Expenses | Offering Expenses : During the three-month period ended March 31, 2024, the Company recognized in the consolidated balance sheet $ 12,000 of offering expenses in relation to the offering of EpilsonCat Re digital securities issuable by the Company’s subsidiary, SurancePlus Inc. (See Note 6). In accordance with the terms of the equity distribution agreement with Maxim, we intend to offer and sell ordinary shares having an aggregate offering price of up to $ 6.3 5 an |
Reserves for losses and loss adjustment expenses | Reserves for losses and loss adjustment expenses |
Loss experience refund payable | Loss experience refund payable OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
Premiums assumed | Premiums assumed 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 is incepted 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 March 31, 2024 or December 31,2023. |
Uncertain Income Tax Positions | Uncertain Income Tax Positions OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) March 31, 2024 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
(Loss) Earnings Per Share | (Loss) Earnings Per Share Basic (loss) earnings per share has been computed on the basis of the weighted-average number of ordinary shares outstanding during the periods presented. Diluted (loss) earnings per share is computed based on the weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such as stock options and warrants, computed using the treasury stock method. |
Share-Based Compensation | Share-Based Compensation 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 expenses related to all awards is included in general and administrative expenses. |
Accounting Updates: From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective will not have a material effect on its consolidated financial position or results of operations upon adoption. | Accounting Updates: From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective will not have a material effect on its consolidated financial position or results of operations upon adoption. |
Segment Information | Segment Information |
Reclassifications | Reclassifications |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 At March 31, At December 31, 2024 2023 (in thousands) Cash on deposit $ 532 $ 495 Restricted cash held in trust 3,780 3,250 Total $ 4,312 $ 3,745 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 periods ended March 31, 2024 and 2023, 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) Three Months Ended March 31, 2024 Equity securities $ 307 $ - $ - Three Months Ended March 31, 2023 Equity securities $ - $ - $ - |
SCHEDULE OF OTHER INVESTMENT | Other investments as of March 31, 2024 and December 31, 2023 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT March 31, 2024 December 31, 2023 Jet.AI. Series A-1 Convertible Preferred Stock $ 285 $ 285 Jet.AI common stock 1,505 2,193 Total $ 1,790 $ 2,478 Beginning of year $ 2,478 $ 11,423 Unrealized loss on other investments (688 ) (8,945 ) End of period $ 1,790 $ 2,478 |
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 March 31, 2024 ($ in thousands) Financial Assets: Cash and cash equivalents $ 532 $ - $ - $ 532 Restricted cash and cash equivalents $ 3,780 $ - $ - $ 3,780 Other investments $ 1,505 $ - $ 285 $ 1,790 Equity securities $ 284 $ - $ - $ 284 Total $ 6,101 $ - $ 285 $ 6,386 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 ($ in thousands) Financial Assets: Cash and cash equivalents $ 495 $ - $ - $ 495 Restricted cash and cash equivalents $ 3,250 $ - $ - $ 3,250 Other investments $ 2,193 $ - $ 285 $ 2,478 Equity securities $ 680 $ - $ - $ 680 Total $ 6,618 $ - $ 285 $ 6,903 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF FINANCIAL STATEMENTS | SCHEDULE OF FINANCIAL STATEMENTS Statement of Operations Data: For Three Months Ended March 31, 2024 (Unaudited) Surance Plus Management fee income — Underwriting related income 488 Total revenue 488 Expenses (13 ) Income attributable to tokenholders (444 ) Net income 31 Balance Sheet Data: At March 31, 2024 (Unaudited) (In thousands) Total assets 4,088 Amounts due to Delta Cat Re Tokenholders * 2,461 Due to Parent 53 Total shareholder’s equity 1,575 * includes underwriting profit of $ 705,000 |
RESERVE FOR LOSSES AND LOSS A_2
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three-month periods ending March 31, 2024 and 2023: SCHEDULE OF LOSS ADJUSTMENT EXPENSE At March 31, At March 31, 2024 2023 (in thousands) Balance, beginning of period $ - $ 1,073 Incurred related to: Current period - - Prior period - - Total incurred - - Paid related to: Current period - - Prior period - - Total paid - - Balance, end of period $ - $ 1,073 |
(LOSS) EARNINGS PER SHARE (Tabl
(LOSS) EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS EARNING 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 EARNING PER SHARE 2024 2023 Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income $ (905 ) 142 Denominator: Weighted average shares - basic 6,005,162 5,857,643 Weighted average shares - diluted 6,005,162 5,857,643 (Loss) Earnings per share - basic $ (0.15 ) 0.02 (Loss) Earnings per share - basic $ (0.15 ) 0.02 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the stock option activity for the three-month periods ended March 31, 2024 and 2023 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2023 871,250 $ 4.67 5.6 - Forfeited (25,000 ) $ 6.00 Outstanding at March 31, 2023 846,250 $ 4.63 5.5 $ - Exercisable at March 31, 2023 736,875 $ 4.43 5.2 $ - Outstanding at January 1, 2024 846,250 $ 4.63 4.8 $ - Outstanding at March 31, 2024 846,250 $ 4.63 4.5 $ - Exercisable at March 31, 2024 799,375 $ 4.55 4.4 $ - |
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS | SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2024 46,073 $ 1.05 Granted 136,427 $ 1.05 Vested (34,574 ) $ 1.05 Nonvested at March 31, 2024 147,926 Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2023 23,000 $ 2.37 Granted 96,647 $ 2.37 Vested (16,250 ) $ 2.37 Nonvested at March 31, 2023 103,397 $ 2.37 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
SCHEDULE OF OPERATING LEASE COST | The components of lease expense and other lease information as of and during the three-month periods ended March 31, 2024 and 2023 are as follows: SCHEDULE OF OPERATING LEASE COST For the Three-Month Period For the Three-Month Period (in thousands) Ended March 31, 2024 Ended March 31, 2023 Operating Lease Cost (1) $ 24 $ 24 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 26 $ 24 (1) Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBLIGATIONS | SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) At March 31, 2024 At December 31, 2023 Operating lease right-of-use assets $ 148 $ 9 Operating lease liabilities $ 148 $ 9 Weighted-average remaining lease term - operating leases 2.24 0.39 Weighted-average discount rate - operating leases 9.19 % 7.13 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under non-cancellable leases as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 At December 31, 2023 Remainder of 2024 80 9 2025 39 - 2026 39 - 2027 6 - Total future minimum lease payments $ 164 $ 9 Less imputed interest (16 ) - Total operating lease liability $ 148 9 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | Dec. 19, 2022 | Dec. 31, 2017 | Dec. 22, 2017 | Apr. 23, 2013 |
Oxbridge Reinsurance Limited [Member] | ||||
Ownership percentage | 100% | |||
Oxbridge Re NS [Member] | ||||
Ownership percentage | 100% | 100% | ||
Surance Plus Inc [Member] | ||||
Ownership percentage | 100% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Maximum [Member] | Equity Distribution Agreement [Member] | |
Property, Plant and Equipment [Line Items] | |
Aggregate offering price | $ 6,300,000 |
Maximum [Member] | Equity Distribution Agreement [Member] | EpsilonCat Re Digital Tokens [Member] | |
Property, Plant and Equipment [Line Items] | |
Aggregate offering price | 5,000,000 |
Surance Plus Inc [Member] | |
Property, Plant and Equipment [Line Items] | |
Offering expenses | $ 12,000 |
SUMMARY OF CASH AND CASH EQUIVA
SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash on deposit | $ 532 | $ 495 |
Restricted cash held in trust | 3,780 | 3,250 |
Total | $ 4,312 | $ 3,745 |
SCHEDULE OF GROSS REALIZED GAIN
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from Sale of Equity Securities, FV-NI | $ 307 | |
Equity Securities, FV-NI, Realized Gain | ||
Equity Securities, FV-NI, Realized Loss |
SCHEDULE OF OTHER INVESTMENT (D
SCHEDULE OF OTHER INVESTMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 1,790,000 | $ 2,478,000 | |
Beginning of year | 2,478,000 | $ 11,423,000 | 11,423,000 |
Unrealized loss on other investments | (688,000) | $ 381,000 | (8,945,000) |
End of period | 1,790,000 | 2,478,000 | |
Jet A 1 Series A 1 Convertible Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 285,000 | 285,000 | |
Beginning of year | 285,000 | ||
End of period | 285,000 | 285,000 | |
Jet A1 Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,505,000 | 2,193,000 | |
Beginning of year | 2,193,000 | ||
End of period | $ 1,505,000 | $ 2,193,000 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Platform Operator, Crypto Asset [Line Items] | |||
Cash and cash equivalents | $ 532 | $ 495 | |
Restricted cash and cash equivalents | 3,780 | 3,250 | |
Other investments | 1,790 | 2,478 | $ 11,423 |
Equity securities | 284 | 680 | |
Total | 6,386 | 6,903 | |
Fair Value, Inputs, Level 1 [Member] | |||
Platform Operator, Crypto Asset [Line Items] | |||
Cash and cash equivalents | 532 | 495 | |
Restricted cash and cash equivalents | 3,780 | 3,250 | |
Other investments | 1,505 | 2,193 | |
Equity securities | 284 | 680 | |
Total | 6,101 | 6,618 | |
Fair Value, Inputs, Level 2 [Member] | |||
Platform Operator, Crypto Asset [Line Items] | |||
Cash and cash equivalents | |||
Restricted cash and cash equivalents | |||
Other investments | |||
Equity securities | |||
Total | |||
Fair Value, Inputs, Level 3 [Member] | |||
Platform Operator, Crypto Asset [Line Items] | |||
Cash and cash equivalents | |||
Restricted cash and cash equivalents | |||
Other investments | 285 | 285 | |
Equity securities | |||
Total | $ 285 | $ 285 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrealized loss on other investments | $ 688,000 | $ (381,000) | $ 8,945,000 |
Oxbridge Acquisition Corp [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of shares issued | 2,875,000 | ||
Oxbridge Acquisition Corp [Member] | Private Placement Warrants [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of warrants shares | 4,897,500 | ||
Oxbridge Acquisition Corp [Member] | Series A-1 Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of shares issued | 575 | ||
Number of shares in hold, par value per share | $ 1,000 |
SCHEDULE OF FINANCIAL STATEMENT
SCHEDULE OF FINANCIAL STATEMENTS (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | $ (125,000) | $ 546,000 | |||
Income attributable to tokenholders | (673,000) | 142,000 | |||
Net (loss) income | (905,000) | 142,000 | |||
Total assets | 7,263,000 | $ 8,253,000 | |||
Total shareholder’s equity | 4,499,000 | $ 15,185,000 | $ 5,332,000 | $ 14,989,000 | |
Surance Plus Inc [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | 488,000 | ||||
Expenses | (13,000) | ||||
Income attributable to tokenholders | (444,000) | ||||
Net (loss) income | 31,000 | ||||
Total assets | 4,088,000 | ||||
Total shareholder’s equity | 1,575,000 | ||||
Surance Plus Inc [Member] | Related Party [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Due to Parent | [1] | 2,461,000 | |||
Surance Plus Inc [Member] | Parent [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Due to Parent | 53,000 | ||||
Surance Plus Inc [Member] | Surance Plus Management Fee Income [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | |||||
Surance Plus Inc [Member] | Underwriting Related Income [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Total revenue | $ 488,000 | ||||
[1]includes underwriting profit of $ 705,000 |
SCHEDULE OF FINANCIAL STATEME_2
SCHEDULE OF FINANCIAL STATEMENTS (Details) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Underwriting Income (Loss) | $ 705,000 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 18, 2024 | Jun. 27, 2023 | Mar. 27, 2023 | Jun. 01, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2017 | Dec. 22, 2017 | |
Repayments of notes | $ 44,000 | $ 98,000 | |||||||
Outstanding notes balance, value | $ 118,000 | ||||||||
Surance Plus Inc [Member] | |||||||||
Shares issued, price per share | $ 10 | $ 10 | $ 10 | ||||||
Description for offer and sale of securities | The net proceeds from the offer and sale of the Participation Shares will be used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, an affiliated Cayman Islands licensed reinsurance entity, and the proceeds from the sale of such participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the Participation Shares will generally be entitled to proceeds from the payment of the participating notes in the amount of a preferred return equal to the initial Participation Share price, plus 20%, and then 80% of any proceeds in excess of the amount necessary to pay the preferred return. | The net proceeds from the offer and sale of the Securities were used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, and the proceeds from the sale of participating notes were invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the digital Securities are generally be entitled to proceeds from the payment of participating notes in the amount of a preferred return of 20% plus an additional 80% of any proceeds in excess of the amount necessary to pay the preferred return. | |||||||
Number of shares issued | 244,776 | ||||||||
Proceeds from issuance of private placement | $ 2,447,760 | ||||||||
Number of shares issued | 1,000,000 | ||||||||
Surance Plus Inc [Member] | Parent [Member] | |||||||||
Proceeds from issuance of private placement | 1,167,000 | ||||||||
Management fee | 273,000 | ||||||||
Surance Plus Inc [Member] | Third Party Investors [Member] | |||||||||
Proceeds from issuance of private placement | 1,280,000 | ||||||||
Management fee | 300,000 | ||||||||
Surance Plus Inc [Member] | Subscription agreements [Member] | |||||||||
Proceeds from issuance of private placement | $ 150,100 | ||||||||
Surance Plus Inc [Member] | Investors and non US persons [Member] | Subscription agreements [Member] | |||||||||
Shares issued, price per share | $ 10 | ||||||||
Number of shares issued | 229,766 | ||||||||
Proceeds from issuance of private placement | $ 2,297,660 | ||||||||
Sale of stock number of shares issued in transaction | 15,010 | ||||||||
Oxbridge Re NS [Member] | |||||||||
Income from operations | $ 0 | $ 0 | |||||||
Notes Payable to Series 2020 -1 Noteholders [Member] | |||||||||
Notes issued | $ 216,000 | ||||||||
Debt maturity date | Jun. 01, 2023 | ||||||||
Oxbridge Re NS [Member] | |||||||||
Ownership percentage | 100% | 100% |
SCHEDULE OF LOSS ADJUSTMENT EXP
SCHEDULE OF LOSS ADJUSTMENT EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reserve For Losses And Loss Adjustment Expenses | ||
Balance, beginning of period | $ 1,073 | |
Current period | ||
Prior period | ||
Total incurred | ||
Current period | ||
Prior period | ||
Total paid | ||
Balance, end of period | $ 1,073 |
SCHEDULE OF COMPUTATION OF BASI
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS EARNING PER SHARE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (905,000) | $ 142,000 |
Weighted average shares - basic | 6,005,162 | 5,857,643 |
Weighted average shares - diluted | 6,005,162 | 5,857,643 |
(Loss) Earnings per share - basic | $ (0.15) | $ 0.02 |
(Loss) Earnings per share - basic | $ (0.15) | $ 0.02 |
(LOSS) EARNINGS PER SHARE (Deta
(LOSS) EARNINGS PER SHARE (Details Narrative) - shares | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 846,250 | 846,250 | 846,250 | 871,250 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares | 846,250 | 846,250 | ||
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of warrant shares issued | 8,230,700 | 8,230,700 | ||
Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive ordinary shares | 8,230,700 | 8,230,700 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
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 ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Number of Options, Outstanding, Beginning Balance | 846,250 | 871,250 | 871,250 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 4.63 | $ 4.67 | $ 4.67 | |
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 6 months | 5 years 6 months | 4 years 9 months 18 days | 5 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | ||||
Number of Options, Forfeited | (25,000) | |||
Weighted-Average Exercise Price, Forfeited | $ 6 | |||
Number of Options Outstanding, Ending Balance | 846,250 | 846,250 | 846,250 | 871,250 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 4.63 | $ 4.63 | $ 4.63 | $ 4.67 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | ||||
Number of Options Exercisable, Ending Balance | 799,375 | 736,875 | ||
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ 4.55 | $ 4.43 | ||
Weighted-Average Remaining Contractual Term, Exercisable | 4 years 4 months 24 days | 5 years 2 months 12 days | ||
Aggregate Intrinsic Value, Exercisable, Ending Balance |
SCHEDULE OF ACTIVITY OF UNVESTE
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted-Number of Restricted Stock Awards, Beginning balance | 46,073 | 23,000 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 1.05 | $ 2.37 |
Weighted-Number of Restricted Stock Awards, Granted | 136,427 | 96,647 |
Weighted-Average Grant Date Fair Value, Granted | $ 1.05 | $ 2.37 |
Weighted-Number of Restricted Stock Awards, Vested | (34,574) | (16,250) |
Weighted-Average Grant Date Fair Value, Vested | $ 1.05 | $ 2.37 |
Weighted-Number of Restricted Stock Awards, Ending balance | 147,926 | 103,397 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 2.37 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock, grant | 136,427 | 96,647 |
Vesting period, contractual term | 10 years | |
Unrecognized compensation | $ 15,000 | $ 35,000 |
Weighted-average period | 9 months | |
General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation expense | $ 5,000 | 5,000 |
Restricted Stock [Member] | General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation expense | 67,000 | $ 49,000 |
Unrecognized compensation | $ 262,000 | |
2014 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options granted | 1,000,000 | |
Shares available for grant | 11,750 | |
2021 Omnibus Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares available for grant | 758,926 | |
2021 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock, grant | 136,427 |
NET WORTH FOR REGULATORY PURP_2
NET WORTH FOR REGULATORY PURPOSES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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] | ||
Subsidiary net worth | $ 3,000 | |
Net income | 1,280,000 | $ 90,000 |
Oxbridge Re NS [Member] | ||
Subsidiary net worth | 264,000 | |
Net income | $ 41,000 |
SCHEDULE OF OPERATING LEASE COS
SCHEDULE OF OPERATING LEASE COST (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Leases | |||
Operating Lease Cost | [1] | $ 24 | $ 24 |
Operating cash flows from operating leases | $ 26 | $ 24 | |
[1]Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBL
SCHEDULE OF OPERATING LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
Operating lease right-of-use assets | $ 148 | $ 9 |
Operating lease liabilities | $ 148 | $ 9 |
Weighted-average remaining lease term - operating leases | 2 years 2 months 26 days | 4 months 20 days |
Weighted-average discount rate - operating leases | 9.19% | 7.13% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
Remainder of 2024 | $ 80 | $ 9 |
2025 | 39 | |
2026 | 39 | |
2027 | 6 | |
Total future minimum lease payments | 164 | 9 |
Less imputed interest | (16) | |
Total operating lease liability | $ 148 | $ 9 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 | |
Office Lease [Member] | |
Remaining lease term | 35 months |
Lease termination, description | the Company also has the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor |
Residential Lease [Member] | |
Remaining lease term | 9 months |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 11, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 11, 2024 | |
Related Party Transaction [Line Items] | |||||
Premiums Receivable, Net | $ 489,000 | $ 977,000 | |||
Deferred Policy Acquisition Cost | 40,000 | 101,000 | |||
Unearned Premiums | 366,000 | 915,000 | |||
Increase (Decrease) in Premiums Receivable | (488,000) | $ (138,000) | |||
Foreign Reinsurance Transactions, Expense Additions to Underwriting Balances | 60,000 | ||||
Policy loans receivable | $ 100,000 | ||||
Redemption of notes payable | $ 141,000 | ||||
Reinsurance Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Premiums Receivable, Net | 244,000 | ||||
Deferred Policy Acquisition Cost | 20,000 | ||||
Unearned Premiums | 183,000 | ||||
Increase (Decrease) in Premiums Receivable | 0 | ||||
Deferred Policy Acquisition Cost, Capitalization | 275,000 | ||||
Foreign Reinsurance Transactions, Expense Additions to Underwriting Balances | $ 30,000 | ||||
Bridge Agreement [Member] | Investor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Short-term bridge funds | $ 500,000 | ||||
Debt face amount | $ 625,000 | ||||
Percentage of original issue discount | 20% | ||||
Notes interest rate | 5% | ||||
Debt instrument, maturity date | Mar. 11, 2024 | ||||
Debt, description | Notes with 100% of the proceeds of any equity or debt financing at a redemption premium of 110% of the principal amount of the Notes. | ||||
Mr Jay Madhu [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 6,200 | ||||
Shares issued, price per share | $ 10 | ||||
Aggregate purchase price | $ 62,000 |