Oxbridge Re Holdings Limited — Q3 2026 Earnings Summary

Financial Performance:

• Net loss for the quarter ended September 30, 2026, was $421,000 ($0.05 per share), compared to a net loss of $187,000 ($0.02 per share) in the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $223,000 ($0.03 per share), a significant decrease from $2.19 million ($0.30 per share) in the prior year period.
• Net premiums earned decreased to $86,000 for the quarter (from $555,000 in 2025) and $1.01 million for the nine months (from $1.73 million in 2025) due to lower capital deployed into reinsurance contracts.
• Total expenses decreased to $647,000 for the quarter (from $815,000) and $1.87 million for the nine months (from $4.99 million), driven by no underwriting losses and reduced professional fees and compensation.
• Combined cash and restricted cash increased by $12.59 million to $19.57 million as of September 30, 2026, from $6.98 million at December 31, 2025.
• Loss ratio remained at 0% for the quarter and decreased to 0% for the nine months from 132.4% in the prior year period.
• Combined ratio increased to 752.3% for the quarter (from 146.8%) and decreased to 185.8% for the nine months (from 288.6%), primarily due to reduced net premiums earned.
• Expense ratio increased to 752.3% for the quarter (from 146.8%) and 185.8% for the nine months (from 156.2%).
• Acquisition cost ratio was 10.5% for the quarter (down from 11%) and 11.3% for the nine months (up from 11%).

Business Segments and Product Lines:

• SurancePlus completed five tokenized reinsurance offerings for 2026–2027, generating approximately $7.1 million in aggregate gross offering proceeds.
• Two SurancePlus offerings were tied to Oxbridge-originated reinsurance; three others provided exposure to risks associated with HCI Group and Fortex Re.
• Revised annual return targets for SurancePlus offerings were set at 26% for T20 and 32% for T42 (previously 20% and 42%), and 224%, 122%, and 17% for HCI Re 2026 Series A, B, and C.
• AI GridWorks, launched in August 2026, has assembled a development team, begun site evaluations, and engaged with utilities to assess power availability and delivery timelines.
• AI GridWorks aims to develop physical infrastructure including sites, utility power, and powered data center shells, with a team possessing 44 years of combined experience in data center operations and power infrastructure.
• Oxbridge plans to evaluate financing options for AI GridWorks projects, including tokenization, and may sell powered sites, develop shells, partner, or retain ownership based on project progress.

Management Commentary and Tone:

• CEO Jay Madhu stated that AI GridWorks' opportunity begins with land, emphasizing that securing site control and establishing a path to power adds value before construction begins.
• Management highlighted the ability to choose whether to commit capital, partner, or sell projects at earlier stages.
• Madhu noted that SurancePlus's completion of third-party offerings demonstrated the ability to structure and issue tokenized securities tied to reinsurance originated outside Oxbridge.
• The tone reflects confidence in the complementary capabilities of SurancePlus (capital raising via tokenization) and AI GridWorks (infrastructure development).

Other Key Points:

• Oxbridge Re Holdings Limited (NASDAQ: OXBR) is expanding into AI infrastructure through AI GridWorks while continuing its reinsurance business via SurancePlus.
• The company met with institutional investors, capital providers, and prospective partners at industry conferences to advance business development for both segments.
• A conference call with CEO Jay Madhu and CFO Wrendon Timothy was scheduled for November 9, 2026, at 4:30 p.m. Eastern time to discuss results.
• The company reported no underwriting losses for the nine months ended September 30, 2026, contrasting with a full limit loss recognized in one contract during the same period in 2025.
• Total assets increased to $19.965 million as of September 30, 2026, from $8.053 million at December 31, 2025.
• Total liabilities decreased to $871,000 from $1.56 million over the same period.
• Total shareholders' equity increased to $6.409 million from $5.975 million.
• Mezzanine equity increased to $12.685 million from $518,000, driven by the inclusion of HCI 2026 Series A, B, and C tokens.