Oxbridge Re Holdings Limited (NASDAQ: OXBR) is engaged as a provider of reinsurance solutions for property and casualty insurers primarily in the U.S. Gulf region. Shares of the Cayman Islands-based company are skyrocketing 136.28%, through afternoon trading on Tuesday, June 25, 2019. Over the past three months, Oxbridge Re Holdings has seen average daily volume of 38,040 shares. However, volume of 10.78 million shares or dollar volume of $24.36 million, has already exchanged hands through afternoon trading on Tuesday.
Shares of Oxbridge Re Holdings are surging on Tuesday, after the company announced that its wholly-owned subsidiary, Oxbridge Reinsurance Limited, has successfully placed reinsurance contracts for the treaty year dated June 1, 2019-May 31, 2020. Oxbridge Re Holdings also announced that its side-car, Oxbridge Re NS, completed a private placement, in which, participants were issued Series 2019-1 Participating Notes due June 1, 2022. The proceeds were placed into a quota-share reinsurance agreement with Oxbridge Reinsurance Limited. Here is the full press release detailing of the announcement:
Oxbridge Re Holdings Limited Press Release:
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / June 24, 2019 / Oxbridge Re Holdings Limited (NASDAQ: OXBR), a provider of reinsurance solutions to property and casualty insurers primarily in the Gulf Coast region of the United States, has reported that its wholly-owned subsidiary, Oxbridge Reinsurance Limited, recently reported successful placement of reinsurance contracts for the treaty year June 1, 2019 to May 31, 2020.
In addition, Oxbridge Re NS (side-car) issued its Series 2019-1 Participating Notes due June 1, 2022 in a private placement and subsequent deployed the proceeds into a quota-share reinsurance agreement with Oxbridge Reinsurance Limited.
“We are happy to report that we have successfully raised funds through our reinsurance side-car as well as deployed capital allocated in accordance with our underwriting strategy,” said Jay Madhu chairman and chief executive officer of Oxbridge Re.
About Oxbridge Re Holdings Limited
Oxbridge Re (www.oxbridgere.com) is a Cayman Islands exempted company that was organized in April 2013 to provide reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States. Through Oxbridge’s licensed reinsurance subsidiaries, Oxbridge Reinsurance Limited and Oxbridge Re NS sidecar, it writes fully collateralized policies to cover property losses from specified catastrophes. Oxbridge intends to specialize in underwriting medium frequency, high severity risks, where it believes sufficient data exists to analyze effectively the risk/return profile of reinsurance contracts. The company’s ordinary shares and warrants trade on the NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,” respectively. The company’s ordinary shares are included in the Russell Microcap Index.