Oxbridge Launches Offering of Tokenized Reinsurance Security: DeltaCat Re
27 März 2023 - 2:00PM
Oxbridge Re Holdings Limited
(Nasdaq: OXBR),
a provider of reinsurance solutions to property and casualty
insurers in the Gulf Coast region of the United States, announced
the launch of its offering of a tokenized reinsurance security,
DeltaCat Re, by its new wholly-owned subsidiary SurancePlus Inc.
(“SurancePlus”).
The DeltaCat Re token will indirectly represent
fractionalized interests in reinsurance contracts, with each token
representing one preferred share of SurancePlus. These reinsurance
contracts will be underwritten by Oxbridge Re’s reinsurance
subsidiary, Oxbridge Re NS Limited, and the proceeds from the sale
of the tokens and underlying preferred shares will be used to
purchase one or more participating notes of Oxbridge Re NS, with
such notes representing an interest in collateralized reinsurance
contracts underwritten by Oxbridge Re NS.
The DeltaCat Re Tokens are being offered to
accredited investors in the United States (“US”) by SurancePlus
under Rule 506(c) of SEC Regulation D and to non-US investors
pursuant to Regulation S of the US Securities Act 1933, as amended.
Token holders will receive the right to a return on the investment
from the performance of the underlying reinsurance contracts of
Oxbridge Re NS. 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. Investor capital
will be co-invested alongside ceding insurers' premiums to fully
collateralize underwritten reinsurance contracts.
SurancePlus has engaged Ogier BVI as its BVI
counsel and Bull Blockchain Law LLP, as its United States
Securities and Exchange Commission (SEC) counsel. Both firms were
selected because each holds digital securities and tokenization
expertise.
Details of the offering may be found at
www.SurancePlus.com/invest.
“Tokenization of interests in reinsurance
contracts is a digital representation of a real-world tradable
asset, and we believe that our SurancePlus subsidiary is
well-positioned to offer this unique opportunity to investors”,
commented Oxbridge Re Holdings President and Chief Executive
Officer Jay Madhu. “Democratizing reinsurance through tokenization
allows investors to participate directly in the reinsurance
business, which traditionally has extremely high barriers to entry.
We believe that SurancePlus' DeltaCat Re tokens will accomplish
such democratization and are offering the majority of the financial
benefits to investors whilst providing them with potential
liquidity. We also believe that SurancePlus' capital raise will
help create shareholder value for Oxbridge Re by contributing to
the ability to underwrite higher value reinsurance contracts.”
Disclaimer:
This press release does
not constitute an offer to sell nor a solicitation of an offer to
buy the DeltaCat
Re tokens or the Series
DeltaCat Re Preferred
Shares underlying the tokens (the “Securities”).
The Securities are not required to be, and have not been,
registered under the United States Securities Act of 1933, as
amended, in reliance on the exemptions provided by Regulation S
and Regulation D (SEC Rule
506(c)) thereunder.
Offers and sales of the Securities are made only by, and
pursuant to, the terms set forth in the Confidential Private
Placement Memorandum relating to the Securities.
The offering of the Securities is not being made to persons
in any jurisdiction in which the making or acceptance thereof would
not be in compliance with the
securities, blue sky, or other laws of such
jurisdiction.
About Oxbridge Re Holdings
LimitedOxbridge Re Holdings Limited (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 Re’s licensed reinsurance
subsidiaries, Oxbridge Reinsurance Limited and Oxbridge RE NS, it
writes fully collateralized policies to cover property losses from
specified catastrophes. Oxbridge Re specializes in underwriting
medium frequency, high severity risks, where it believes sufficient
data exists to analyze effectively the risk/return profile of
reinsurance contracts, and it makes investments that can contribute
to the growth of capital and surplus in its licensed reinsurance
subsidiaries over time. The company’s ordinary shares and warrants
trade on the NASDAQ Capital Market under the symbols “OXBR” and
“OXBRW,” respectively.
About
SurancePlus Inc.SurancePlus Inc.
(www.SurancePlus.com) is an indirect wholly-owned subsidiary of
Oxbridge Re Holdings Limited, incorporated in the British Virgin
Islands. SurancePlus was organized to serve as a special-purpose
vehicle to make tokenized side-car investments in reinsurance
contracts entered into by Oxbridge Re’s licensed reinsurance
subsidiaries.
Company Contact:Oxbridge Re Holdings LimitedJay
Madhu, CEO+1 345-749-7570jmadhu@oxbridgere.com
Forward-Looking Statements
This press release, together with other
statements and information publicly disseminated by Oxbridge Re
Holdings Limited (the “Company”), contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and includes this statement for
purposes of complying with these safe harbor provisions. Any
statements made in this press release that are not statements of
historical fact, including statements about our beliefs and
expectations, are forward-looking statements and should be
evaluated as such. Forward-looking statements include information
concerning possible or assumed future results of operations,
including descriptions of our business plan and strategies. These
statements often include words such as “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “profitable,”
“will,” “forecast” and other similar expressions. We base these
forward-looking statements on our current expectations, plans and
assumptions that we have made in light of our experience in the
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at such time.
Although we believe that these forward-looking statements are based
on reasonable assumptions at the time they are made, you should be
aware that many factors could affect our business, results of
operations and financial condition and could cause actual results
to differ materially from those expressed in the forward-looking
statements. These statements are not guarantees of future
performance or results. The forward-looking statements are subject
to and involve risks, uncertainties and assumptions, and you should
not place undue reliance on these forward-looking statements. These
forward-looking statements include, but are not limited to,
statements concerning the token offering by SurancePlus; the
prospects of our new subsidiary SurancePlus; and the other
important factors discussed under the caption “Risk Factors” in our
Form 10-K filed with the U.S. Securities and Exchange Commission on
March 30, 2022, as may be updated from time to time in subsequent
filings. These cautionary statements should not be construed by you
to be exhaustive and are made only as of the date of this press
release. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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