Oxbridge Re Announces Its New Subsidiary SurancePlus: To Issue Tokenized Reinsurance Securities
Oxbridge Re Holdings Limited (Nasdaq: OXBR) has announced the formation of a new wholly-owned subsidiary, SurancePlus Inc., incorporated in December 2022 in the British Virgin Islands. This subsidiary will issue tokenized reinsurance securities representing fractional interests in reinsurance contracts, underwritten by Oxbridge Re NS. Tokens, known as DeltaCat RE Tokens, will be available to accredited investors in the U.S. and non-U.S. investors, potentially offering returns of up to 40% in profitable years. The token offering is set to begin soon, in partnership with Securitize LLC for transaction processing.
- Formation of SurancePlus Inc. for innovative investment opportunities.
- Potential annualized returns from DeltaCat RE Tokens of up to 40%.
- Partnership with Securitize enhances the credibility and execution of token offerings.
- None.
GRAND CAYMAN, Cayman Islands, Jan. 31, 2023 (GLOBE NEWSWIRE) -- 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 incorporation of SurancePlus Inc. (“SurancePlus”), a new wholly-owned subsidiary.
SurancePlus, incorporated in the British Virgin Islands (BVI) in December 2022, will issue tokenized reinsurance securities that indirectly represent fractionalized interests in reinsurance contracts. These contracts will be underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS. The DeltaCat RE Tokens will be offered to accredited investors in the United States by SurancePlus under Rule 506(c) of Regulation D and to non-US investors pursuant to Regulation S. Token holders will receive the right to a return on the investment from the performance of the underlying reinsurance contracts created by Oxbridge Re Holdings Limited. In a profitable year, SurancePlus anticipates token holders could receive an annualized return of up to ~
The token offering is expected to commence in the upcoming months. SurancePlus has partnered with Securitize LLC, an SEC-registered transfer agent, to implement these tokenized reinsurance securities on its Securitize.io platform. It has also 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.
“High barriers to entry have traditionally excluded reinsurance as an alternative investment opportunity for many investors. SurancePlus will democratize access to reinsurance as an alternative investment opportunity by offering a solution that leverages key qualities of blockchain technology to create a well-designed digital security, the performance of which will not be correlated to the financial markets. Instead, the proceeds raised from the offering of the DeltaCat Re tokens will be invested in reinsurance contracts,” commented Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu. “By complying with applicable U.S. securities laws, we expect to create significant shareholder value by raising additional capital through token issuance and investing these funds in underwriting higher value reinsurance contracts.”
“Security tokens are an innovative way of both financing projects such as SurancePlus' and enabling more investors to participate. With investors able to purchase fractional interests through a website and have their interest permanently and transparently recorded on a blockchain, investors can access opportunities that were typically out of reach,” said Jamie Finn, President of Securitize, Inc. “SurancePlus is leveraging the Securitize platform to validate and onboard their investors, whose security tokens will be transacted and recorded on the blockchain.”
About Oxbridge Re Holdings Limited
Oxbridge 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 a wholly owned subsidiary of Oxbridge Re Holdings Limited, incorporated in the British Virgin Islands.
Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@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 proposed 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.
FAQ
What is the purpose of SurancePlus Inc. announced by Oxbridge Re Holdings?
What are DeltaCat RE Tokens and what returns can investors expect?
When will the token offering from SurancePlus begin?
Who is involved in the transaction process for the token offerings?
Under which regulations will DeltaCat RE Tokens be offered?
