Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 26, 2024 | Jun. 30, 2023 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 10,013,951 | ||
Entity Common Stock, Shares Outstanding | 5,870,234 | ||
Documents Incorporated by Reference [Text Block] | Information required by Part III is incorporated by reference from registrant’s Proxy Statement for its 2024 annual meeting of stockholders or an amendment to this Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission within 120 days after the end of its fiscal year ended December 31, 2023. | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 400 | ||
Auditor Name | HACKER, JOHNSON & SMITH PA | ||
Auditor Location | Tampa, Florida | ||
Ordinary Shares, par value $0.001 (USD) per share | |||
Title of 12(b) Security | Ordinary Shares, par value $0.001 (USD) per share | ||
Trading Symbol | OXBR | ||
Security Exchange Name | NASDAQ | ||
Warrants | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | OXBRW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Equity securities, at fair value (cost: $1,926) | $ 680 | $ 642 |
Cash and cash equivalents | 495 | 1,207 |
Restricted cash and cash equivalents | 3,250 | 2,721 |
Premiums receivable | 977 | 282 |
Other investments | 2,478 | 11,423 |
Loan receivable | 100 | |
Due from related parties | 63 | 45 |
Deferred policy acquisition costs | 101 | |
Operating lease right-of-use assets | 9 | 44 |
Prepayment and other assets | 96 | 114 |
Prepaid offering costs | 133 | |
Property and equipment, net | 4 | 5 |
Total assets | 8,253 | 16,616 |
Liabilities: | ||
Other Liabilities – Delta Cat Re Tokenholders | 1,523 | |
Notes payable to noteholders | 118 | 216 |
Reserve for losses and loss adjustment expenses | 1,073 | |
Unearned premiums reserve | 915 | |
Operating lease liabilities | 9 | 44 |
Accounts payable and other liabilities | 356 | 294 |
Total liabilities | 2,921 | 1,627 |
Shareholders’ equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,870,234 and 5,769,587 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 32,740 | 32,482 |
Accumulated Deficit | (27,414) | (17,499) |
Total shareholders’ equity | 5,332 | 14,989 |
Total liabilities and shareholders’ equity | $ 8,253 | $ 16,616 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Equity Securities, FV-NI, Cost | $ 1,926 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,870,234 | 5,769,587 |
Common stock, shares outstanding | 5,870,234 | 5,769,587 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||
Assumed premiums | $ 2,170,000 | $ 645,000 |
Change in unearned premiums reserve | (915,000) | 350,000 |
Net premiums earned | 1,255,000 | 995,000 |
SurancePlus fee income | 300,000 | |
Net investment and other income | 303,000 | 201,000 |
Net realized investment gain | 27,000 | |
Unrealized loss on other investments | (8,945,000) | (35,000) |
Change in fair value of equity securities | 38,000 | (338,000) |
Total revenue | (7,049,000) | 850,000 |
Expenses | ||
Losses and loss adjustment expenses | 1,073,000 | |
Policy acquisition costs and underwriting expenses | 141,000 | 110,000 |
General and administrative expenses | 2,183,000 | 1,413,000 |
Total expenses | 2,324,000 | 2,596,000 |
Loss before income attributable to noteholders and tokenholders | (9,373,000) | (1,746,000) |
Income attributable to noteholders and tokenholders | (542,000) | (43,000) |
Net loss | $ (9,915,000) | $ (1,789,000) |
Loss per share | ||
Loss per share, basic | $ (1.69) | $ (0.31) |
Loss per share, diluted | $ (1.69) | $ (0.31) |
Weighted-average shares outstanding | ||
Weighted average number of shares outstanding, basic | 5,867,129 | 5,772,396 |
Weighted average number of shares outstanding, diluted | 5,867,129 | 5,772,396 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net loss | $ (9,915,000) | $ (1,789,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 258,000 | 127,000 |
Depreciation and amortization | 6,000 | 4,000 |
Net realized investment gains | (27,000) | |
SurancePlus fee income | (300,000) | |
Change in fair value of equity securities | (38,000) | 338,000 |
Change in fair value of other investments | 8,945,000 | 35,000 |
Change in operating assets and liabilities: | ||
Premiums receivable | (695,000) | 2,000 |
Due from related parties | (18,000) | (40,000) |
Deferred policy acquisition costs | (101,000) | 38,000 |
Prepayment and other assets | 18,000 | (64,000) |
Prepaid offering costs | 133,000 | (133,000) |
Other Liablities Delta Cat Re Tokenholders | 543,000 | |
Losses payable | (1,073,000) | 1,073,000 |
Unearned premiums reserve | 915,000 | (350,000) |
Accounts payable and other liabilities | 62,000 | (43,000) |
Net cash used in operating activities | (1,260,000) | (829,000) |
Investing activities | ||
Purchase of equity securities | (1,002,000) | |
Purchase of loan receivable | (100,000) | |
Purchase of other investments | (285,000) | |
Proceeds from sale of equity securities | 626,000 | |
Purchase of property and equipment | (5,000) | |
Net cash used in investing activities | (105,000) | (661,000) |
Financing activities | ||
Partial redemption of notes payable to noteholders | (98,000) | |
Gross proceeds from the issuance of Delta Cat Re tokens | 1,280,000 | |
Net cash provided by financing activities | 1,182,000 | |
Cash and cash equivalents, and restricted cash and cash equivalents: | ||
Net change during the year | (183,000) | (1,490,000) |
Balance at beginning of year | 3,928,000 | 5,418,000 |
Balance at end of year | $ 3,745,000 | $ 3,928,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 6,000 | $ 32,355,000 | $ (15,710,000) | $ 16,651,000 |
Balance, shares at Dec. 31, 2021 | 5,749,587 | |||
Net loss for the year | (1,789,000) | (1,789,000) | ||
Issuance of Restricted stock, net | ||||
Issurance of Restricted stock, net, shares | 20,000 | |||
Share-based compensation | 127,000 | 127,000 | ||
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 loss for the year | (9,915,000) | (9,915,000) | ||
Issuance of Restricted stock, net | ||||
Issurance of Restricted stock, net, shares | 100,647 | |||
Share-based compensation | 258,000 | 258,000 | ||
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 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) Attributable to Parent | $ (9,915,000) | $ (1,789,000) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
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 % of the equity interest in Oxbridge Reinsurance Limited, an exempted entity incorporated on April 23, 2013 under the laws of the Cayman Islands and for which a Class “C” Insurer’s license was granted on April 29, 2013 under the provisions of the Cayman Islands Insurance Law. The Company also indirectly owns 100 % of the equity interest in Oxbridge Re NS, an entity incorporated as an exempted company on December 22, 2017 under the laws of the Cayman Islands to function as a reinsurance sidecar facility and to increase the underwriting capacity of Oxbridge Reinsurance Limited. The Company also indirectly owns 100 % of the equity interest in SurancePlus, an entity incorporated as a business company on December 19, 2022 under the laws of the British Virgin Islands to issue digital securities. The Company and its subsidiaries (collectively “Oxbridge Re”) provide the following: SurancePlus; is a Web3-focused subsidiary that currently leverages blockchain technology to democratize access to high-return reinsurance contracts via digital securities. Oxbridge Reinsurance Limited; is a licensed reinsurance subsidiary that provides reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States; Oxbridge Re NS; a licensed reinsurance SPV/side car that provides third-party investors with access to reinsurance contracts with returns uncorrelated to the financial markets. The Company operates as a single business segment through its wholly-owned subsidiaries. The Company’s headquarters and principal executive offices are located at Suite 201, 42 Edward Street, George Town, Grand Cayman, Cayman Islands, and have their registered offices at P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands. 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 consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany transactions and balances have been eliminated upon consolidation. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Revenue Recognition SurancePlus incentive, technology, origination and management (“ITOM”) fee income represents fee income related to the completion of the DeltaCat tokenized reinsurance securities as well as placement of the underlying insurance policies. The Company recognizes the associated revenue at the time of the placement of the underlying insurance policies as the performance obligation is satisfied at that time. Cash and cash equivalents Restricted cash and cash equivalents 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. 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 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 Offering Expenses During the year ended December 31, 2023 the Company recognized offering costs totaling $ 133,000 236,000 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 Property and equipment five years four years no Reserves for losses and loss adjustment expenses Loss experience refund payable 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 incept 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 December 31, 2023 and 2022. SurancePlus Fee Income Uncertain income tax positions Loss Per Share 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 expense related to all awards is included in general and administrative expenses. Segment Information Reclassifications |
CASH AND CASH EQUIVALENTS AND R
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 December 31, 2023 2022 (in thousands) Cash held on deposit $ 495 $ 1,207 Restricted cash held in trust 3,250 2,721 Total $ 3,745 $ 3,928 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. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | 4. INVESTMENTS The Company from time to time invests in fixed-maturity securities and equity securities, with its fixed-maturity securities classified as available-for-sale. At December 31, 2023 and 2022, 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 years ended December 31, 2023 and 2022 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) Year ended December 31, 2023 Equity securities $ - $ - $ - Year ended December 31, 2022 Equity securities $ 626 $ 27 $ - 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 (“Jet.AI”). The business combination was closed on August 10, 2023, and on August 11, 2023, OXAC common stock and warrants began trading on the Nasdaq 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 to be the pro-rata original principal amount of the Extension Loan due to the short-term nature. 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 year ended December 31, 2023, an unrealized loss of $ 8,945,000 Other investments as of December 31, 2023 and 2022 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT 2023 2022 December 31, 2023 2022 Jet.AI Series A-1 Convertible Preferred Stock $ 285 $ - Jet.AI. Promissory Note - 214 Jet.AI. common stock (2022: Class B Ordinary Shares) 2,193 11,209 Total $ 2,478 $ 11,423 Beginning of year $ 11,423 $ 11,173 Investment in affiliate - 285 Unrealized loss on investment in affiliate (8,945 ) (35 ) End of year $ 2,478 $ 11,423 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 December 31, 2023 and 2022: 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 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 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2022 ($ in thousands) Financial Assets: Cash and cash equivalents $ 1,207 $ - $ - $ 1,207 Restricted cash and cash equivalents $ 2,721 $ - $ - $ 2,721 Other investments $ - $ - $ 11,423 $ 11,423 Equity securities $ 642 $ - $ - $ 642 Total $ 4,570 $ - $ 11,423 $ 15,993 Assets Measured at Estimated Fair Value on a Recurring Basis There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2023 and 2022 except as disclosed below. In the financial statements for the year ended December 31, 2023, there has been a notable change in the classification of our investment in Jet.AI from Level 3 to Level 1 within the fair value hierarchy. This change is attributed to Oxbridge Acquisition Corp. (“OXAC”) successfully completing a business combination with Jet.AI Inc (“Jet.AI”) in August 2023, resulting in the investment now having an active market with readily available quoted prices. Previously classified as Level 3 due to the reliance on unobservable inputs, the investment is now categorized as Level 1, as it is valued based on quoted prices in an active market. This change reflects the increased liquidity and transparency associated with Jet.AI’s publicly traded status, allowing for a more reliable and market-driven valuation of our investments. The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified as Level 3: SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE Year ended December 31, 2023 2022 ($ in thousands) Fair value of Level 3 other investments at beginning of year $ 11,423 $ 11,173 Transfer to Level 1 (11,138 ) Investment in affiliate - 285 Change in valuation inputs or other assumptions - (35 ) Fair value of Level 3 other investment at December 31, 2023 $ 285 $ 11,423 |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
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 subsidiaries are 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 | 12 Months Ended |
Dec. 31, 2023 | |
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. Oxbridge Re Holdings Limited receives an origination and structuring fee in connection with the formation, operation, and management of Oxbridge Re NS. 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 . Participating notes totaling $ 98,000 were redeemed during the year-ended December 31, 2023 resulting in a balance due of $ 118,000 at December 31, 2023. None of the participating notes were redeemed during the year ended December 31, 2022. The income from Oxbridge Re NS operations that are attributable to the participating notes noteholders for year ended December 31, 2023 was $ 0 43,000 SurancePlus Inc. SurancePlus Inc., a 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 Re 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 proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the digital Securities will 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. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors are expected to receive an annual return on the original purchase price of 42%. 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 1,167,000 300,000 274,000 On June 28, 2023, Oxbridge issued a press release announcing the completion of the Private Placement 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 year ended December 31, 2023 and the balance sheet data as of December 31, 2023. SCHEDULE OF FINANCIAL STATEMENTS For Year Ended Statement of Operations Data: December 31, 2023 (Unaudited) Surance Plus fee income $ 574 Underwriting related income 1,140 Total revenue $ 1,714 Expenses $ (272 ) Income attributable to tokenholders $ (1,036 ) Net income $ 406 Balance Sheet Data: At December 31, 2023 (Unaudited) (In thousands) Total assets $ 3,588 Amounts due to Delta Cat Re Tokenholders * $ 2,016 Due to Parent $ 47 Total shareholder’s equity $ 1,525 * includes underwriting profit of $ 494,000 |
RESERVE FOR LOSSES AND LOSS ADJ
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023 and 2022 SCHEDULE OF LOSS ADJUSTMENT EXPENSE 2023 2022 Year ended December 31, 2023 2022 ($ in thousands) Gross balance, beginning of year $ 1,073 - Incurred, net of reinsurance, related to: Current year - 1,073 Prior year - - Total incurred - 1,073 Paid related to: Current year - - Prior year (1,073 ) - Total paid - - Balance, end of year $ - 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 year ended December 31, 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 year ended December 31, 2023. The losses incurred during the year ended December 31, 2022 related to a first limit loss suffered by the Company as a result of underwriting exposure to Hurricane Ian, which made landfall in Florida on September 28, 2022. Reserving methodologies and assumptions Loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves. To establish IBNR loss estimates, the Company uses quarterly actuarial estimates from its independent actuary, who utilizes loss data reported by the Company along with industry loss data and information, knowledge of the business written and actuary’s own professional judgment. The independent actuary employs standard actuarial methods for its analysis each quarter. Such methods may include the: ● Reported Loss Development Method. ● Expected Loss Ratio Method. ● Bornhuetter-Ferguson Reported Loss Method. ● Frequency / Severity Method. The approach is valuable because sometimes there is more inherent stability in the frequency and severity data when viewed separately rather than in the total losses Reserving methodologies and assumptions (continued In addition, the Company may supplement its analysis with other reserving methodologies that are deemed to be relevant to specific contracts. For each contract, the Company utilizes reserving methodologies that are deemed appropriate to calculate a best estimate, or point estimate, of reserves. The decision of whether to use a single methodology or a combination of multiple methodologies depends upon the judgment of the independent actuary, if utilized. The Company’s reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate depending on the type and structure of the contract, the age and maturity of the contract, and the duration of the expected paid losses on the contract. The Company’s gross aggregate reserves are the sum of the point estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses at any point in time and subtracting cumulative paid claims and case reserves, which incorporate specific exposures, loss payment and reporting patterns and other relevant factors. There were no significant changes in the Company’s methodology or assumptions relating to the Company’s reserve for loss and loss adjustment expenses for the years ended December 31, 2023 or 2022. Claims Development Tables, IBNR Reserves and Claims Frequency The following table discloses information about the Company’s incurred and paid claims development as of December 31, 2023, as well as cumulative claim frequency and the total of incurred-but-not-reporting and expected development on reported claims included within the net incurred claims amounts. A claim is defined as a reported loss from a cedant on an excess-of-loss reinsurance contract arising from a loss event for which the Company records a paid loss or case reserve. The Company operates a single business segment, being property catastrophe reinsurance. Property Catastrophe Reinsurance SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (in thousands) Incurred Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 As of December 31, 2023 Total of Incurred-but Cumulative Number of Reported Claims (dollars in thousands) 2016 $ 14,775 $ 18,801 $ 17,795 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ - 5 2017 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ - 8 2018 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ - 2 2019 $ - $ - $ - $ - $ - $ - - 2020 $ - $ - $ - $ - $ - - 2021 $ 158 $ 158 $ 158 $ - 1 2022 $ 1,073 $ 1,073 $ - 1 2023 $ - $ - $ - - Total $ 67,321 $ 67,321 $ - Cumulative Paid Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2016 $ 6,073 $ 16,073 $ 17,687 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ 17,689 2017 $ 36,293 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 2018 $ 6,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 2019 $ - $ - $ - $ - $ - 2020 $ - $ - $ - $ - 2021 $ 158 $ 158 $ 158 2022 $ 1,073 $ 1,073 2023 $ - $ - Total $ 67,321 $ 67,321 Reserve for loss and loss adjustment expenses at December 31, 2023, net of reinsurance $ - $ - The following table shows the historical average annual percentage payout of claims at December 31, 2022. SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 4 5 6 Property Catastrophe Reinsurance 57.8 % 34.0 % 9.1 % 0.0 % 0.0 % 0 % |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | 8. LOSS PER SHARE A summary of the numerator and denominator of the basic and diluted loss per share is presented below (dollars in thousands except per share amounts): SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS EARNING PER SHARE 2023 2022 Years ended December 31 2023 2022 Numerator: Net loss $ (9,915 ) (1,789 ) Denominator: Weighted average shares - basic 5,867,129 5,772,396 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 5,867,129 5,772,396 Loss per share - basic $ (1.69 ) (0.31 ) Loss earnings per share - diluted $ (1.69 ) (0.31 ) For the years ended December 31, 2023, and 2022, options to purchase 871,250 ordinary shares were anti-dilutive due to the net losses during those years GAAP requires the Company to use the two-class method in computing basic loss per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted loss per share during the years ended December 31, 2023 and 2022. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Warrants Abstract | |
WARRANTS | 9. WARRANTS There were 8,230,700 7.50 9.38 No On January 29, 2024, the Company extended the expiration date of the warrants (NASDAQ: OXBRW) (the “Warrants”) to 5:00 p.m. Philadelphia time on the earlier to occur of (a) March 26, 2029 20 9.38 |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
Dividends [Abstract] | |
DIVIDENDS | 10. DIVIDENDS As of December 31, 2023, none of the Company’s accumulated deficit 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. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | 11. SHARE-BASED COMPENSATION The Company currently has outstanding share-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and the 2021 Omnibus Incentive Plan (the “2021 Plan”) (herein 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 1,000,000 100,647 895,353 11,750 Stock options Stock options granted and outstanding under the Plans vests quarterly over four years and are exercisable over the contractual term of ten years A summary of the stock option activity for the years ended December 31, 2023 and 2022 is as follows (option amounts not in thousands): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 871,250 $ 4.67 5.8 $ - Exercisable at December 31, 2022 721,250 $ 4.39 5.3 $ - Outstanding at December 31, 2022 871,250 4.67 5.8 $ - Forfeited (25,000 ) (6.00 ) Outstanding at December 31, 2023 846,250 $ 4.63 4.8 $ - Exercisable at December 31, 2023 783,750 $ 4.52 4.6 $ - Compensation expense recognized for the years ended December 31, 2023 and 2022 totaled $ 20,000 58,000 20,000 48,000 12 There were no 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. Information with respect to the activity of unvested restricted stock awards during the year ended December 31, 2023 is as follows (share amounts not in thousands): SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Restricted Stock Awards Weighted- Average Grant Date Fair Value Nonvested at January 1, 2022 15,000 Granted 32,000 $ 3.57 Vested (12,000 ) Forfeited (12,000 ) 3.57 Nonvested at December 31, 2022 23,000 Granted 100,647 $ 2.37 Vested (77,574 ) 2.37 Nonvested at December 31, 2023 46,073 Compensation expense recognized for the years ended December 31, 2023 and 2022 totaled $ 238,000 69,000 133,000 121,000 |
NET WORTH FOR REGULATORY PURPOS
NET WORTH FOR REGULATORY PURPOSES | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, the Oxbridge Reinsurance Limited’s net worth of $ 10 11.29 2.0 At December 31, 2023, the Oxbridge Re NS’ net worth of $ 223 thousand exceeded the minimum and prescribed capital requirement. For the years ended December 31, 2023 and 2022, Oxbridge Re NS’ net income was approximately $ 68,000 11,000 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 income, and its statutory capital, surplus and net income as of December 31, 2023 or for the year then ended. |
FAIR VALUE AND CERTAIN RISKS AN
FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2023 | |
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, loan receivable, 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 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, may fail to pay over the money to the cedants. 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 concentration of credit risk and counterparty risk by using reputable 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. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | 14. LEASES Operating lease right-of-use assets and operating lease liabilities are recognized 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 two ( 2 5 1 3 The components of lease expense and other lease information as of and during the years ended December 31, 2023 and 2022 are as follows: SCHEDULE OF OPERATING LEASE COST (in thousands) 2023 2022 Year Ended December 31, (in thousands) 2023 2022 Operating Lease Cost (1) $ 108 $ 96 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 108 $ 96 (1) Includes short-term leases SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) 2023 2022 At December 31, (in thousands) 2023 2022 Operating lease right-of-use assets $ 9 $ 44 Operating lease liabilities $ 9 $ 44 Weighted-average remaining lease term - operating leases 0.39 1.17 Weighted-average discount rate - operating leases 7.13 % 6.5 % Future minimum lease payments under non-cancellable leases as of December 31, 2023 and 2022, reconciled to our discounted operating lease liability presented on the consolidated balance sheets are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (in thousands) 2023 2022 At December 31, (in thousands) 2023 2022 2023 $ - $ 40 2024 9 6 Total future minimum lease payments $ 9 $ 46 Less imputed interest - (2 ) Total operating lease liabilities $ 9 $ 44 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS Administrative Services Agreement Commencing on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 80,000 90,000 62,000 45,000 Participating Notes During the year ending December 31, 2021, Mr. Jay Madhu, a director and officer of the Company and its subsidiaries, invested a principal amount of $ 68,000 in Series 2020-1 participating notes. During the year ended December 31, 2023, Mr. Madhu received a payment of $ 76,000 representing partial redemption of principal and return on investment. 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 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 December 31, 2023, included within premium receivable, deferred acquisition costs and unearned premiums on the consolidated balance sheets are amounts equal to $ 489,000 50,000 458,000 1,099,000 458,000 70,000 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 in the Notes and is recorded as “Loan Receivable” on the consolidated balance sheets at cost. 140,000 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 16. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT,NET 2023 2022 At December 31, 2023 2022 Leasehold improvements $ 21 $ 21 Furniture and Fixtures 41 38 Motor vehicle 34 34 Computer equipment and software 39 37 Total, at cost 135 130 less accumulated depreciation and amortization (131 ) (125 ) Property and equipment, net $ 4 $ 5 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements. Other than as disclosed in Notes 9 and 15 above, there were no events subsequent to December 31, 2023 for which disclosure was required. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | Schedule I - Summary of Investments - Other Than Investments in Related Parties Cost or Consolidated Amortized Fair Balance Sheet Type of investment Cost Value Value Equity securities $ 1,926 $ 680 $ 680 Total investments $ 1,926 $ 680 $ 680 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II - Condensed Financial Information of Registrant 2023 2022 At December 31, 2023 2022 Assets Cash and cash equivalents 247 931 Equity securities 680 642 Investment in subsidiaries 1,757 9,389 Due from subsidiaries 2,905 3,872 Due from related party - 35 Loan receivable 100 - Prepayment and other assets 82 105 Prepaid offering costs - 133 Operating lease right-of-use assets 9 44 Property and equipment, net 4 5 Total assets $ 5,784 15,156 Liabilities and Shareholders’ Equity Liabilities: Operating lease liabilities 9 44 Due to Subsidiary 250 - Accounts payable and other liabilities 193 123 Total liabilities 452 167 Shareholders’ equity: Ordinary share capital 6 6 Additional paid-in capital 32,740 32,482 Accumulated Deficit (27,414 ) (17,499 ) Total shareholders’ equity 5,332 14,989 Total liabilities and shareholders’ equity $ 5,784 15,156 SCHEDULE II (continued) OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) 2023 2022 Years Ended December 31, 2023 2022 Revenue Net investment income $ 71 47 Change in fair value of equity securities 38 (338 ) Net realized investment gain - 27 Management fees and other income 2,978 1,883 Operating expenses (1,912 ) (1,406 ) Income before equity in loss of subsidiaries 1,175 213 Equity in loss of subsidiaries (11,090 ) (2,002 ) Net loss $ (9,915 ) (1,789 ) SCHEDULE II (continued) OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENT OF CASH FLOWS - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) 2023 2022 Years Ended December 31, 2023 2022 Operating activities Net loss $ (9,915 ) (1,789 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Equity in loss of subsidiaries 11,090 2,002 Share-based compensation 258 127 Underwriting Income – SurancePlus (494 ) - Depreciation 6 4 Net realized investment gain - (27 ) Change in fair value of equity securities (38 ) 338 Change in operating assets and liabilities: Due from subsidiary 967 (1,763 ) Due from related party 35 (30 ) Due to subsidiary 250 - Prepayment and other assets 23 (55 ) Prepaid offering costs 133 (133 ) Accounts payable and other liabilities 70 (87 ) Net cash provided by (used in) operating activities $ 2,385 (1,413 ) Investing activities Purchase of equity securities - (1,002 ) Purchase of loan receivable (100 ) - Investment in subsidiary (2,964 ) (507 ) Proceeds from sale of equity securities - 626 Purchase of property and equipment (5 ) - Net cash used in investing activities $ (3,069 ) (883 ) Net change in cash and cash equivalents (684 ) (2,296 ) Cash and cash equivalents at beginning of year 931 3,227 Cash and cash equivalents at end of year $ 247 931 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III - Supplementary Insurance Information Year Segment Deferred acquisition costs, net Reserves for losses and loss adjustment expenses – gross Unearned premiums – gross Net premiums earned Investment income Net losses, and loss adjustment expenses Amortization of deferred acquisition costs Operating expenses Gross premiums written 2023 Property & Casualty $ - $ - $ - $ 1,255 $ - $ - $ 141 $ 2,183 $ 2,170 2022 Property & Casualty $ - $ 1,073 $ - $ 995 $ 27 $ 1,073 $ 110 $ 1,413 $ 645 |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | Schedule IV - Reinsurance Information Year Segment Direct Gross Premiums Premiums ceded to other companies Premiums assumed from other companies Net amount Percentage of amount assumed to net 2023 Property & Casualty $ - $ - $ 2,170 $ 2,170 100 % 2022 Property & Casualty $ - $ - $ 645 $ 645 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Revenue Recognition | Revenue Recognition SurancePlus incentive, technology, origination and management (“ITOM”) fee income represents fee income related to the completion of the DeltaCat tokenized reinsurance securities as well as placement of the underlying insurance policies. The Company recognizes the associated revenue at the time of the placement of the underlying insurance policies as the performance obligation is satisfied at that time. |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and cash equivalents | Restricted cash and cash equivalents |
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. 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 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 | Deferred policy acquisition costs |
Offering Expenses | Offering Expenses During the year ended December 31, 2023 the Company recognized offering costs totaling $ 133,000 236,000 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 |
Property and equipment | Property and equipment five years four years no |
Reserves for losses and loss adjustment expenses | Reserves for losses and loss adjustment expenses |
Loss experience refund payable | Loss experience refund payable |
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 incept 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 December 31, 2023 and 2022. |
SurancePlus Fee Income | SurancePlus Fee Income |
Uncertain income tax positions | Uncertain income tax positions |
Loss Per Share | Loss Per Share |
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 expense related to all awards is included in general and administrative expenses. |
Segment Information | Segment Information |
Reclassifications | Reclassifications |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 December 31, 2023 2022 (in thousands) Cash held on deposit $ 495 $ 1,207 Restricted cash held in trust 3,250 2,721 Total $ 3,745 $ 3,928 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023 and 2022 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) Year ended December 31, 2023 Equity securities $ - $ - $ - Year ended December 31, 2022 Equity securities $ 626 $ 27 $ - |
SCHEDULE OF OTHER INVESTMENT | Other investments as of December 31, 2023 and 2022 consist of the following (in thousands): SCHEDULE OF OTHER INVESTMENT 2023 2022 December 31, 2023 2022 Jet.AI Series A-1 Convertible Preferred Stock $ 285 $ - Jet.AI. Promissory Note - 214 Jet.AI. common stock (2022: Class B Ordinary Shares) 2,193 11,209 Total $ 2,478 $ 11,423 Beginning of year $ 11,423 $ 11,173 Investment in affiliate - 285 Unrealized loss on investment in affiliate (8,945 ) (35 ) End of year $ 2,478 $ 11,423 |
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 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 (Level 1) (Level 2) (Level 3) Total Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2022 ($ in thousands) Financial Assets: Cash and cash equivalents $ 1,207 $ - $ - $ 1,207 Restricted cash and cash equivalents $ 2,721 $ - $ - $ 2,721 Other investments $ - $ - $ 11,423 $ 11,423 Equity securities $ 642 $ - $ - $ 642 Total $ 4,570 $ - $ 11,423 $ 15,993 |
SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE | The following table provides a reconciliation of changes in fair value of the beginning and ending balances for the other investments classified as Level 3: SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE Year ended December 31, 2023 2022 ($ in thousands) Fair value of Level 3 other investments at beginning of year $ 11,423 $ 11,173 Transfer to Level 1 (11,138 ) Investment in affiliate - 285 Change in valuation inputs or other assumptions - (35 ) Fair value of Level 3 other investment at December 31, 2023 $ 285 $ 11,423 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF FINANCIAL STATEMENTS | SCHEDULE OF FINANCIAL STATEMENTS For Year Ended Statement of Operations Data: December 31, 2023 (Unaudited) Surance Plus fee income $ 574 Underwriting related income 1,140 Total revenue $ 1,714 Expenses $ (272 ) Income attributable to tokenholders $ (1,036 ) Net income $ 406 Balance Sheet Data: At December 31, 2023 (Unaudited) (In thousands) Total assets $ 3,588 Amounts due to Delta Cat Re Tokenholders * $ 2,016 Due to Parent $ 47 Total shareholder’s equity $ 1,525 * includes underwriting profit of $ 494,000 |
RESERVE FOR LOSSES AND LOSS A_2
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023 and 2022 SCHEDULE OF LOSS ADJUSTMENT EXPENSE 2023 2022 Year ended December 31, 2023 2022 ($ in thousands) Gross balance, beginning of year $ 1,073 - Incurred, net of reinsurance, related to: Current year - 1,073 Prior year - - Total incurred - 1,073 Paid related to: Current year - - Prior year (1,073 ) - Total paid - - Balance, end of year $ - 1,073 |
SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES | Property Catastrophe Reinsurance SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (in thousands) Incurred Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 As of December 31, 2023 Total of Incurred-but Cumulative Number of Reported Claims (dollars in thousands) 2016 $ 14,775 $ 18,801 $ 17,795 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ - 5 2017 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ - 8 2018 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ - 2 2019 $ - $ - $ - $ - $ - $ - - 2020 $ - $ - $ - $ - $ - - 2021 $ 158 $ 158 $ 158 $ - 1 2022 $ 1,073 $ 1,073 $ - 1 2023 $ - $ - $ - - Total $ 67,321 $ 67,321 $ - Cumulative Paid Losses and Loss Adjustment Expenses Accident Year 2016 2017 2018 2019 2020 2021 2022 2023 2016 $ 6,073 $ 16,073 $ 17,687 $ 17,689 $ 17,689 $ 17,689 $ 17,689 $ 17,689 2017 $ 36,293 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 $ 38,401 2018 $ 6,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 2019 $ - $ - $ - $ - $ - 2020 $ - $ - $ - $ - 2021 $ 158 $ 158 $ 158 2022 $ 1,073 $ 1,073 2023 $ - $ - Total $ 67,321 $ 67,321 Reserve for loss and loss adjustment expenses at December 31, 2023, net of reinsurance $ - $ - |
SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT | The following table shows the historical average annual percentage payout of claims at December 31, 2022. SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 4 5 6 Property Catastrophe Reinsurance 57.8 % 34.0 % 9.1 % 0.0 % 0.0 % 0 % |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 per share is presented below (dollars in thousands except per share amounts): SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS EARNING PER SHARE 2023 2022 Years ended December 31 2023 2022 Numerator: Net loss $ (9,915 ) (1,789 ) Denominator: Weighted average shares - basic 5,867,129 5,772,396 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 5,867,129 5,772,396 Loss per share - basic $ (1.69 ) (0.31 ) Loss earnings per share - diluted $ (1.69 ) (0.31 ) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | A summary of the stock option activity for the years ended December 31, 2023 and 2022 is as follows (option amounts not in thousands): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 871,250 $ 4.67 5.8 $ - Exercisable at December 31, 2022 721,250 $ 4.39 5.3 $ - Outstanding at December 31, 2022 871,250 4.67 5.8 $ - Forfeited (25,000 ) (6.00 ) Outstanding at December 31, 2023 846,250 $ 4.63 4.8 $ - Exercisable at December 31, 2023 783,750 $ 4.52 4.6 $ - |
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS | Information with respect to the activity of unvested restricted stock awards during the year ended December 31, 2023 is as follows (share amounts not in thousands): SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS Weighted- Number of Restricted Stock Awards Weighted- Average Grant Date Fair Value Nonvested at January 1, 2022 15,000 Granted 32,000 $ 3.57 Vested (12,000 ) Forfeited (12,000 ) 3.57 Nonvested at December 31, 2022 23,000 Granted 100,647 $ 2.37 Vested (77,574 ) 2.37 Nonvested at December 31, 2023 46,073 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
SCHEDULE OF OPERATING LEASE COST | The components of lease expense and other lease information as of and during the years ended December 31, 2023 and 2022 are as follows: SCHEDULE OF OPERATING LEASE COST (in thousands) 2023 2022 Year Ended December 31, (in thousands) 2023 2022 Operating Lease Cost (1) $ 108 $ 96 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 108 $ 96 (1) Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBLIGATIONS | SCHEDULE OF OPERATING LEASE OBLIGATIONS (in thousands) 2023 2022 At December 31, (in thousands) 2023 2022 Operating lease right-of-use assets $ 9 $ 44 Operating lease liabilities $ 9 $ 44 Weighted-average remaining lease term - operating leases 0.39 1.17 Weighted-average discount rate - operating leases 7.13 % 6.5 % |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under non-cancellable leases as of December 31, 2023 and 2022, reconciled to our discounted operating lease liability presented on the consolidated balance sheets are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (in thousands) 2023 2022 At December 31, (in thousands) 2023 2022 2023 $ - $ 40 2024 9 6 Total future minimum lease payments $ 9 $ 46 Less imputed interest - (2 ) Total operating lease liabilities $ 9 $ 44 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT,NET | Property and equipment, net consist of the following (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT,NET 2023 2022 At December 31, 2023 2022 Leasehold improvements $ 21 $ 21 Furniture and Fixtures 41 38 Motor vehicle 34 34 Computer equipment and software 39 37 Total, at cost 135 130 less accumulated depreciation and amortization (131 ) (125 ) Property and equipment, net $ 4 $ 5 |
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] | ||||
Equity Method Investment, Ownership Percentage | 100% | |||
Oxbridge Re NS [Member] | ||||
Equity Method Investment, Ownership Percentage | 100% | 100% | ||
Surance Plus Inc [Member] | ||||
Equity Method Investment, Ownership Percentage | 100% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Prepaid offering costs | $ 133,000 | |
Impairments in property and equipment | $ 0 | $ 0 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Maximum [Member] | Equity Distribution Agreement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Aggregate offering price | $ 6,300,000 | |
Surance Plus Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Offering expenses | $ 236,000 |
SUMMARY OF CASH AND CASH EQUIVA
SUMMARY OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash held on deposit | $ 495 | $ 1,207 |
Restricted cash held in trust | 3,250 | 2,721 |
Total | $ 3,745 | $ 3,928 |
SCHEDULE OF GROSS REALIZED GAIN
SCHEDULE OF GROSS REALIZED GAINS AND LOSSES FROM SALE OF EQUITY SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from Sale of Equity Securities, FV-NI | $ 626 | |
Equity Securities, FV-NI, Realized Gain | 27 | |
Equity Securities, FV-NI, Realized Loss |
SCHEDULE OF OTHER INVESTMENT (D
SCHEDULE OF OTHER INVESTMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
End of year | $ 2,478,000 | $ 11,423,000 |
Beginning of year | 11,423,000 | 11,173,000 |
Investment in affiliate | 285,000 | |
Unrealized loss on investment in affiliate | (8,945,000) | (35,000) |
Jet A 1 Series A 1 Convertible Preferred Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
End of year | 285,000 | |
Beginning of year | ||
Jet A1 Promissory Note [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
End of year | 214,000 | |
Beginning of year | 214,000 | |
Jet A1 Class B Ordinary Shares [Member] | Common Class B [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
End of year | 2,193,000 | $ 11,209,000 |
Beginning of year | $ 11,209,000 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Platform Operator, Crypto-Asset [Line Items] | |||
Cash and cash equivalents | $ 495 | $ 1,207 | |
Restricted cash and cash equivalents | 3,250 | 2,721 | |
Other investments | 2,478 | 11,423 | $ 11,173 |
Equity securities | 680 | 642 | |
Total | 6,903 | 15,993 | |
Fair Value, Inputs, Level 1 [Member] | |||
Platform Operator, Crypto-Asset [Line Items] | |||
Cash and cash equivalents | 495 | 1,207 | |
Restricted cash and cash equivalents | 3,250 | 2,721 | |
Other investments | 2,193 | ||
Equity securities | 680 | 642 | |
Total | 6,618 | 4,570 | |
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 | 11,423 | |
Equity securities | |||
Total | $ 285 | $ 11,423 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CHANGES IN FAIR VALUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Platform Operator, Crypto-Asset [Line Items] | ||
Investment in affiliate | $ 285 | |
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Fair value of Level 3 other investment, Beginning balance | 11,423 | 11,173 |
Transfer to Level 1 | (11,138) | |
Investment in affiliate | 285 | |
Change in valuation inputs or other assumptions | (35) | |
Fair value of Level 3 other investment, Ending balance | $ 285 | $ 11,423 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrealized loss on other investments | $ 8,945,000 | $ 35,000 |
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 ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Total revenue | $ (7,049,000) | $ 850,000 | ||
Income attributable to tokenholders | (9,373,000) | (1,746,000) | ||
Net loss | (9,915,000) | (1,789,000) | ||
Total assets | 8,253,000 | 16,616,000 | ||
Total shareholder’s equity | 5,332,000 | $ 14,989,000 | $ 16,651,000 | |
Surance Plus Inc [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Total revenue | 1,714,000 | |||
Expenses | (272,000) | |||
Income attributable to tokenholders | (1,036,000) | |||
Net loss | 406,000 | |||
Total assets | 3,588,000 | |||
Total shareholder’s equity | 1,525,000 | |||
Surance Plus Inc [Member] | Related Party [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Due to Parent | [1] | 2,016,000 | ||
Surance Plus Inc [Member] | Parent [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Due to Parent | 47,000 | |||
Surance Plus Inc [Member] | Surance Plus Fee Income [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Total revenue | 574,000 | |||
Surance Plus Inc [Member] | Underwriting Related Income [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Total revenue | $ 1,140,000 | |||
[1]includes underwriting profit of $ 494,000 |
SCHEDULE OF FINANCIAL STATEME_2
SCHEDULE OF FINANCIAL STATEMENTS (Details) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Underwriting profit | $ 494,000 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Jun. 27, 2023 | Mar. 27, 2023 | Jun. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | Dec. 22, 2017 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Repayments of Debt | $ 98,000 | ||||||
Convertible Notes Payable, Current | 118,000 | ||||||
Management fee | 300,000 | ||||||
Surance Plus Inc [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Shares issued, price per share | $ 10 | $ 10 | |||||
Description for offer and sale of securities | The proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the digital Securities will 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. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors are expected to receive an annual return on the original purchase price of 42%. | ||||||
Number of shares issued | 244,776 | ||||||
Proceeds from issuance of private placement | $ 2,447,760 | ||||||
Surance Plus Inc [Member] | Parent [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Proceeds from issuance of private placement | 1,167,000 | ||||||
Management fee | 274,000 | ||||||
Surance Plus Inc [Member] | Third Party Investors [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Proceeds from issuance of private placement | 1,280,000 | ||||||
Management fee | 300,000 | ||||||
Surance Plus Inc [Member] | Subscription agreements [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Proceeds from issuance of private placement | $ 150,100 | ||||||
Surance Plus Inc [Member] | Investors and non US persons [Member] | Subscription agreements [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
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 | ||||||
Notes Payable to Series 2020 -1 Noteholders [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Notes issued | $ 216,000 | ||||||
Debt Instrument, Maturity Date | Jun. 01, 2023 | ||||||
Oxbridge Re NS [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Share capital percentage | 100% | 100% | |||||
Oxbridge Re NS [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Voting percentage | 100% | ||||||
Noncontrolling interest | $ 0 | $ 43,000 |
SCHEDULE OF LOSS ADJUSTMENT EXP
SCHEDULE OF LOSS ADJUSTMENT EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reserve For Losses And Loss Adjustment Expenses | ||
Gross balance, beginning of year | $ 1,073 | |
Current year | 1,073 | |
Prior year | ||
Total incurred | 1,073 | |
Current year | ||
Prior year | (1,073) | |
Total paid | ||
Balance, end of year | $ 1,073 |
SCHEDULE OF INCURRED LOSSES AND
SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES (Details) Claims in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) Claims | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) |
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | $ 67,321 | $ 67,321 | ||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Paid Losses and Loss Adjustment Expenses | 67,321 | 67,321 | ||||||
Cumulative Paid Losses and Loss Adjustment Expenses | ||||||||
Short-Duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | 17,689 | 17,689 | $ 17,689 | $ 17,689 | $ 17,689 | $ 17,795 | $ 18,801 | $ 14,775 |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | 5 | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 17,689 | 17,689 | 17,689 | 17,689 | 17,689 | 17,687 | 16,073 | $ 6,073 |
Short-Duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | 8 | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | 38,401 | $ 36,293 | |
Short-Duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | 2 | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | $ 6,000 | ||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | ||||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | ||||||||
Cumulative Paid Losses and Loss Adjustment Expenses | ||||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | ||||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | ||||||||
Cumulative Paid Losses and Loss Adjustment Expenses | ||||||||
Short-Duration Insurance Contract, Accident Year 2021 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | 158 | 158 | 158 | |||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | 1 | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 158 | 158 | 158 | |||||
Short-Duration Insurance Contract, Accident Year 2022 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | 1,073 | 1,073 | ||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | 1 | |||||||
Cumulative Paid Losses and Loss Adjustment Expenses | $ 1,073 | 1,073 | ||||||
Short-Duration Insurance Contract, Accident Year 2023 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Losses and Loss Adjustment Expenses | ||||||||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | ||||||||
Cumulative Number of Reported Claims | Claims | ||||||||
Cumulative Paid Losses and Loss Adjustment Expenses |
SCHEDULE OF HISTORICAL AVERAGE
SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT (Details) - Property Catastrophe Reinsurance [Member] | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 1 | 57.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 2 | 34% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 3 | 9.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 4 | 0% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 5 | 0% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 6 | 0% |
SCHEDULE OF COMPUTATION OF BASI
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED LOSS EARNING PER SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (9,915,000) | $ (1,789,000) |
Weighted average shares - basic | 5,867,129 | 5,772,396 |
Effect of dilutive securities - Stock options | ||
Shares issuable upon conversion of warrants | ||
Weighted average shares - diluted | 5,867,129 | 5,772,396 |
Loss per share - basic | $ (1.69) | $ (0.31) |
Loss earnings per share - diluted | $ (1.69) | $ (0.31) |
LOSS PER SHARE (Details Narrati
LOSS PER SHARE (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 871,250 | 871,250 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) | 12 Months Ended | ||
Jan. 29, 2024 Integer $ / shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 shares | |
Warrants exercised | shares | 0 | 0 | |
Warrant [Member] | |||
Warrant outstanding | shares | 8,230,700 | 8,230,700 | |
Exercise price | $ 7.50 | ||
Common Stock [Member] | |||
Ordinary share price, per share | $ 9.38 | ||
Common Stock [Member] | Subsequent Event [Member] | |||
Ordinary share price, per share | $ 9.38 | ||
Warrant expiration date | Mar. 26, 2029 | ||
Trading days | Integer | 20 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding, Beginning Balance | 871,250 | 871,250 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 4.67 | $ 4.67 |
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 9 months 18 days | 5 years 9 months 18 days |
Aggregate Intrinsic Value | ||
Number of Options, Exercisable, Beginning Balance | 721,250 | |
Weighted-Average Exercise Price, Exercisable, Beginning Balance | $ 4.39 | |
Weighted-Average Remaining Contractual Term, Exercisable | 4 years 7 months 6 days | 5 years 3 months 18 days |
Aggregate Intrinsic Value | ||
Number of Options, Forfeited | (25,000) | |
Weighted-Average Exercise Price, Forfeited | $ (6) | |
Number of Options Outstanding, Ending Balance | 846,250 | 871,250 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 4.63 | $ 4.67 |
Aggregate Intrinsic Value | ||
Number of Options Exercisable, Ending Balance | 783,750 | |
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ 4.52 | |
Aggregate Intrinsic Value |
SCHEDULE OF ACTIVITY OF UNVESTE
SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted-Number of Restricted Stock Awards, Beginning balance | 23,000 | 15,000 |
Weighted-Number of Restricted Stock Awards, Granted | 100,647 | 32,000 |
Weighted-Average Grant Date Fair Value, Granted | $ 2.37 | $ 3.57 |
Weighted-Number of Restricted Stock Awards, Vested | (77,574) | (12,000) |
Weighted-Number of Restricted Stock Awards, Forfeited | (12,000) | |
Weighted-Average Grant Date Fair Value, Forfeited | $ 3.57 | |
Weighted-Average Grant Date Fair Value, Vested | $ 2.37 | |
Weighted-Number of Restricted Stock Awards, Ending balance | 46,073 | 23,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options granted | 0 | 0 |
Restricted stock, grant | 100,647 | 32,000 |
Vesting period, contractual term | 10 years | |
Unrecognized compensation expense, non-vested stock options | $ 20,000 | $ 48,000 |
Weighted-average period | 12 months | |
General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation expense | $ 20,000 | 58,000 |
Restricted Stock [Member] | General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation expense | 238,000 | 69,000 |
Unrecognized compensation expense, non-vested stock options | $ 133,000 | $ 121,000 |
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 | 895,353 | |
2021 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Restricted stock, grant | 100,647 |
NET WORTH FOR REGULATORY PURP_2
NET WORTH FOR REGULATORY PURPOSES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 10,000 | |
Net income | 11,290,000 | $ 2,000,000 |
Oxbridge Re NS [Member] | ||
Subsidiary net worth | 223,000 | |
Net income | $ 68,000 | $ 11,000 |
SCHEDULE OF OPERATING LEASE COS
SCHEDULE OF OPERATING LEASE COST (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Leases [Abstract] | |||
Operating Lease Cost | [1] | $ 108 | $ 96 |
Operating cash flows from operating leases | $ 108 | $ 96 | |
[1]Includes short-term leases |
SCHEDULE OF OPERATING LEASE OBL
SCHEDULE OF OPERATING LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 9 | $ 44 |
Operating lease liabilities | $ 9 | $ 44 |
Weighted-average remaining lease term - operating leases | 4 months 20 days | 1 year 2 months 1 day |
Weighted-average discount rate - operating leases | 7.13% | 6.50% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 40 | |
2024 | 9 | 6 |
Total future minimum lease payments | 9 | 46 |
Less imputed interest | (2) | |
Total operating lease liabilities | $ 9 | $ 44 |
LEASES (Details Narrative)
LEASES (Details Narrative) | Dec. 31, 2023 |
Office Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 months |
Renewal term | 5 years |
Residential Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 month |
Renewal term | 3 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |||||
Sep. 11, 2023 | Sep. 11, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 11, 2024 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 63,000 | $ 45,000 | ||||
Premiums receivable | 977,000 | 282,000 | ||||
Deferred acquisition cost | 101,000 | |||||
Unearned premiums | 915,000 | |||||
Change in unearned premium reserve | 695,000 | (2,000) | ||||
Underwriting expenses | 141,000 | 110,000 | ||||
Policy Loans Receivable | 100,000 | |||||
Subsequent Event [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Redemption of notes payable | $ 140,000 | |||||
Mr Jay Madhu [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 68,000,000 | |||||
Proceeds from Related Party Debt | $ 76,000 | |||||
Number of shares issued | 6,200 | |||||
Shares issued, price per share | $ 10 | |||||
Aggregate purchase price | $ 62,000 | |||||
Related Party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 62,000 | 45,000 | ||||
Administrative Services Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative services agreement description | Commencing on the effective date of the SPAC’s IPO, the Sponsor agreed to pay the Company a total of up to $10,000 | |||||
Administrative fees expense | $ 80,000 | $ 90,000 | ||||
Reinsurance Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Premiums receivable | 489,000 | |||||
Deferred acquisition cost | 50,000 | |||||
Unearned premiums | 458,000 | |||||
Change in unearned premium reserve | 1,099,000 | |||||
Deferred policy acquisition cost | 458,000 | |||||
Underwriting expenses | $ 70,000 | |||||
Bridge Agreement [Member] | Investor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 625,000 | $ 625,000 | ||||
Short-term bridge funds | $ 500,000 | $ 500,000 | ||||
Percentage of original issue discount | 20% | 20% | ||||
Notes interest rate | 5% | 5% | ||||
Notes 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 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT,NET (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 135 | $ 130 |
less accumulated depreciation and amortization | (131) | (125) |
Property and equipment, net | 4 | 5 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 21 | 21 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 41 | 38 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 34 | 34 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 39 | $ 37 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Total investments, Cost or amortized cost | $ 1,926 |
Total investments, Fair value | 680 |
Total investments, Balance sheet value | 680 |
Equity Securities, Investment Summary [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Total investments, Cost or amortized cost | 1,926 |
Total investments, Fair value | 680 |
Total investments, Balance sheet value | $ 680 |
Schedule II Condensed Balance S
Schedule II Condensed Balance Sheet Parent Company Only (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 495 | $ 1,207 | |
Equity securities | 680 | 642 | |
Due from related party | 63 | 45 | |
Loan receivable | 100 | ||
Prepayment and other assets | 96 | 114 | |
Prepaid offering costs | 133 | ||
Operating lease right-of-use assets | 9 | 44 | |
Property and equipment, net | 4 | 5 | |
Total assets | 8,253 | 16,616 | |
Liabilities: | |||
Operating lease liabilities | 9 | 44 | |
Due to Subsidiary | 1,523 | ||
Accounts payable and other liabilities | 356 | 294 | |
Shareholders’ equity: | |||
Ordinary share capital | 6 | 6 | |
Accumulated Deficit | (27,414) | (17,499) | |
Total shareholders’ equity | 5,332 | 14,989 | $ 16,651 |
Total liabilities and shareholders’ equity | 8,253 | 16,616 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 247 | 931 | |
Equity securities | 680 | 642 | |
Investment in subsidiaries | 1,757 | 9,389 | |
Prepayment and other assets | 82 | 105 | |
Prepaid offering costs | 133 | ||
Operating lease right-of-use assets | 9 | 44 | |
Property and equipment, net | 4 | 5 | |
Total assets | 5,784 | 15,156 | |
Liabilities: | |||
Operating lease liabilities | 9 | 44 | |
Accounts payable and other liabilities | 193 | 123 | |
Total liabilities | 452 | 167 | |
Shareholders’ equity: | |||
Ordinary share capital | 6 | 6 | |
Additional paid-in capital | 32,740 | 32,482 | |
Accumulated Deficit | (27,414) | (17,499) | |
Total shareholders’ equity | 5,332 | 14,989 | |
Total liabilities and shareholders’ equity | 5,784 | 15,156 | |
Parent Company [Member] | Subsidiaries [Member] | |||
Assets | |||
Due from related party | 2,905 | 3,872 | |
Liabilities: | |||
Due to Subsidiary | 250 | ||
Parent Company [Member] | Related Party [Member] | |||
Assets | |||
Due from related party | 35 | ||
Loan receivable | $ 100 |
Schedule II Condensed Statement
Schedule II Condensed Statements of Income Parent Company Only (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||
Change in fair value of equity securities | $ 38,000 | $ (338,000) |
Net realized investment gain | 27,000 | |
Net loss | (9,915,000) | (1,789,000) |
Parent Company [Member] | ||
Revenue | ||
Net investment income | 71,000 | 47,000 |
Change in fair value of equity securities | 38,000 | (338,000) |
Net realized investment gain | 27,000 | |
Management fees and other income | 2,978,000 | 1,883,000 |
Operating expenses | (1,912,000) | (1,406,000) |
Income before equity in loss of subsidiaries | 1,175,000 | 213,000 |
Equity in loss of subsidiaries | (11,090,000) | (2,002,000) |
Net loss | $ (9,915,000) | $ (1,789,000) |
Schedule II Condensed Stateme_2
Schedule II Condensed Statement of Cash Flows - Parent Company Only (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net loss | $ (9,915,000) | $ (1,789,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Share-based compensation | 258,000 | 127,000 |
Underwriting Income – SurancePlus | 494,000,000 | |
Net realized investment gain | (27,000) | |
Change in fair value of equity securities | (38,000) | 338,000 |
Change in operating assets and liabilities: | ||
Due from related party | (18,000) | (40,000) |
Prepayment and other assets | 18,000 | (64,000) |
Prepaid offering costs | 133,000 | (133,000) |
Accounts payable and other liabilities | 62,000 | (43,000) |
Net cash provided by (used in) operating activities | (1,260,000) | (829,000) |
Investing activities | ||
Purchase of equity securities | (1,002,000) | |
Purchase of loan receivable | (100,000) | |
Proceeds from sale of equity securities | 626,000 | |
Purchase of property and equipment | (5,000) | |
Net cash used in investing activities | (105,000) | (661,000) |
Cash and cash equivalents at beginning of year | 3,928,000 | |
Cash and cash equivalents at end of year | 3,745,000 | 3,928,000 |
Parent Company [Member] | ||
Operating activities | ||
Net loss | (9,915,000) | (1,789,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Equity in loss of subsidiaries | 11,090,000 | 2,002,000 |
Share-based compensation | 258,000 | 127,000 |
Underwriting Income – SurancePlus | (494,000) | |
Depreciation | 6,000 | 4,000 |
Net realized investment gain | (27,000) | |
Change in fair value of equity securities | (38,000) | 338,000 |
Change in operating assets and liabilities: | ||
Due from subsidiary | 967,000 | (1,763,000) |
Due to subsidiary | 250,000 | |
Prepayment and other assets | 23,000 | (55,000) |
Prepaid offering costs | 133,000 | (133,000) |
Accounts payable and other liabilities | 70,000 | (87,000) |
Net cash provided by (used in) operating activities | 2,385,000 | (1,413,000) |
Investing activities | ||
Purchase of equity securities | (1,002,000) | |
Purchase of loan receivable | (100,000) | |
Investment in subsidiary | (2,964) | (507) |
Proceeds from sale of equity securities | 626,000 | |
Purchase of property and equipment | (5,000) | |
Net cash used in investing activities | (3,069,000) | (883,000) |
Net change in cash and cash equivalents | (684,000) | (2,296,000) |
Cash and cash equivalents at beginning of year | 931,000 | 3,227,000 |
Cash and cash equivalents at end of year | 247,000 | 931,000 |
Parent Company [Member] | Related Party [Member] | ||
Change in operating assets and liabilities: | ||
Due from related party | $ 35,000 | $ (30,000) |
Schedule III Supplementary Insu
Schedule III Supplementary Insurance Information (Details) - Property, Liability and Casualty Insurance Product Line [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred acquisition costs, net | ||
Reserves for losses and loss adjustment expenses - gross | 1,073 | |
Unearned premiums - gross | ||
Net premiums earned | 1,255 | 995 |
Investment income (loss) | 27 | |
Net losses, and loss adjustment expenses | 1,073 | |
Amortization of deferred acquisition costs | 141 | 110 |
Operating expenses | 2,183 | 1,413 |
Gross premiums written | $ 2,170 | $ 645 |
Schedule IV Reinsurance Informa
Schedule IV Reinsurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Premiums assumed from other companies | $ 2,170 | $ 645 |
Net premiums earned | 1,255 | 995 |
Property, Liability and Casualty Insurance Product Line [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Direct gross premiums | ||
Premiums ceded to other companies | ||
Premiums assumed from other companies | 2,170 | 645 |
Net premiums earned | $ 2,170 | $ 645 |
Percentage of amount assumed to net | 100% | 100% |