Q1 2024 Oxbridge Re Holdings Ltd Earnings Call

Yeah.

Audra: Good afternoon, and welcome to Oxbridge Re's first quarter 2024 earnings call. My name is Audra, and I will be your conference operator this afternoon. At this time, all participants will be in a listen-only mode.

Good afternoon, and welcome to Oxbridge Re's first quarter 2024 earnings call. My name is Adrienne and I will be your conference. Operator. This afternoon. At this time, all participants will be in a listen only mode.

Audra: Joining us for today's presentation is Oxbridge Re Hldg Chairman, President, and Chief Executive Officer Jay Madhu and Chief Financial Officer and Corporate Secretary Wrendon Timothy. Following their remarks, we will open up the call for your questions. I would like to remind everyone that this call is also being broadcast live via webcast and will be available via webcast replay until May 23, 2024 on the Investor Information section of the Oxbridge Re website at www.ox

Audra: Joining us for today's presentation is Oxbridge Re's, Chairman, President and Chief Executive Officer, Jay Madhu, and Chief Financial Officer, and corporate Secretary random Timothy.

Audra: Following their remarks, we will open up the call for your questions.

Audra: I would like to remind everyone that this call is also being broadcast live via webcast and available via webcast replay until may 23rd 2024 on the Investor information section of the Oxbridge re website at Www Dot Oxbridge re dot com.

Audra: Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re Holdings, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.

Wrendon Timothy: Now I would like to turn the call over to London, Timothy Chief Financial Officer of Oxbridge re who will provide the necessary cautions regarding the forward looking statements that will be made by management. During this call. Please go ahead.

Wrendon Timothy: Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge Re's future financial performance. These four looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipate, estimate, expect, intend, plant, project, and other similar words and expressions. I sent it to Signify for a look instead, for the consentment and guarantees of future results and conditions, but rather subject to various risks and under the, A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such for the statement is included in the section entitled Risk Factors, containing our 10-K file on March 26, 2024.

Wrendon Timothy: Thank you operator during today's call there will be forward looking statements made regarding future events, including would read through to your financial performance. These forward looking statements are made pursuant to the private Securities Litigation Reform Act of 1995.

Wrendon Timothy: Words, such as anticipates estimates expects intends plans projects and other similar words and expressions are intended to signify forward looking statements forward looking statements are not gone to use our future results and conditions, but rather are subject to various risks and uncertainties.

Wrendon Timothy: A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward. Looking statements is included in the section entitled Risk factors contained in our 10-K filed on March 26 before.

Wrendon Timothy: The occurrence of any of these risks coming into their teeth could have been material adverse effect on the company's business financial condition and the volatility of O&M, which in turn can cause significant bucket price and trading volume fluctuations for securities any forward looking statements made on this conference call speak only as of the date of this conference call.

Wrendon Timothy: The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and the volatility of our earnings, which, in turn, can cause significant market price and trading volume fluctuations for our securities. Any forward-looking statements made on this conference call speak only as of the date of this conference call, and, except as required by law, the company undertakes no obligation to update any forward-looking statements contained on this call or in any company presentation. Now I'd like to turn the call over to our Chairman, President, and Chief Executive Officer, Jay Madhu.

Wrendon Timothy: Except as required by law the company undertakes no obligation to update any forward looking statements contained on this call or in any company presentation, even if the company's expectations or any related events conditions or circumstances change no I'd like to turn the call over to chairman, President and Chief Executive Officer, Jay Madhu.

Wrendon Timothy: Okay.

Sanjay Madhu: Hi Wrendon, and thank you so much. Welcome everyone. Thank you for joining us today.

Sanjay Madhu: Hi, everyone and thank you so much.

Sanjay Madhu: Let me start by saying we are proud of the significant steps we have taken in the last year to fortify and diversify our business. Our core business remains reinsurance, where we write fully collateralized policies to cover property losses from specific catastrophes. And because we write fully collateralized contracts, we believe we can compete effectively with large carriers. We specialize in underwriting low-frequency, high-severity risks where we believe sufficient data exists to efficiently analyze the risk-return profile of reinsurance contracts.

Sanjay Madhu: Welcome everyone. Thank you for joining US today, let me start by saying we are proud of the significant steps we have taken in last year to fortify and diversify our business our corpus that's germane to reinsurance, where we write fully collateralized policies to cover property losses from specific catastrophes.

Sanjay Madhu: And because we write fully collateralized contracts. We believe we can compete effectively with large carriers, we specialize in underwriting low frequency high severity risks, where we believe sufficient data exists to efficiently analyze the risk return profile of reinsurance contracts.

Sanjay Madhu: Our objective is to achieve long-term growth in book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk. Building on the stable Reinsurance Foundation, we will begin to diversify our business in 2021 as a lead sponsor of Oxbridge Acquisition Corp., a special purpose acquisition company, or SPAC, focusing on investing in disruptive technology. In August of 2023, Oxbridge Acquisition successfully completed its business combination with Jet.ai. The company develops software and offers fractional aircraft ownership, jet car aircraft brokerage, and charter to its fleet of private aircraft and those of its operating partners.

Sanjay Madhu: Our objective is to achieve long term growth and book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk.

Sanjay Madhu: On the stable reinsurance foundation, we began to diversify our business in 2021 as the lead sponsor of Oxford's acquisition Corp. A special purpose acquisition company or spec focusing on investing in disruptive technology.

Sanjay Madhu: It operates in two segments, software and aviation. The software segment features the B2C Charter GPT app and the B2B Jet.ai operator platform. The Charter GPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet AI Operator Platform offers a suite of stand-alone software products, such as ReRoute and DynoFlight, which are carbon credits, to enable FAA Part 135 Charter Operators to add revenue, maximize efficiency, and reduce environmental impact. The aviation segment features jet aircraft fractions, jet cards, on-fleet charter, management, and buyer's brochures.

Sanjay Madhu: In August of 2023 Oxfords acquisition successfully competed completed its business combination with jet AI, Inc. The company to develop software and office fractional aircraft ownership jet card aircraft brokerage at charter towards fleet, a private aircraft and those up its operating partner. It operates in two segments software.

Sanjay Madhu: In aviation our software segment features to be to see charter GPT App and the B to B jackpot AI operate our platform.

Sanjay Madhu: Charter GPT App uses natural language processing and machine learning to the private jet booking experience.

Sanjay Madhu: AI operator platform offers a suite of Standalone software products, such as reroute, the diner flight, which our carbon credits to enable FAA part.

Sanjay Madhu: Part 135 charter operators to add revenue maximize efficiency and reduce environment impact.

Sanjay Madhu: The aviation segment features jet aircraft factory fractions jet cards on fleet charter management and buyers brokerage.

Sanjay Madhu: With the completion of the business combination in 2023, the company began trading on the NASDAQ stock market. Our interest in Jet.ai is recognized as fair value in other investments on our balance sheet. In 2020, we expanded our business portfolio by establishing Insurance Plus, Inc., a new subsidiary focused on Web3 technology. Insurance Plus specializes in democratizing tokenized real-world assets, or RWAs, offering tokenized reinsurance securities as alternative investment opportunities. These securities leverage blockchain technology to ensure complete transparency and compliance with SEC guidelines, representing a significant advancement in the digital security market.

Sanjay Madhu: With the completion of the business combination in 2023, the company began trading on the NASDAQ stock exchange.

Sanjay Madhu: Dressed in jackpot AI has recognized a fair value and other investments on our balance sheet.

Sanjay Madhu: In 2020, we expanded our business portfolio by establishing Sharks, plus Inc. Our new subsidiary focused on web three technology Sharon's plus specializes specializes in Democrat democratizing, Cocainize real world assets or our <unk> offering cocainize reinsurance securities as alternative investment opportunities.

Sanjay Madhu: Charities These securities leverage blockchain technology to ensure complete transparency and compliance with SEC guidelines, representing a significant advancement in the digital security market.

Sanjay Madhu: Consequently, this initiative aims to broaden investor participation, extending opportunities beyond what traditionally has been a select group of ultra-high-net-worth individuals. Crucially, the establishment of Insurance Plus was achieved without incurring new debt or diluting equity for our shareholders, reflecting our Efficient Approach to Diversification. We are enthusiastic about the prospects of the new investment and remain committed to keeping our shareholders informed of its progress in the upcoming quarter. Looking forward, we intend to reposition Oxbridge as a prominent player in the Real World Asset or RWA Web 3 sector.

Sanjay Madhu: Consequently, this initiative aimed to broaden investor participation extending opportunities beyond what traditionally has been a select group of ultra high net worth individuals crucially the establishment assurance plus was achieved without incurring new debt.

Sanjay Madhu: Using equity for our shareholders, reflecting our efficient approach and diversification.

Sanjay Madhu: We are enthusiastic about the prospects of the new investments and remain committed to keeping our shareholders informed of their progress in the upcoming quarters.

Sanjay Madhu: Looking forward, we intend to reposition Oxbridge is a prominent player in the real world asset or <unk> web three sector, but the details on the strategic direction will be will be shared later in the call.

Sanjay Madhu: Further details on the strategic direction will be shared later in the call. In summary, we maintain a strong sense of optimism regarding the long-term outlook of our core reinsurance business, alongside the successful integration of our new venture, Jet AI Insurance Plus, as we embrace the RWA market more comprehensively. Now I'll turn things over to Wrendon to take us through our financial results.

Wrendon Timothy: In summary, we maintain a strong sense of optimism regarding the long term outlook of our core reinsurance business alongside the successful integration of our new venture jet AI insurance plus as we embrace the <unk> market more comprehensively now I'll turn things over to Randy to take us through our financial results Brenda.

Wrendon Timothy: Thank you, Jay. I'd like to remind you that our typical contract period for re-entry contracts is from June 1 to May 30 of the following year. Cash and cash equivalents increased to $4.3 million at March 31st, 2024, compared to $3.7 million at December 31st, 2020. Net premiums earned for the quarter ending March 31, 2024 increased to $549,000, compared to zero in last year's first quarter. The increase is due to the contracts enforced during the quarter ending March 31, 2024, as opposed to the prior period in which premiums were accelerated prior to the quarter ending March 31, 2023, as a result of losses incurred from Hurricane Ian. There have been no losses incurred to date in 2024.

Wrendon Timothy: Thank you Jay I would like to remind you that our typical contract period.

Wrendon Timothy: Our reinsurance contract is from June one to meet the deepness of the following year.

Wrendon Timothy: Cash and cash equivalents and restricted cash and cash equivalents increased to $4 3 million at March 31, 2024, compared to $3 7 million at December 31 2023.

Wrendon Timothy: Premiums earned for the quarter ended March 31, 2024 increased to 549000 compared to zero in last year. This quarter. The increase is due to the contracts enforced during the quarter.

Wrendon Timothy: In mid March to be for 2024 as opposed to the prior period in which premiums you accelerated prior to the quarter ended March 31st 2023. Other result of losses incurred from Arctic and Ian Yes, it'd be no losses include the beat in 2024.

Wrendon Timothy: When net investment and other income decreased in the quarter to $62,000 from $89,000 in the prior year's first quarter, we also recorded an unrealized loss of $688,000 on our other investments, the result of our remeasurement of our investment in Jet AI at fair value. We also recognized an $89,000 negative change in the fair value of our equity securities as of March 31, 2024, decreasing from $76,000 positive change in the prior year's first quarter. All of these factors taken together resulted in total revenues of negative $125,000 for the 3 March and March 31st 2024 compared to 546,000 in the prior years.

Wrendon Timothy: Net investment and other income decreased in the quarter to 62000 from any like those in the prior year's first quarter. We also recorded an unrealized loss of 680000 on our investments. The result of all re measurement of all investment in jet Aif you value you have to recognize <unk> with a negative change in the fair value of equity securities.

Wrendon Timothy: At March 31, 2024, decreasing from 76000 positive change in the prior year first quarter. All of these factors taken together resulted in total revenues of negative 135000.

Wrendon Timothy: Three months ended March 31, 2024, compared to 546000 in the prior year quarter.

Wrendon Timothy: Total expenses, including loss and loss-adjustment expenses, policy acquisition costs, and general and admin expenses, were up in the first quarter of 2024 to $548,000 from $404,000 last year. The increase in 2024 was due to higher professional and legal expenses incurred during the three-month period ending March 31, 2024, as well as no policy acquisition costs recorded in the prime. Deep prime relative to the negative change in the fair value for equity securities and investment in Jet AI

Wrendon Timothy: Total expenses, including including loss and loss adjustment expenses policy.

Wrendon Timothy: The acquisition cost and general and admin expenses were up in the fourth quarter of 2020 for the 540000 from four 4000 last year to increase in 2024 was due to higher professional and legal expenses incurred during the three month period ended March 31, 2024, as well as <unk>.

Wrendon Timothy: The acquisition costs recorded in the prior period.

Wrendon Timothy: During the quarter, we generated a net loss of $9,500 or $0.15 per share for the three months ending March 31, 2024, compared to a net income of $148,000 or $0.02 per share in last year's first quarter. As we have discussed before on our Investor Calls, we use various measures to analyze the growth and profitability of all business operations. For our reinsurance business, we measure underwriting profitability by examining our loss ratio, Acquisition Ratio, Expense Ratio, and Combined Ratio.

Wrendon Timothy: Due primarily to negative change in the fair value for equity Securities investment in jet during the quarter, we generated a net loss of <unk> 5000 or <unk>.

Wrendon Timothy: <unk> per share for the three months ended March 31, 2024, compared to net income of 142000 or.

Wrendon Timothy: <unk> per share in last year's first quarter.

Wrendon Timothy: We have discussed before our investor calls, we use various measures to analyze the growth and profitability of our business operations for our reinsurance business, we measure underwriting profitability by examining our loss ratio.

Wrendon Timothy: Acquisition ratio expense ratio and combined ratio.

Wrendon Timothy: Our loss ratio, which measures underwriting profitability, is the ratio of loss and loss adjustment expenses incurred and then premiums earned. With no loss or loss adjustment expenses in either of the first quarters of 2024 or 2023, our loss ratio was 0% for both periods.

Wrendon Timothy: Loss ratio, which measures underwriting profitability is the ratio of loss and loss adjustment expenses in goods and npls.

Wrendon Timothy: With no loss or loss adjustment expenses.

Wrendon Timothy: The fourth quarter of 2024, or 23, 3% loss ratio was zero percent.

Wrendon Timothy: Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and premiums earned. The acquisition cost ratio increased to 10.9% for the three-month period ending March 31, 2024, from 0% for the same period last year. The increase is due primarily to premiums being earned and acquisition costs being expensed during the period ending March 31, 2024 when compared with the prior period. Our expense ratio, which measures operating performance, compares policy acquisition costs and general administration expenses with net premiums earned.

Wrendon Timothy: Yes.

Wrendon Timothy: Our acquisition cost ratio, which measures operational efficiency compares policy acquisition costs and net premiums earned.

Wrendon Timothy: The acquisition cost ratio increased to 10, 9% for the three months period ended March 31, 2024 from zero percent for us.

Wrendon Timothy: Same period last year. The increase is due primarily to premiums will be earned in acquisition cost and expense. During the period ended March 31st 2024, when compared with the prior period.

Wrendon Timothy: Our expense ratio, which measures operating performance compares policy acquisition costs, and general and admin expenses with net premiums earned.

Wrendon Timothy: Our expense ratio increased to 99.3% in the first quarter compared to 0% in the first quarter of 2023. The increase is due to higher general administration expenses. Policy Acquisition cost during the first quarter of 2020, or the Combined Ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. This ratio increased to 99.8% compared to 0% in the last year's first quarter. The increase is due to higher general and administrative expenses and policy acquisition costs incurred during the first quarter.

Wrendon Timothy: <unk> ratio increased to 99, 3% in the fourth quarter compared to zero percent in the first quarter of 2023.

Wrendon Timothy: The increase was due to higher general and admin expenses and policy acquisition cost during the fourth quarter of 'twenty 'twenty four will.

Wrendon Timothy: Our combined ratio, which is used to measure underwriting performance is the sum of the loss ratio and the expense ratio.

Wrendon Timothy: This ratio increased to 99, 8% of computers represented the last year's first quarter. The increase is due to the higher general.

Wrendon Timothy: Administrative expenses in policy acquisition cost incurred during the fourth quarter of 2024.

Wrendon Timothy: Our investment portfolio decreased to $284,000 at March 31, 2024 from $680,000 at the prior period end, primarily as a result of the sale of equity securities and a decrease in fair value of the equity securities during the quarter. Our investment decreased due to the fair value change of our investment in JetAI, in which the company has an equity investment measured at fair value. Announce the calls back over to Jay to wrap up before we

Wrendon Timothy: Our investment portfolio decreased to 284000 at March 31st 2024 from 680000 other prior period and primarily as a result of the CLO equity Securities and a decrease in fair value of equity securities during the quarter, while investment decreased due to the fair value change of fluent with <unk> and what your company has an equity.

Wrendon Timothy: <unk> mentioned that for your vote I'll now turn the call back over to Jay to wrap up before we take your questions.

Sanjay Madhu: Thank you, Wrendon. As highlighted earlier in today's discussion, we have implemented decisive and substantial measures throughout this year and last to fortify and diversify our operations. In December of 2022, we established Surance Plus, our wholly owned subsidiary with the objective of tokenized securities representing fractionalized interest and reinsurance contracts underwritten by our reinsurance subsidiary. In the second quarter of 2023, we successfully concluded the initial offering on these tokens through a $2.4 million private placement.

Jay: Thank you Brendan as highlighted earlier in todays discussion, we have implemented decisive and substantial measures throughout this year.

Sanjay Madhu: And last to fortify and diversify our operations in December of 2022, we established <unk> plus our wholly owned subsidiary with the objective of Taco night Securities representing fracture life's interests in reinsurance contracts underwritten by our reinsurance subsidiary in the second quarter of 2023, we successfully concluded the initial offering.

Sanjay Madhu: These tokens through our $2 $4 million private placement.

Sanjay Madhu: Furthermore, as previously reported, investors in our Delta CATRI tokens are poised to achieve returns exceeding 45%, beating the initial 42% projected. And despite the challenges posed by Hurricane Italia, which made landfall as a Category 3 hurricane in 2023, we believe these are the first tokenized reinsurance securities backed by a publicly traded company. Insurance Plus is poised to democratize access to reinsurance as an alternative investment avenue, leveraging the inherent advantage of blockchain technology to craft sophisticated digital security.

Sanjay Madhu: The more as previously reported and vessels and our Delta Cafe tokens are poised to achieve returns exceeding 45%, beating the initial 42% projected and despite the challenges posed by Hyatt <unk> Italia, which made landfall as a category three hurricane in 2023, we believe.

Sanjay Madhu: These are the first token is reinsurance securities backed by a publicly traded company.

Sanjay Madhu: <unk> plus is poised to democratize access to reinsurance as an alternative investment investment Avenue <unk>.

Sanjay Madhu: Bridging the inherent advantage of blocked into technology to crop sophisticated digital securities or tokens aimed to facilitate broader investor participation ensuring that interests us accurately and transparently recorded on the blockchain. These opportunities previously out of reach for many investors extremely high barriers to entry.

Sanjay Madhu: Our tokens aim to facilitate broader investor participation, ensuring that interests are securely and transparently recorded on the blockchain. These opportunities, previously out of reach for many investors due to extremely high barriers to entry, are now accessible through our innovative approach. Essentially, while I am repeating myself, we have democratized access to reinsurance.

Sanjay Madhu: I'll now accessible through our innovative approach essentially while repeating myself, we have democratize access to reinsurance.

Sanjay Madhu: Subsequent to this, in mid-August of 2023, our investment in a special purpose acquisition company, Oxbridge Acquisition Corp., culminated in a business merger with JetAI, a company specializing in fractional aircraft ownership, jet cart service, aircraft brokerage, and charter services, facilitated by its fleet of private aircraft. Notably, our wholly-owned subsidiary, Oxbridge Reinsurance Ltd., assumed the role of lead investor in the S Concurrently, with the finalization of the business merger, the company successfully listed its common shares and warrants on NASDAQ.

Sanjay Madhu: Subsequent to this in mid August of 2023, our investment in special purpose acquisition Company Oxbridge acquisition Corp culminated in a business model with jet AI companies specializing in fractional aircraft ownership jet card service aircraft brokerage and charter services facilitated by its fleet are private aircraft no.

Sanjay Madhu: Thirdly, our wholly owned subsidiary Oxbridge reinsurance limited assumed the role of lead investor in the spec sponsorship concurrently with the Finalization of the business merger. The company successfully listed its common shares and warrants on the NASDAQ.

Sanjay Madhu: These compelling opportunities have not only augmented our business but also enhanced our risk profile, strategically positioning us to capitalize on the growth with emerging technologies. We are especially enthusiastic about the anticipated value of these investments and the benefits they offer to our shareholders. As previously mentioned, we are currently in the process of rebranding Oxbridge as an RWA Web 3 focused company, leveraging the significant progress we have achieved this year.

Sanjay Madhu: These compelling opportunities not only augmented our business, but also enhanced our risk profile.

Sanjay Madhu: <unk> positioning us to capitalize on the growth with the emerging technologies.

Sanjay Madhu: We are especially enthusiastic about the anticipated value of these investments.

Sanjay Madhu: These investments hold and the benefits they offers to our shareholders. As previously mentioned we are currently in the process of rebranding occupants as an <unk> III focused company.

Sanjay Madhu: Leveraging the significant progress we have achieved this year.

Sanjay Madhu: Forecasts suggest an extraordinary expansion in the tokenized RWA market over the next decade with estimates exceeding $10 trillion. This has been reinforced further recently as Securitize announced that they had secured $47 million funding led by BlackRock to expand RWA tokenization. This growth trajectory is fueled by the escalating adoption of blockchain technology across various traditional financial sectors, including fiat currency, equities, government bonds, and real estate. Endorsements from institutions like BlackRock and Bank of America further affirm the transformative potential of tokenization in enhancing financial infrastructure efficiency, reducing costs, and optimizing supply chains.

Sanjay Madhu: Forecasts suggest an extraordinary expansion in the <unk> market over the next decade with estimates exceeding 10 trillion necessity and reinforced further recently at securitized offer that they had secured 47 billion funded funding led by Blackrock to expand arguably a token ization this growth trajectory.

Sanjay Madhu: Sectary is fueled by the escalating adoption of blockchain technology across various traditional financial sectors, including Fiat currency equities government bonds and real estate and.

Sanjay Madhu: Endorsements from investment institutions like Blackrock at Bank of America further affirmed the transformative potential of <unk> and finance enhancing financial infrastructure efficiency, reducing costs and optimizing supply chain. Moreover, industrial analysis from firms such as Boston Consulting group anticipate.

Sanjay Madhu: Moreover, industry analysis from firms such as Boston Consulting Group anticipate a substantial surge in the tokenized asset market, potentially reaching $16 trillion by the year 2030. As pioneers in this evolving landscape, we hold a strong sense of optimism regarding the value our rebranding efforts will unlock for our shareholders. We remain steadfast in our commitment to seizing the opportunities presented by this dynamic market. With that in mind, we are ready to address any questions you may have. Operator, please provide the appropriate instructions. Thank you, sir. We will now begin the question and answer session.

Sanjay Madhu: Actual search and the <unk> token nice asset market potentially reaching 16 trillion by the year 2030.

Sanjay Madhu: As pioneers in this evolving landscape, we saw a strong sense of optimism regarding the value of our rebranding efforts will unlock for our shareholders.

Sanjay Madhu: We remain steadfast in our commitment to seizing the opportunities presented by this dynamic market shift.

Sanjay Madhu: With that we are ready to address any questions. You may have operator, please provide the appropriate instructions.

Audra: Once again, press star 1 to join the queue. We'll pause just a moment. And once again, that is star one, if you would like to ask a question. And just a final reminder, press star one to ask a question. We do have a question from Dwayne Roberts at Rockfleet Financial.

Audra: Thank you, sir. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. If you are called upon to ask your question and are listening via the loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question.

Speaker Change: Thank you Sir we will now begin the question and answer session.

Audra: You have dialed in I would like to ask a question. Please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question simply press Star one again.

Audra: If you are called upon to ask your question and our listening via loud speaker on your device. Please pickup your handset and ensure that your phone is not on mute when asking your question.

Audra: Once again press star one to join the queue.

Audra: Pause just a moment.

Audra: And once again it is star one if you would like to ask a question.

Audra: And just a final reminder, press star one to ask a question.

Audra: Yeah.

Audra: We do have a question from Duane Roberts at <unk> financial.

Dwayne Roberts: Oh, hi Jay. How are you? How are you, gentlemen? Doing well, thank you. The first RWA, has it closed yet? Have you already repaid that capital on the first front?

Speaker Change: Hi, Jay how are you doing hi, how are you doing gentlemen.

Dwayne Roberts: Doing well thank you.

Dwayne Roberts: The first.

Dwayne Roberts: RW <unk>.

Dwayne Roberts: Is it close yet have you already repaid bank debt.

Dwayne Roberts: Capital on their first tranche.

Sanjay Madhu: So the first one was last year. Those contracts were written between June 1 of last year and May 31 of this year. That's a one-year contract. The way they were written, it was based on a three-year contract with a one-year out clause. So the year hasn't finished. The contract year hasn't finished, that is, after the end of this month is when those monies would be paid, which we are on track to paying 45%.

Dwayne Roberts: Yes so.

Dwayne Roberts: The first one was last year those contracts were written June one of last year to may 31st up this year, that's a one year contract and the way. They were written was it was based on a three year.

Sanjay Madhu: Three year contract with a one year out so the euro hasn't finished.

Sanjay Madhu: Sure.

Sanjay Madhu: The contract there Hasnt finished status so.

Sanjay Madhu: After the end of this month is when those monies would be due.

Sanjay Madhu: Hello, Mitch we are on track, we are paying a 45% return.

Speaker Change: Okay alright, thank you.

Speaker Change: Thank you.

Sanjay Madhu: Okay.

Audra: And that does conclude our Q&A session. I will now turn the conference back over to Mr. Madhu for his closing remarks.

Sanjay Madhu: And that does conclude our Q&A session I will now turn the conference back over to Mr. Matthew for his closing remarks.

Sanjay Madhu: Thank you for joining us on today's call. Before we conclude, I would like to extend my gratitude to our employees, business partners, and investors for their unwavering support. I particularly want to acknowledge our dedicated Oxbridge team, whose extensive expertise has been instrumental in navigating and advancing our business amidst these challenging circumstances. Wendon Timothy, Sanjay Madhu, Wendon Timothy, Oxbridge Re Hldg. We anticipate providing you with further updates on our progress during our next call.

Madhu: Thank you for joining us on today's call before we conclude I would like to extend my gratitude to our employees business partners and investors of their unwavering support.

Sanjay Madhu: I, particularly want to apologize dedicated Oxbridge team, who has extensive expertise has been instrumental in navigating and advancing our business at mist.

Sanjay Madhu: At Miss these challenging circumstances.

Speaker Change: Pardon me.

Sanjay Madhu: Anticipate providing you with further updates on our progress during our next call and should you and should you have any additional questions. Please do not hesitate to reach out to us anytime.

Sanjay Madhu: And should you have any additional questions, please do not hesitate to reach out to us any time. Once again, thank you for your time and attention today and for your ongoing interest in Oxbridge. And before we conclude today's call, I would like to remind everyone that a recording of today's call will be available on our website.

Sanjay Madhu: Once again, thank you for your time and attention today and for your ongoing interest in Oxbridge operator.

Audra: And before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link available in the investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.

Sanjay Madhu: And before we conclude today's call I would like to remind everyone that a recording of today's call will be available for replay via link available in the investors section of the company's website.

Audra: For joining us today for our presentation you may now disconnect.

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