Oxbridge Re Holdings has flipped back to a profit, with its blockchain-based reinsurance platform SurancePlus on course to pay investors even more than first promised.
The Cayman-based firm booked net income of US$22,000, or $0 per basic and diluted share, for the three months to 31 March 2026. That marks a turnaround from a $139,000 loss, or 2 cents a share, a year earlier.
Net premiums earned slipped to $555,000 from $595,000, with the company pointing to a lower weighted average rate on the reinsurance contracts on its books. Expenses crept up to $583,000 from $570,000 as Oxbridge spent more on investor relations and marketing its web3 arm.
Underwriting metrics moved in mixed directions. The loss ratio stayed pinned at 0% and the acquisition cost ratio nudged up to 11.0% from 10.9%, while the expense and combined ratios both jumped to 105% from 95.8%.
SurancePlus, the tokenised reinsurance platform at the heart of Oxbridge’s pivot, is running ahead of plan. Its Balanced Yield Token (EtaCat Re), pitched at a 20% annual return, is now expected to deliver 25%, while the High Yield Token (ZetaCat Re) is still tracking its headline 42% target.
The platform spent the quarter knitting itself deeper into the crypto stack, building out ties with Solana, Alphaledger and LayerZero that stretch its reach across more than 160 blockchain networks. Oxbridge is also weighing whether to open the door to third-party carriers and counterparties looking to tap tokenised reinsurance.
For the 2026–2027 cycle, the company is lining up two new offerings, T20 and T42, aiming at 20% and 42% returns respectively. Forecasters at Colorado State University’s Department of Atmospheric Science have flagged a quieter-than-average 2026 Atlantic hurricane season, partly on the back of expected El Niño conditions, an outlook that tends to favour reinsurance writers.
Beyond catastrophe cover, Oxbridge is also scouting tokenised data centre revenue streams and AI-linked infrastructure as the next leg of growth.
The balance sheet has firmed up as well. Cash and restricted cash climbed $1.21 million to $8.19 million by the end of March, from $6.98 million at year-end 2025, lifted by premium deposits and $1 million drawn from a loan.
Chairman and chief executive officer Jay Madhu said in a news release, “We are pleased with the continued strong performance of this year’s tokenized reinsurance contracts. As we approach the conclusion of the season, our existing offerings remain unaffected and on track to pay out 25% and 42%, respectively.”
“At the same time, we continue developing the reach and visibility of the SurancePlus platform through our growing relationships involving Solana, Alphaledger, and LayerZero, supporting expanded interoperability and ecosystem access. We also remain excited about the longer-term opportunities to expand our model into additional high-quality, cash-generating assets aligned with major growth trends, including artificial intelligence infrastructure.”
“We believe the combination of platform growth, strong contract performance, and expanding market opportunities positions the Company well as we enter the upcoming underwriting cycle,” he added.
