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    OXBR
    Earnings call· Jun 2026(Q2 FY26)

    OXBRIDGE RE HOLDINGS Q2 FY26 earnings call OXBR

    Aug 13, 2026 Source

    Executive summary

    Oxbridge Re Holdings Limited Q2 FY26 — Strong Performance in Tokenized Reinsurance and Launch of AI Infrastructure Business

    Oxbridge delivered strong Q2 FY26 results, driven by the successful performance of its tokenized reinsurance offerings and the absence of underwriting losses. The company is strategically expanding its SurancePlus platform to include third-party reinsurance and has launched AI GridWorks, a new AI infrastructure business, leveraging its real-world asset tokenization capabilities to create complementary growth avenues and long-term shareholder value.

    Highlights

    5

    • SurancePlus 2025/2026 EtaCat Re and ZetaCat Re offerings exceeded targets, delivering annualized returns of 29.3% and 43.4% respectively.

    • Successfully closed 5 tokenized reinsurance offerings for 2026/2027, raising $7.1 million in gross proceeds and expanding to third-party opportunities.

    • Launched AI GridWorks, a new subsidiary focused on AI data centers, assembling an experienced team and advancing development pipeline.

    • Net income for Q2 FY26 was $176,000, a significant improvement from a net loss of $1.87 million in Q2 FY25.

    • Combined ratio decreased significantly to 175.8% in Q2 FY26 from 621% in Q2 FY25, primarily due to no underwriting losses.

    Concerns

    3

    • Net premiums earned decreased to $368,000 in Q2 FY26 from $582,000 in Q2 FY25 due to lower weighted average rates and less capital deployed.

    • Net investment income decreased to $71,000 in Q2 FY26 from $93,000 in Q2 FY25.

    • Acquisition cost ratio marginally increased to 12% in Q2 FY26 from 11% in Q2 FY25.

    Guidance & targets

    6
    CategoryTargetConfidence
    Targeted Annual Return
    20%
    medium materiality
    High
    Targeted Annual Return
    42%
    medium materiality
    High
    Targeted Annual Return
    224%
    medium materiality
    High
    Targeted Annual Return
    122%
    medium materiality
    High
    Targeted Annual Return
    17%
    medium materiality
    High
    AI GridWorks Project Size
    10 to 100 megawatts
    high materiality
    High

    Operational metrics

    24
    Net Income
    $176,000vs net loss of $1.87M Q2 FY25
    Q2 FY26

    Increase primarily due to decrease in loss and loss adjustment expenses (no underwriting losses) and SurancePlus management fee income.

    Net Income
    $198,000vs net loss of $2.01M 6M FY25
    6M FY26

    Increase primarily due to decrease in loss and loss adjustment expenses (no underwriting losses) and SurancePlus management fee income.

    Net Premiums Earned
    $368,000down from $582,000 Q2 FY25
    Q2 FY26

    Decrease due to lower weighted average rate on reinsurance contracts and lower capital deployed.

    Net Premiums Earned
    $924,000down from $1.11M 6M FY25
    6M FY26

    Decrease due to lower weighted average rate on reinsurance contracts and lower capital deployed.

    Net Investment Income and Other Income
    $71,000down from $93,000 Q2 FY25
    Q2 FY26
    Net Investment Income and Other Income
    $139,000down from $173,000 6M FY25
    6M FY26
    Total Revenue
    $940,000up from $664,000 Q2 FY25
    Q2 FY26

    Includes net premiums and management fee income.

    Total Revenue
    $1.5 millionup from $1.3 million 6M FY25
    6M FY26

    Includes net premiums and management fee income.

    Total Expenses
    $647,000down from $3.6 million Q2 FY25
    Q2 FY26

    Decrease primarily due to no underwriting losses, reduced professional fees, and reduced overall compensation.

    Total Expenses
    $1.2 milliondown from $4.2 million 6M FY25
    6M FY26

    Decrease primarily due to no underwriting losses, reduced professional fees, and reduced overall compensation.

    Loss Ratio
    0%down from 394% Q2 FY25
    Q2 FY26

    Decrease due to no underwriting losses recorded for the period, compared to a full limit loss in the prior year.

    Loss Ratio
    0%down from 194.8% 6M FY25
    6M FY26

    Decrease due to no underwriting losses recorded for the period, compared to a full limit loss in the prior year.

    Acquisition Cost Ratio
    12%up from 11% Q2 FY25
    Q2 FY26

    Increase due to reduced net premiums earned and marginal premium adjustments.

    Acquisition Cost Ratio
    11.4%up from 11% 6M FY25
    6M FY26

    Increase due to reduced net premiums earned and marginal premium adjustments.

    Expense Ratio
    175.8%down from 227% Q2 FY25
    Q2 FY26

    Decrease primarily due to reduced professional fees and reduced overall compensation.

    Expense Ratio
    133.1%down from 160.7% 6M FY25
    6M FY26

    Decrease primarily due to reduced professional fees and reduced overall compensation.

    Restricted Cash and Cash Equivalents
    $19.82 millionup by $12.85 million from $6.98 million as of Dec 31, 2025
    Q2 FY26

    Increase is the net result of investment in new tokenized securities, release of collateral from 2025/2026 reinsurance treaty contracts, and premium deposits.

    SurancePlus Tokenized Securities Issued
    1.27 million
    cumulative

    Across 4 consecutive treaty years.

    SurancePlus Cumulative Gross Proceeds
    $16 million
    cumulative

    Across multiple blockchain platforms.

    SurancePlus Deployed Capital in Tokenized Reinsurance Contracts
    $31 million
    cumulative
    SurancePlus EtaCat Re Annualized Return
    29.3%exceeded original target of 20%
    2025-2026 treaty year

    Achieved return for the 2025-2026 treaty year offering.

    SurancePlus ZetaCat Re Annualized Return
    43.4%exceeded original target of 42%
    2025-2026 treaty year

    Achieved return for the 2025-2026 treaty year offering.

    AI GridWorks Powered Land Opportunities Originated by Team
    3 gigawatts
    historical

    Experience of the newly assembled AI infrastructure team.

    AI GridWorks Deployed Capacity Experience at Meta
    2.5 gigawatts
    historical

    Experience of a leadership team member at Meta over 7.5 years across 5 data center campuses.

    Industry KPIs

    4
    MetricValueDetails
    Combined ratio175.8%%
    Catastrophe losses0%%
    Net investment income$71,000USD
    Net premiums written earned$368,000USD

    Product announcements

    2
    ProductTypeDetails
    5 tokenized reinsurance offerings (T20, T42, HCI Re 2026 Series A, B, C)launch
    AI GridWorkslaunch

    Deals & partnerships

    2
    HCI GroupThird-party tokenized reinsurance offerings (HCI Re 2026 Series A, B, C) on the SurancePlus platform.2026 treaty year

    Represents an expansion of the SurancePlus platform to include reinsurance opportunities originated by third parties.

    Fortex ReThird-party tokenized reinsurance offering on the SurancePlus platform.2026 treaty year

    Part of the 5 tokenized reinsurance offerings closed for the 2026 and 2027 treaty year, demonstrating SurancePlus's ability to structure and tokenize third-party opportunities.

    What to watch in Q3 FY26

    5

    AI GridWorks Development Pipeline Progress

    next quarter
    CurrentExperienced team assembled, pipeline advancing
    TargetSpecific project milestones or site acquisitions

    Why it matters

    Progress in the AI GridWorks development pipeline is crucial for establishing the new AI infrastructure business and realizing its growth potential.

    Since launching the initiative, we have moved quickly to assemble an experienced infrastructure team and advance our development pipeline.

    Q&A highlights

    2

    Can you elaborate on the strategic targets for AI data centers, including location, tenant types, demand, and financing plans?

    Management is targeting nano data centers (10-100 MW, focusing on 50 MW) in the Southeast U.S. to avoid competition with larger players. Tenant types will depend on location and data center build. They emphasize flexibility and optionality in development, from land entitlement to vertical construction, allowing for various monetization paths. Financing can come from traditional banks and through SurancePlus's RWA tokenization platform, enabling smaller investor participation.

    “Our AI data centers, we're targeting -- we're not targeting gigawatt centers, right? We're, frankly, that's -- at this time, that's a step too far. What we are targeting is the nano data centers, 10 to 100 megawatts. That way, we have an opportunity to play in a space where we are not competing with some of the juggernauts in the space.”

    asked by Allen Klee · answered by Sanjay Madhu

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Reinsurance Performance and Tokenization Expansion

    Oxbridge's SurancePlus platform demonstrated robust performance, with 2025/2026 EtaCat Re and ZetaCat Re offerings exceeding their targeted annual returns, achieving 29.3% and 43.4% respectively. For the 2026/2027 treaty year, the company successfully closed five tokenized reinsurance offerings, raising $7.1 million in gross proceeds and backing over $31 million of deployed capital cumulatively. This expansion includes three third-party offerings with HCI Group and Fortex Re, showcasing SurancePlus's capability to structure and tokenize real-world assets beyond its own operations.

    02

    Launch of AI GridWorks for AI Infrastructure

    Oxbridge launched AI GridWorks, a new subsidiary focused on developing, owning, and operating AI data centers and related infrastructure. This initiative builds on the company's broader real-world asset (RWA) strategy. AI GridWorks aims to identify strategic sites, develop powered land, and construct data center infrastructure, initially targeting projects between 10 to 100 megawatts, with a focus on 50 megawatts.

    03

    Experienced AI Infrastructure Team

    To support AI GridWorks, Oxbridge has assembled an experienced team with deep expertise in strategic real estate, site development, power infrastructure, and data centers. The team includes individuals with experience originating close to 3 gigawatts of powered land opportunities and 7 years of data center infrastructure experience at Meta, covering 2.5 gigawatts of deployed capacity. This expertise is crucial for executing the vertically integrated strategy.

    04

    Strategic Flexibility and Vertical Integration

    The AI GridWorks strategy emphasizes flexibility and optionality at every stage of the data center value chain. This includes the ability to develop land with entitlements and power, then either sell the asset for significant value creation or proceed with vertical construction. The company can choose to be a landlord for data center halls or operate its own GPUs, controlling the value chain and avoiding overcommitment.

    05

    Synergy Between SurancePlus and AI GridWorks

    Oxbridge plans to leverage SurancePlus's RWA structuring and tokenization capabilities to tokenize interests in AI infrastructure assets and their associated revenue streams. This approach allows for capital raising through traditional methods and enables smaller investors to participate in data center ownership through tokenization, filling a void in the market and potentially addressing "not in my backyard" (NIMBY) concerns by allowing local community investment.

    AI-generated summary of the company’s earnings call. Not investment advice.