Cayman Islands
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001-36346
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98-1150254
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
EmployerIdentification No.)
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Strathvale House, 2nd Floor
90 North Church Street, Georgetown
P.O. Box 469
Grand Cayman, Cayman Islands
(Address
of Principal Executive Office)
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KY1-9006
(Zip
Code)
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Registrant’s
telephone number, including area code: (345) 749-7570
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OXBRIDGE
RE HOLDINGS LIMITED
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Date: May 15,
2017
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By:
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/s/
Wrendon
Timothy
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Wrendon
Timothy
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Chief
Financial Officer and Secretary
(Principal
Accounting Officer and
Principal Financial
Officer) |
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Exhibit
No.
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Description
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Press
Release, dated May 15, 2017
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OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARY
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Consolidated
Balance Sheets
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(expressed
in thousands of U.S. Dollars, except per share and share
amounts)
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At March
31,
2017
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At December
31,
2016
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(Unaudited)
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Assets
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Investments:
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Fixed-maturity
securities, available for sale, at fair value (amortized cost:
$10,027 and $6,060, respectively)
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$10,021
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$6,051
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Equity securities,
available for sale, at fair value (cost: $4,799 and $5,543,
respectively)
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4,351
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4,941
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Total
investments
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14,372
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10,992
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Cash and cash
equivalents
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15,338
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12,242
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Restricted cash and
cash equivalents
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15,871
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23,440
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Accrued interest
and dividend receivable
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34
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48
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Premiums
receivable
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1,637
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4,038
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Deferred policy
acquisition costs
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68
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88
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Prepayment and
other receivables
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111
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98
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Property and
equipment, net
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49
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54
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Total
assets
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$47,480
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$51,000
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Liabilities
and Shareholders’ Equity
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Liabilities:
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Reserve for losses
and loss adjustment expenses
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$5,684
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$8,702
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Loss experience
refund payable
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2,218
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1,470
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Unearned premiums
reserve
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2,044
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3,461
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Accounts payable
and other liabilities
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156
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204
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Total
liabilities
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10,102
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13,837
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Shareholders’
equity:
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Ordinary share
capital, (par value $0.001, 50,000,000 shares authorized; 5,861,872
and 5,916,149 shares issued and outstanding)
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6
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6
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Additional paid-in
capital
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32,727
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33,034
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Retained
earnings
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5,099
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4,534
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Accumulated other
comprehensive loss
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(454)
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(411)
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Total
shareholders’ equity
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37,378
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37,163
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Total liabilities
and shareholders’ equity
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$47,480
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$51,000
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OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARY
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Consolidated Statements of Income (unaudited)
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(expressed in thousands of U.S. Dollars, except per share and share
amounts)
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Three
Months Ended March 31,
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2017
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2016
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Revenue
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Assumed
premiums
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$880
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$503
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Change in loss
experience refund payable
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(748)
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(2,088)
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Change in unearned
premiums reserve
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1,416
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2,966
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Net premiums
earned
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1,548
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1,381
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Net realized
investment gains
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2
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56
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Net investment
income
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86
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94
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Total
revenue
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1,636
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1,531
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Expenses
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Loss and loss
adjustment expenses
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(32)
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63
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Policy acquisition
costs and underwriting expenses
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63
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61
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General and
administrative expenses
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335
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364
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Total
expenses
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366
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488
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Net
income
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$1,270
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$1,043
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Earnings
per share
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Basic and
Diluted
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$0.22
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$0.17
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Dividends
paid per share
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$0.12
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$0.12
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Performance
ratios to net premiums earned:
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Loss
ratio
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-2.1%
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4.6%
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Acquisition cost
ratio
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4.1%
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4.4%
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Expense
ratio
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25.7%
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30.8%
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Combined
ratio
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23.6%
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35.3%
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