GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / November 14, 2016 / Oxbridge Re Holdings Limited (NASDAQ: OXBR), a provider of reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States, has lowered its estimates regarding the previously issued initial assessment of losses from Hurricane Matthew on October 19, 2016. The initial estimates disclosed the potential impact to the company's capital to be between $6.4 million and $9.5 million.
The company has revised those estimates and now expects losses incurred to negatively impact its earnings and captial in the amount of $1.4 million to $3.0 million. As such it may need to establish appropriate loss reserves related to Hurricane Matthew in the fourth quarter of 2016.
About Oxbridge Re Holdings Limited
Oxbridge (www.oxbridgere.com) is a Cayman Islands exempted company that was organized in April 2013 to provide reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States. Through Oxbridge's licensed reinsurance subsidiary, Oxbridge Reinsurance Limited, it writes fully collateralized policies to cover property losses from specified catastrophes. Oxbridge specializes in underwriting medium frequency, high severity risks, where it believes sufficient data exists to analyze effectively the risk/return profile of reinsurance contracts. The company's ordinary shares and warrants trade on the NASDAQ Capital Market under the symbols "OXBR" and "OXBRW," and is included within the Russell Microcap Index.
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company's business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company's expectations or any related events, conditions or circumstances change.
Oxbridge Re Holdings Limited
Jay Madhu, CEO
RFB Communications Group
SOURCE: Oxbridge Re Holdings Limited