Oxbridge Re has reported results for the fourth quarter and full year to Dec. 31, 2025, alongside an update on its SurancePlus tokenized reinsurance platform, underscoring a shift in focus for Oxbridge Re toward blockchain-enabled risk transfer.
The company remains loss-making for the year but points to rising investor interest in its tokenized reinsurance products.
The group posted net income of $120,000, or $0.02 per diluted share, for the fourth quarter, reversing a net loss of $460,000, or ($0.05) per diluted share, in the same period a year earlier.
For 2025, Oxbridge Re reported a net loss of $2.08 million, or ($0.28) per diluted share, an improvement on the $2.73 million, or ($0.45) per diluted share, loss in 2024.
Net premiums earned slipped to $555,000 in the fourth quarter from $595,000, which Oxbridge Re attributed to lower weighted average rates on reinsurance contracts in force. Full-year net premiums earned were broadly stable at about $2.3 million.
Total expenses rose to $6.04 million from $2.17 million a year earlier. Management cited losses on reinsurance contracts, tokenization-related spending at SurancePlus, and higher personnel and legal costs. The loss ratio climbed to 119.9% from 0%, reflecting claims linked to Hurricane Milton.
Restricted cash and cash equivalents increased by $1.08 million to $6.98 million as of Dec. 31, 2025, driven by new collateral deposits for the treaty year ending May 31, 2026, partly offset by Milton loss payments.
Alongside the traditional book, SurancePlus reported that its Balanced Yield Token (EtaCat Re) is tracking a 25% return, ahead of its initial 20% target, while its High Yield Token (ZetaCat Re) remains on pace to meet a 42% target.
Company materials state that proceeds from these tokenized reinsurance offerings are invested in fully collateralized catastrophe reinsurance contracts written through an Oxbridge Re subsidiary, with exposure concentrated on US hurricane risk.
Oxbridge Re has stressed that targeted yields on SurancePlus tokens are linked to the potential for large catastrophe losses. Earlier cycles highlight that risk. DeltaCat Re, launched in 2023, raised $2.4 million and ultimately delivered a 49% return.
By contrast, EpsilonCat Re, a 2024 structure that raised $2.88 million, incurred a full $2.3 million loss from Hurricane Milton. The company has presented those outcomes as evidence that token investors in its tokenized reinsurance structures face defined, collateralized downside while the listed Oxbridge Re balance sheet is insulated.
The current T20 and T42 tokenized reinsurance offerings opened for subscription in February 2026 on Alphaledger’s platform, which Oxbridge Re describes as focused on real-world asset tokenization. The tokens are issued on the Solana blockchain, with interoperability protocol LayerZero intended to allow SurancePlus products to reach more than 160 networks.
For the 2026–2027 contract period, Oxbridge Re is marketing T20 and T42 with targeted annual returns of 20% and 42%. The company has indicated that El Niño conditions may support lower Atlantic hurricane activity in 2026, while acknowledging that climate patterns can change.
Chairman and CEO Jay Madhu (pictured above) said the SurancePlus tokenized reinsurance platform will remain central to the group’s strategy. He added that Oxbridge Re is reviewing options to extend the SurancePlus model beyond natural catastrophe covers, including possible tokenization of data center revenue streams linked to AI-related infrastructure.
