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NET WORTH FOR REGULATORY PURPOSES | 9 Months Ended
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Sep. 30, 2024
Net Worth For Regulatory Purposes |
NET WORTH FOR REGULATORY PURPOSES | 12. NET WORTH FOR REGULATORY PURPOSES Oxbridge Reinsurance Limited and Oxbridge Re NS (collectively the “Subsidiaries”) are subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of their respective licenses, the Subsidiaries are required to maintain a minimum and prescribed capital requirement of $500 in accordance with the relevant subsidiary’s approved business plan filed with CIMA. At September 30, 2024, Oxbridge Reinsurance Limited’s net worth of $500 exceeded the minimum and prescribed capital requirement. For the three and nine-month periods ended September 30, 2024, Oxbridge Reinsurance Limited’s net loss was approximately $420,000 and $2.51 million, respectively. At September 30, 2024, Oxbridge Re NS’ net worth of $335,000 exceeded the minimum and prescribed capital requirement. For the three and nine-month periods ended September 30, 2024 Oxbridge Re NS’ net income was approximately $32,000 and $112,000 respectively. The Subsidiaries are not required to prepare separate statutory financial statements for filing with CIMA, and there were no material differences between the Subsidiaries’ GAAP capital, surplus and net loss, and its statutory capital, surplus and net loss as of September 30, 2024 or for the period then ended.

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