OXBRIDGE RE HOLDINGS Ltd (OXBR) is a Cayman Islands-domiciled specialty property-casualty reinsurer focused on fully collateralized Gulf Coast catastrophe reinsurance contracts, with an emerging Web3/tokenization subsidiary (SurancePlus) and a recently disclosed interest in AI data center opportunities. The MFFAIS liquidation value estimate of $225,000 across all three measures (CLV, LLV, OLV) is consistent with the balance-sheet posture visible in this filing: the entity is extremely small, with total assets dominated by restricted cash ($8.19M at March 31, 2026 per MD&A) that is largely pledged as collateral for reinsurance obligations and not freely distributable to equity. Under a liquidation lens, the restricted cash backing reinsurance treaties would be encumbered until policy obligations extinguish, materially reducing near-term cash recovery. Unrestricted cash is not separately broken out in the TAG_CONTEXT but MD&A indicates operating cash generation of $210K for Q1 2026 and a $1.0M loan payable drawn February 11, 2026 at 16% per annum (due August 14, 2026), secured by a blanket lien on substantially all Company assets. This lien subordinates all other unsecured creditors and directly compresses equity recovery in a wind-down scenario. The $1.0M note payable is new this quarter (prior period balance: $0) and is the single most significant change to the liability stack. Notes payable to noteholders remain at $118K. Operating lease liabilities increased from $43K to $89K quarter-over-quarter due to a new residential lease renewal, though at $89K total these are immaterial in absolute terms. The reinsurance subsidiaries (Oxbridge Reinsurance Limited and Oxbridge Re NS) are subject to CIMA minimum capital of $500 each and cannot dividend up capital that would breach that floor; subsidiary net worth is $56K and $631K respectively, constraining intercompany distributions and limiting holdco-level cash availability in a wind-down. Reinsurance reserves for losses and LAE are $0 as of this period (no losses incurred Q1 2026 or Q1 2025), meaning no incurred-but-unpaid claim liability depresses book equity further. The mezzanine equity (CatRe tokenholders) stands at approximately $520K, which sits above common equity in the capital structure and would absorb proceeds ahead of ordinary shareholders in any distribution. SurancePlus tokenization activities are discussed extensively in MD&A but generate minimal disclosed balance-sheet assets; no separate intangible or goodwill line is tagged. The TAG_CONTEXT list is empty, meaning no XBRL-tagged values were provided; all balance-sheet figures referenced above are drawn from narrative disclosures in the filing body. Filing does not separately XBRL-tag the primary balance sheet line items including cash, restricted cash, total assets, total liabilities, or shareholders equity in the TAG_CONTEXT provided, precluding tag-level materiality assessment.
▼ Community Notes