OXBRIDGE RE HOLDINGS Ltd
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 9, 2026
OXBR$0.90+2.4%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037784
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001493152-26-050711
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 120 previous paragraphs and 124 current paragraphs.
85 unchanged; 33 reworded; 6 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Formation of AI GridWorks
Current report
AI GridWorks Ltd. (“AI GridWorks”), a direct 80% owned subsidiary of Oxbridge Re Holdings Limited, was incorporated as a Cayman Islands Company on February 18, 2022 for the purposes of development and ownership of AI data centers and related infrastructure.
Current report
AI GridWorks Ltd. (“AI GridWorks”) intends to develop, own, and operate artificial intelligence (“AI”) data centers to address the growing demand for AI computing infrastructure. AI GridWorks plans to pursue data center development projects with capacities ranging from approximately 10 megawatts (“MW”) to 100 MW, with an initial focus on facilities of approximately 50 MW. AI GridWorks may also evaluate larger-scale development opportunities based on customer demand, market conditions, and other strategic considerations.
Current report
In connection with its planned operations, AI GridWorks is in the process of establishing the technical, operational, and development capabilities necessary to execute its business strategy, including expertise in power infrastructure, real estate, engineering, construction, and data center operations. As projects progress, AI GridWorks expects to engage third-party engineering, construction, and technology service providers, as appropriate.
Current report
On August 14, 2026, AI GridWorks entered into a promissory note agreement with Oxbridge Re Holdings Limited (“Oxbridge”), effective July 14, 2026, pursuant to which Oxbridge agreed to make available financing of up to $500,000. Under the terms of the agreement, AI GridWorks may draw funds against the promissory note to finance its operating activities and other business requirements, subject to the terms and conditions of the agreement. The promissory note bears no interest and be payable on the earlier of (a) the date on which the Maker consummates a major corporate financing, transaction or initial business combination, (b) the date of the liquidation of the Maker or (c) the date on which the Payee demands full or partial payment, at its sole discretion. As of September 30, 2026, approximately $107,000 had been drawn under the promissory note, of which approximately $64,500 related to employee salaries and employment-related expenses.
Current report
For the nine-month period ended September 30, 2026, the expense ratio increased to 185.8%, from 156.2% for the nine-month period ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the nine months period ended September 30, 2026, when compared with the prior year period.
Removed paragraphs (1)
Previous report
For the six-month period ended June 30, 2026, the expense ratio decreased to 133.1%, from 160.7% for the six-month period ended June 30, 2025. The decrease is primarily due to reduced professional fees and overall compensation during the six months period ended June 30, 2026, when compared with the prior year period.
Reworded paragraphs (33)
Previous wording
The following is a discussion and analysis of our results of operations for the six-month periods ended June 30, 2026 and 2025 and our financial condition as of June 30, 2026 and December 31, 2025. The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026. References to “we,” “us,” “our,” “our company,” or “the Company” refer to Oxbridge Re Holdings Limited and its subsidiaries, Oxbridge Reinsurance Limited, Oxbridge Re NS, SurancePlus Holdings Ltd., SurancePlus, Inc. and DSN Blockchain Technologies Ltd., unless the context dictates otherwise.
Current wording
The following is a discussion and analysis of our results of operations for the nine-month periods ended September 30, 2026 and 2025 and our financial condition as of September 30, 2026 and December 31, 2025. The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026. References to “we,” “us,” “our,” “our company,” or “the Company” refer to Oxbridge Re Holdings Limited and its subsidiaries, Oxbridge Reinsurance Limited, Oxbridge Re NS, SurancePlus Holdings Ltd., SurancePlus, Inc. and AI GridWorks Ltd., unless the context dictates otherwise.
Previous wording
In addition to our historical reinsurance business operations, in 2023, our new subsidiary SurancePlus developing, offering, and selling a tokenized reinsurance security representing fractionalized interests in reinsurance contracts, with each token representing an interest in participating notes issued by Oxbridge Re NS. These efforts culminated in the development, launch, and issuance of our first tokenized reinsurance security, the DeltaCat Re Token, which we believe is the first “on-chain” reinsurance security of its kind to be developed by a subsidiary of a public company. Following the issuance of the DeltaCat Re Token, we intend to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts, and we are also using our tokenization experience and activities as a foundation for developing Web3-focused business offerings and products relating to the tokenization of other real-world assets (RWAs), including RWAs held or being acquired by third parties. Our tokenization business will be conducted through SurancePlus and through other subsidiaries of our wholly owned subsidiary, SurancePlus Holdings Ltd. (“SurancePlus Holdings”), [a Cayman Islands exempted company] that we have organized to serve as a holding company for subsidiaries that will operate our developing Web3-focused business operations.
Current wording
In addition to our historical reinsurance business operations, in 2023, our new subsidiary SurancePlus developing, offering, and selling a tokenized reinsurance security representing fractionalized interests in reinsurance contracts, with each token representing an interest in participating notes issued by Oxbridge Re NS. These efforts culminated in the development, launch, and issuance of our first tokenized reinsurance security, the DeltaCat Re Token, which we believe is the first “on-chain” reinsurance security of its kind to be developed by a subsidiary of a public company. Following the issuance of the DeltaCat Re Token, we intend to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts, and we are also using our tokenization experience and activities as a foundation for developing Web3-focused business offerings and products relating to the tokenization of other real-world assets (RWAs), including RWAs held or being acquired by third parties. Our tokenization business will be conducted through SurancePlus and through other subsidiaries of our 80% owned subsidiary, SurancePlus Holdings Ltd. (“SurancePlus Holdings”), a Cayman Islands exempted company that we have organized to serve as a holding company for subsidiaries that will operate our developing Web3-focused business operations.
Previous wording
On July 12, 2024, SurancePlus completed a private placement. The aggregate amount raised in the Private Placement was $2,878,048 Participation Shares represented by digital tokens issued under a 3-year Participation Share Investment Contract (for the issuance of 287,808 of the Participation Shares represented by the digital tokens, of which approximately $1,469,000 was received from third-party investors and approximately $1,409,000 was received from Oxbridge Re Holdings Limited.
Current wording
On July 12, 2024, SurancePlus completed a private placement. The aggregate amount raised in the Private Placement was $2,878,048 Participation Shares represented by digital tokens issued under a 3-year Participation Share Investment Contract (for the issuance of 287,705 of the Participation Shares represented by the digital tokens, of which approximately $1,469,000 was received from third-party investors and approximately $1,409,000 was received from Oxbridge Re Holdings Limited.
Previous wording
On June 30, 2026, SurancePlus completed its private placement (the “2026 Private Placement”) of tokenized reinsurance securities. On June 30, 2026, SurancePlus entered into subscription agreements with investors in the 2026 Private Placement with respect to 300,000 of Tokenized Interests represented by the digital tokens HCI 2026 Series and the Participation Shares represented by the T42 / T20 Tokens. 300,000 of tokenized interests are represented by 100,000 HCI 2026 Series A tokenized interests at a purchase price of $11.10 per token representing gross proceeds of $1.1 million with a redemption value of $36.00 per token assuming no losses, 100,000 HCI 2026 Series B tokenized interests at a purchase price of $ 22.12 per token representing gross proceeds of $2.2 million with a redemption value of $49.00 per token assuming no losses and 100,000 HCI 2026 Series C tokenized interests at a purchase price of $30.01 per token representing gross proceeds of $3 million with a redemption value of $35.20 per token assuming no losses. 78,177 of the Participation Shares represented by the T42 Tokens (46,261 tokens) and T20 Tokens (31,916 tokens) at a purchase price of $10.00 per Participation Share for aggregate gross proceeds of $781,767 out of which approximately $744,623 was received from Oxbridge Re Holdings Limited and $37,143 was received from third party investors. The T42 Tokens and T20 Tokens were issued on the Solana blockchain. Ownership of the T42 and T20 tokenized Participation Shares indirectly conferred fractionalized interests in reinsurance contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2026-2027 treaty year. The Participation Shares are not shares in SurancePlus and have no preemptive right or conversion rights. The Participation Shares solely conferred contractual rights against SurancePlus as contained in the PSIC.
Current wording
On June 30, 2026, SurancePlus completed its private placement (the “2026 Private Placement”) of tokenized reinsurance securities. On June 30, 2026, SurancePlus entered into subscription agreements with investors in the 2026 Private Placement with respect to 300,000 of Tokenized Interests represented by the digital tokens HCI 2026 Series and the Participation Shares represented by the T42 / T20 Tokens. 300,000 of tokenized interests are represented by 100,000 HCI 2026 Series A tokenized interests at a purchase price of $11.10 per token representing gross proceeds of $1.1 million with a redemption value of $36.31 per token assuming no losses, 100,000 HCI 2026 Series B tokenized interests at a purchase price of $ 22.12 per token representing gross proceeds of $2.2 million with a redemption value of $49.43 per token assuming no losses and 100,000 HCI 2026 Series C tokenized interests at a purchase price of $30.01 per token representing gross proceeds of $3 million with a redemption value of $35.51 per token assuming no losses. 78,177 of the Participation Shares represented by the T42 Tokens (46,261 tokens) and T20 Tokens (31,916 tokens) at a purchase price of $10.00 per Participation Share for aggregate gross proceeds of $781,767 out of which approximately $744,623 was received from Oxbridge Re Holdings Limited and $37,143 was received from third party investors. The T42 Tokens and T20 Tokens were issued on the Solana blockchain. Ownership of the T42 and T20 tokenized Participation Shares indirectly conferred fractionalized interests in reinsurance contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2026-2027 treaty year. The Participation Shares are not shares in SurancePlus and have no preemptive right or conversion rights. The Participation Shares solely conferred contractual rights against SurancePlus as contained in the PSIC.
Previous wording
During the period ended June 30, 2026, we have sold 300,000 ordinary shares under the ATM program for gross proceeds of $352,136 at an average price of $1.17 per share. After deducting commissions related to the ATM offering of $10,564, the net proceeds we received from the transactions were $341,572. The proceeds from the ATM sales are being used for general corporate purposes.
Current wording
During the period ended September 30, 2026, we have sold 337,203 ordinary shares under the ATM program for gross proceeds of $413,000 at an average price of $1.22 per share. After deducting commissions related to the ATM offering of $13,000, the net proceeds we received from the transactions were $400,000. The proceeds from the ATM sales are being used for general corporate purposes.
Previous wording
The following is our consolidated statement of operations and performance ratios for the three and six month periods ended June, 2026 and 2025 (dollars in thousands, except per share amounts):
Current wording
The following is our consolidated statement of operations and performance ratios for the three and nine month periods ended September, 2026 and 2025 (dollars in thousands, except per share amounts):
Previous wording
General. Net income for the quarter ended June 30, 2026 was $176,000, or $0.02 basic and diluted income per share compared to a net loss of $1.87 million or ($0.25) basic and diluted loss per share, for the quarter ended June 30, 2025. The increase in net income / decrease in net loss is primarily due to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended June 30, 2026. SurancePlus management fee income along with reduced professional fees and overall compensation also contributed towards the net income result for the quarter.
Current wording
General. Net loss for the quarter ended September 30, 2026 was $421,000, or ($0.05) basic and diluted loss per share compared to a net loss of $187,000 or ($0.02) basic and diluted loss per share, for the quarter ended September 30, 2025. The increase in net loss is primarily due to a decline in net premiums earned for the period ended September 30, 2026, partially offset by higher net investment and other income and lower general and administrative expenses.
Previous wording
Net income for the six months ended June 30, 2026 was $198,000, or $0.02 basic and diluted income per share compared to a net loss of $2.01 million or ($0.28) basic and diluted loss per share, for the six month ended June 30, 2025. The decrease in net loss is primarily due to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended June 30, 2026. SurancePlus management fee income along with reduced professional fees and overall compensation contributed towards the net income result for the six-month period ended June 30, 2026.
Current wording
Net loss for the nine months ended September 30, 2026 was $223,000, or ($0.03) basic and diluted loss per share compared to a net loss of $2.19 million or ($0.30) basic and diluted loss per share, for the nine months ended September 30, 2025. The decrease in net loss is primarily due to a decrease in loss and loss adjustment expenses as there were no underwriting losses recorded for the period ended September 30, 2026. SurancePlus management fee income along with reduced professional fees and overall compensation contributed towards the decrease in net loss for the nine-month period ended September 30, 2026.
Previous wording
Net premiums earned for the quarter ended June 30, 2026 decreased to $368,000 from $582,000 for the quarter ended June 30, 2025. The decrease is due to lower weighted average rate on reinsurance contracts in force during the quarter ended June 30, 2026, as well as a lower amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period.
Current wording
Net premiums earned for the quarter ended September 30, 2026 decreased to $86,000 from $555,000 for the quarter ended September 30, 2025. The decrease is due to a lower amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period.
Previous wording
Net premiums earned for the six months ended June 30, 2026 decreased to $924,000 from $1.11 million for the six-month ended ended June 30, 2025. The decrease is due to lower weighted average rate on reinsurance contracts in force during the six months ended June 30, 2026, as well as a lower amount of capital deployed into reinsurance contracts during the six-month period when compared to the prior period.
Current wording
Net premiums earned for the nine months ended September 30, 2026 decreased to $1.01 million from $1.73 million for the nine-month ended September 30, 2025. The decrease is due to a lower amount of capital deployed into reinsurance contracts during the nine-month period ended September 30, 2026 when compared to the prior period.
Previous wording
Losses Incurred. There were no losses incurred during the three-month period ending June 30, 2026. During the three- month period ending June 30, 2025, one of the reinsurance contracts experienced adverse loss development and a full limit loss of $2.3 million was recognized.
Current wording
Losses Incurred. There were no losses incurred during the three-month period ending September 30, 2026 and 2025.
Previous wording
There were no losses incurred during the six-month period ending June 30, 2026. During the six- month period ending June 30, 2025, one of the reinsurance contracts experienced adverse loss development and a full limit loss of $2.3 million was recognized.
Current wording
There were no losses incurred during the nine-month period ending September 30, 2026. During the nine- month period ending September 30, 2025, one of the reinsurance contracts experienced adverse loss development and a full limit loss of $2.3 million was recognized.
Previous wording
Policy Acquisition Costs. Acquisition costs represent the amortization of the brokerage fees and federal excise taxes incurred on reinsurance contracts placed. Policy acquisition costs for the three-months ending June 30, 2026 decreased to $44,000 from $64,000 for the quarter ending June 30, 2025. The decrease is due to the lower level of capital deployed in contracts in force in the quarter ended June 30, 2026, and the resulting acquisition costs, when compared to the rates on contracts in the prior-year period.
Current wording
Policy Acquisition Costs. Acquisition costs represent the amortization of the brokerage fees and federal excise taxes incurred on reinsurance contracts placed. Policy acquisition costs for the three-months ending September 30, 2026 decreased to $9,000 from $61,000 for the quarter ending September 30, 2025. The decrease is due to the lower level of capital deployed in contracts in force in the quarter ended September 30, 2026, and the resulting acquisition costs, when compared to the rates on contracts in the prior-year period.
Previous wording
Policy acquisition costs for the six-months ending June 30, 2026 decreased to $105,000 from $129,000 for the quarter ending June 30, 2025. The decrease is due to the to the lower level of capital deployed in contracts in force rates on contracts in force in the six-months ended June 30, 2026, and the resulting acquisition costs, when compared to the rates on contracts in the prior-year period.
Current wording
Policy acquisition costs for the nine-months ending September 30, 2026 decreased to $114,000 from $191,000 for the nine months ending September 30, 2025. The decrease is due to the to the lower level of capital deployed in contracts in force in the nine-months ended September 30, 2026, and the resulting acquisition costs, when compared to the rates on contracts in the prior-year period.
Previous wording
General and Administrative Expenses. General and administrative expenses for the quarter ended June 30, 2026 decreased to $603,000 from $1.3 million for the quarter ended June 30, 2025. Reduced professional fees and overall compensation contributed toward the decrease for the quarter.
Current wording
General and Administrative Expenses. General and administrative expenses for the quarter ended September 30, 2026 decreased to $638,000 from $754,000 for the quarter ended September 30, 2025. Reduced professional fees and overall compensation contributed toward the decrease for the quarter.
Previous wording
General and administrative expenses for the six-months ended June 30, 2026 decreased to $1.1 million from $1.8 million for the six-months ended June 30, 2025. Reduced professional fees and overall compensation contributed towards the decrease for the six months period ended June 30, 2026.
Current wording
General and administrative expenses for the nine-months ended September 30, 2026 decreased to $1.8 million from $2.5 million for the nine-months ended September 30, 2025. Reduced professional fees and overall compensation contributed towards the decrease for the nine month period ended September 30, 2026.
Previous wording
***Loss Ratio.***The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio decreased to 0% from 394% for the three-month period ended June 30, 2026 when compared with prior comparative period. This was due to no losses being recorded for the three-month period ending June 30, 2026 whereas a full limit loss was recognized for one of the reinsurance contracts during the three-month period ending June 30, 2025.
Current wording
***Loss Ratio.***The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio remained consistent at 0% for the three-month period ended September 30, 2026 when compared with prior comparative period.
Previous wording
The loss ratio decreased to 0% from 194.8% for the six-month period ended June 30, 2026 when compared with prior comparative period. This was due to no losses being recorded for the six-month period ending June 30, 2026 whereas a full limit loss was recognized for one of the reinsurance contracts during the six-month period ending June 30, 2025.
Current wording
The loss ratio decreased to 0% from 132.4% for the nine-month period ended September 30, 2026 when compared with prior comparative period. This was due to no losses being recognized for the nine-month period ending September 30, 2026 whereas a full limit loss was recognized for one of the reinsurance contracts during the nine-month period ending September 30, 2025.
Previous wording
The acquisition cost ratio increased marginally to 12% from 11% for the quarter ending June 30, 2026 when compared to prior comparable period. The increase in acquisition cost ratio is due to reduced net premiums earned and marginal premium adjustments recognized during the period ending June 30, 2026 when compared to prior comparable period.
Current wording
The acquisition cost ratio decreased marginally to 10.5% from 11% for the quarter ending September 30, 2026 when compared to prior comparable period. The decrease in acquisition cost ratio is due to reduced net premiums earned during the period ending September 30, 2026 when compared to prior comparable period.
Previous wording
The acquisition cost ratio increased marginally to 11.4% from 11% for the six month period ending June 30, 2026 when compared to prior comparable period. The increase in acquisition cost ratio is due to reduced net premiums earned and marginal premium adjustments recognized during the period ending June 30, 2026 when compared to prior comparable period.
Current wording
The acquisition cost ratio increased marginally to 11.3% from 11% for the nine month period ending September 30, 2026 when compared to prior comparable period. The increase in acquisition cost ratio is due to reduced net premiums earned and marginal premium adjustments recognized during the period ending September 30, 2026 when compared to prior comparable period.
Previous wording
***Expense Ratio.***The expense ratio is the ratio of policy acquisition costs and general and administrative expenses to net premiums earned. We use the expense ratio to measure our operating performance. For the quarter ended June 30, 2026, the expense ratio decreased to 175.8%, from 227% for the quarter ended June 30, 2025. The decrease is primarily due to reduced professional fees and overall compensation during the quarter, when compared with the prior year period.
Current wording
***Expense Ratio.***The expense ratio is the ratio of policy acquisition costs and general and administrative expenses to net premiums earned. We use the expense ratio to measure our operating performance. For the quarter ended September 30, 2026, the expense ratio increased to 752.3%, from 146.8% for the quarter ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the quarter, when compared with the prior year period.
Previous wording
***Combined Ratio.***We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and the expense ratio. For the quarter ended June 30, 2026, the combined ratio decreased to 175.8%, from 621% for the quarter ended June 30, 2025. The decrease is primarily due to decreased underwriting losses, as well as reduced professional fees and overall compensation during the quarter, when compared with the prior year period.
Current wording
***Combined Ratio.***We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and the expense ratio. For the quarter ended September 30, 2026, the combined ratio increased to 752.3%, from 146.8% for the quarter ended September 30, 2025. The increase is primarily due to reduced net premiums earned during the quarter, when compared with the prior year period.
Previous wording
The combined ratio is the sum of the loss ratio and the expense ratio. For the six-month period ended June 30, 2026, the combined ratio decreased to 133.1%, from 355.5% for the six-month period ended June 30, 2025. The decrease is primarily due to decreased underwriting losses, as well as reduced professional fees and overall compensation during the six months period ended June 30, 2026, when compared with the prior year period.
Current wording
For the nine-month period ended September 30, 2026, the combined ratio decreased to 185.8%, from 288.6% for the nine-month period ended September 30, 2025. The decrease is primarily due to reduced net premiums earned during the nine months period ended September 30, 2026, when compared with the prior year period.
Previous wording
**Restricted Cash and Cash Equivalents.**As of June 30, 2026, our restricted cash and cash equivalents increased by $12.85 million to $19.82 million, from $6.98 million as of December 31, 2025. The increase is the net result of the investment in the new tokenized securities, release of collateral from 25-26 reinsurance treaty contracts and premium deposits made during the six months ending June 30, 2026.
Current wording
**Cash and cash equivalents, and restricted cash and cash equivalents.**As of September 30, 2026, our restricted cash and cash equivalents increased by $12.59 million to $19.57 million, from $6.98 million as of December 31, 2025. The increase is the net result of the investment in the new tokenized securities, release of collateral from 25-26 reinsurance treaty contracts and premium deposits made during the nine months ending September 30, 2026.
Previous wording
Mezzanine Equity – Tokenholders. As of June 30, 2026, amounts due to tokenholders increased to $12.6 million from $518,000 at December 31, 2025. The increase is due to the investment in new tokenized securities and the recognition of five months of underwriting-relating income that is attributable to third-party tokenholders.
Current wording
Mezzanine Equity – Tokenholders. As of September 30, 2026, amounts due to tokenholders increased to $12.6 million from $518,000 at December 31, 2025. The increase is due to the investment in new tokenized securities and the recognition of nine months of underwriting-relating income that is attributable to third-party tokenholders.
Previous wording
***Unearned Premiums Reserve.***As of June 30, 2026, our unearned premiums reserve decreased by $610,000, to $316,000 from $926,000 at December 31, 2025. The decrease is due to change in unearned premium reserves for the six month period ended June 30, 2026.
Current wording
***Unearned Premiums Reserve.***As of September 30, 2026, our unearned premiums reserve decreased by $696,000, to $230,000 from $926,000 at December 31, 2025. The decrease is due to change in unearned premium reserves for the nine month period ended September 30, 2026.
Previous wording
Our sources of funds primarily consist of premium receipts (net of brokerage fees and federal excise taxes, where applicable) and investment income, including interest, dividends and realized gains. We use cash to pay losses and loss adjustment expenses, other underwriting expenses, dividends, and general and administrative expenses. Substantially all our surplus funds, net of funds required for cash liquidity purposes, are invested in accordance with our business plan and investment guidelines. Our current investment portfolio is primarily comprised solely of cash.
Current wording
Our sources of funds primarily consist of premium receipts (net of brokerage fees and federal excise taxes, where applicable) and investment income, including interest, dividends and realized gains. We use cash to pay losses and loss adjustment expenses, other underwriting expenses, dividends, and general and administrative expenses. Substantially all our surplus funds, net of funds required for cash liquidity purposes, are invested in accordance with our business plan and investment guidelines. Our current investment portfolio is primarily comprised of cash.
Previous wording
As of June 30, 2026, we believe we had sufficient cash flows from operations to meet our liquidity requirements in the short term. We expect that our operational needs for liquidity will be met by cash, investment income, sales under our existing ATM facilities, funds generated from underwriting activities and/or proceeds from the short-term loan we secured, which we settled in June 2026. We have no current plans to issue further debt, and we expect to fund our operations for the foreseeable future from operating cash flows, as well as from current and potential future equity offerings. However, we cannot provide assurances that in the future we will not incur indebtedness to implement our business strategy, pay claims or make acquisitions.
Current wording
As of September 30, 2026, we believe we had sufficient cash flows from operations to meet our liquidity requirements in the short term. We expect that our operational needs for liquidity will be met by cash, investment income, sales under our existing ATM facilities, funds generated from underwriting activities and/or proceeds from the short-term loan we secured, which we settled in June 2026. We may issue debt in the foreseeable future to the extent the Company elects to proceed with the land acquisitions in amounts sufficient to finance the purchase of the properties it ultimately elects to acquire and we expect to fund our operations for the foreseeable future from operating cash flows, as well as from current and potential future equity offerings.
Previous wording
Our cash flows from operating, investing, and financing activities for the six-month periods ended June 30, 2026 and 2025 are summarized below.
Current wording
Our cash flows from operating, investing, and financing activities for the nine-month periods ended September 30, 2026 and 2025 are summarized below.
Previous wording
Cash Flows for the six months ended June 30, 2026 (in thousands)
Current wording
Cash Flows for the nine months ended September 30, 2026 (in thousands)
Previous wording
Net cash used in operating activities for the six-months ended June 30, 2026 totaled $57, which consisted primarily of cash received net written premiums less cash disbursed for operating expenses. Net cash provided by financing activities was $12.90 million and primarily consisted of the proceeds from investment in new tokenized securities.
Current wording
Net cash used in operating activities for the nine-months ended September 30, 2026 totaled $374, which consisted primarily of cash received net written premiums less cash disbursed for operating expenses. Net cash provided by financing activities was $12.960 and primarily consisted of the proceeds from investment in new tokenized securities.
Previous wording
Cash Flows for the six months ended June 30, 2025 (in thousands)
Current wording
Cash Flows for the nine months ended September 30, 2025 (in thousands)
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 totaled $1,899, which consisted primarily of cash received net written premiums less cash disbursed for operating expenses. Net provided by investing activities was $63, which consisted of consideration received on sale of investment in Jet.AI. Net cash provided by financing activities was $2,596 which consisted of net proceeds from issuance of ordinary shares through the Company’s ATM facility and the registered direct offering completed during the period.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 totaled $1,781, which consisted primarily of cash received net written premiums less cash disbursed for operating expenses. Net provided by investing activities was $63, which consisted of consideration received on sale of our investment in Jet.AI. Net cash provided by financing activities was $3,001 which consisted of net proceeds from issuance of ordinary shares through the Company’s ATM facility and the registered direct offering completed during the period.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Subsequent to the period ended June 30, 2026, we have sold 37,203 ordinary shares under the ATM program for gross proceeds of $60,000 at an average price of $1.61 per share. After deducting commissions related to the ATM offering of $2,000, the net proceeds we received from the transactions were $58,000. The proceeds from the ATM sales are being used for general corporate purposes.