Oxbridge Re Holdings Ltd (OXBR) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Oxbridge's first quarter 2026 earnings call.

下午好。歡迎參加 Oxbridge 2026 年第一季財報電話會議。

My name is Danae, and I will be your conference operator this afternoon.

我叫 Danae，今天下午將擔任本次電話會議的主持人。

At this time, all participants will be in a listen-only mode.

目前所有與會者將處於僅收聽模式。

Joining us on today's presentation is Oxbridge's Chairman, President, and Chief Executive Officer, Jay Madhu, and Chief Financial Officer and Corporate Secretary, Brendan Timothy.

出席今天簡報的有 Oxbridge 董事長、總裁兼執行長 Jay Madhu，以及財務長兼公司秘書 Brendan Timothy。

Following their remarks, we will open up the call for your questions.

在他們的發言之後，我們將開放提問。

I would like to remind everyone that this call will be available via telephone replay until May 25, 2026.

提醒各位，本次電話會議將提供電話重播至 2026 年 5 月 25 日。

Details for the telephone replay are included in the press release issued today.

電話重播的相關細節已包含在今日發布的新聞稿中。

Now, I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call. Please go ahead, sir.

現在，我想把電話交給 Oxbridge 財務長 Wrendon Timothy，他將就管理層在本次會議中所作的前瞻性陳述提供必要的提醒。先生，請開始。

Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge raised future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1,995.

謝謝主持人。在今天的電話會議中，將會就未來事件作出前瞻性陳述，包括 Oxbridge 對未來財務表現的預期。這些前瞻性陳述係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）作出。

Words such as anticipates, estimates, expects, intents, plans, projects, 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.

諸如「預期」、「估計」、「預計」、「意圖」、「計畫」、「預測」以及其他類似字詞與表述，旨在指涉前瞻性陳述。前瞻性陳述並非對未來結果與狀況的保證，而是受到各種風險與不確定性影響。

A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled Risk Factors, contained in the Form 10-K filed on March 30, 2026, with the Securities and Exchange Commission.

可能導致實際結果與事件與此類前瞻性陳述存在重大差異之風險與不確定性的詳細討論，載於我們於 2026 年 3 月 30 日向美國證券交易委員會（SEC）提交的 Form 10-K 中「風險因素」（Risk Factors）章節。

The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business. Financial conditions, and the volatility of our earnings, which in turn can cause significant market price and trading volume fluctuations for our securities. Any forward-looking statements made on this conference call speak only as of the date of this conference call. And except as required by law, the company undertakes no obligation to update any forward-looking statements continued on this call or in any company presentation, even if the company's expectations or any related events, conditions, or circumstances change. Now I'd like to turn the call over to the Chairman, President, and Chief Executive Officer, sanjay Madhu.

上述任何風險與不確定性一旦發生，均可能對本公司之業務、財務狀況以及獲利波動性造成重大不利影響，進而可能導致本公司證券的市場價格與成交量出現顯著波動。本次電話會議中所作的任何前瞻性陳述僅截至本次會議日期有效。除法律另有要求外，即使本公司之預期或任何相關事件、狀況或情勢發生變化，本公司亦不承擔更新本次會議或任何公司簡報中所載前瞻性陳述之義務。現在我想把電話交給董事長、總裁兼執行長 Sanjay Madhu。

Jay.

Jay。

Thank you, Brendan, and welcome, everyone.

謝謝你，Brendan，也歡迎各位。

Thank you for joining us today. Let me start by saying we're proud of the strong performance of business and progress we've been making executing on a long-term strategy.

感謝各位今天加入我們。我先說，我們對業務的強勁表現以及在執行長期策略方面所取得的進展感到自豪。

At our core, we are a disciplined reinsurance business, writing fully collateralized policies, covering property catastrophe risk.

我們的核心是一家紀律嚴謹的再保險公司，承作全額擔保（fully collateralized）的保單，承保財產巨災風險。

We compete through selective data-driven underwriting with a focus on generating attractive risk-adjusted returns and long-term growth in book value per share.

我們透過選擇性、數據驅動的核保來競爭，重點在於創造具吸引力的風險調整後報酬，以及每股帳面價值的長期成長。

Our strategy centers on low-frequency, high-severity risks, where sufficient data exists to rigorously evaluate the risk-return profile.

我們的策略聚焦於低頻率、高嚴重度的風險領域，在該領域具備足夠數據可嚴謹評估風險—報酬特性。

We emphasize disciplined risk selection, appropriate pricing, and thoughtful structuring, supported by fully collateralization to ensure transparency and alignment. At the same time, we continue advancing InsurancePlus and our broader real-world asset initiatives, expanding access tokenized reinsurance opportunities through strategic ecosystems relationships involving Solana, AlphaLedger, and LayerZero.

我們強調嚴謹的風險選擇、適當的定價與審慎的結構設計，並以全額擔保作為支撐，以確保透明度與利益一致。同時，我們持續推進 InsurancePlus 以及更廣泛的實體資產（real-world asset）計畫，透過與 Solana、AlphaLedger 與 LayerZero 等策略性生態系夥伴關係，擴大取得代幣化再保險機會的管道。

As we approach May 31st, 2026 conclusion of the current contract season, our existing tokenized reinsurance offerings remain unaffected, with the balance yield token currently tracking 25% ahead of its original 20% targeted return, while the high yield token remains on track towards its 42% targeted return.

隨著我們接近 2026 年 5 月 31 日本合約季的結束，我們現有的代幣化再保險產品仍不受影響；其中，平衡收益代幣（balance yield token）目前的表現較原先 20% 的目標報酬高出 25% 進度，而高收益代幣（high yield token）亦仍按計畫朝 42% 的目標報酬邁進。

We believe this combination of underwriting discipline, platform development, and expanding ecosystem relationships positions Oxbridge well as we continue executing on opportunities within the growing real-world asset market. I will now turn the call over to Wrendon to take us through our financial results.

我們相信，核保紀律、平台建設與持續擴大的生態系合作關係相結合，將使 Oxbridge 在持續把握成長中的實體資產市場機會時處於有利位置。接下來我把電話交給 Wrendon，請他帶我們回顧財務結果。

Wrendon.

Wrendon。

Thank you, Jay. I would like to remind you that our typical contract period is from June 1 to May 31st of the following year.

謝謝你，Jay。我想提醒各位，我們典型的合約期間為每年 6 月 1 日至次年 5 月 31 日。

Net premiums earned for the three months ended March 31, 2026, decreased to $555,000 from $595,000 for the quarter ended March 31, 2025. The decrease is due to a lower weighted average rate on your insurance contracts in force during the quarter ended March 31, 2026, when compared with the prior period. Our net investment income and other income for the three months ended March 31, 2026, decreased to $68,000 from $79,000 from prior year comparable period. Along with net premiums, our total revenue amounted to $623,000 for the three months ended March 31, 2026, compared to $692,000 in the prior year comparable period.

截至 2026 年 3 月 31 日止三個月的已賺淨保費（net premiums earned）由截至 2025 年 3 月 31 日止季度的 595,000 美元下降至 555,000 美元。下降原因在於，截至 2026 年 3 月 31 日止季度有效的再保險合約加權平均費率較前期為低。截至 2026 年 3 月 31 日止三個月的淨投資收益及其他收益由前一年度同期的 79,000 美元下降至 68,000 美元。連同淨保費在內，截至 2026 年 3 月 31 日止三個月的總營收為 623,000 美元，較前一年度同期的 692,000 美元為低。

For the three months ended March 31, 2026, total expenses included.

截至 2026 年 3 月 31 日止三個月的總費用包括：

Policy acquisition costs and general admin expense have increased to $583,000 from $570,000 for the quarter ending March 31, 2025. The increase is primarily due to professional costs, invest relations and our work through subsidiary marketing.

保單取得成本（policy acquisition costs）及一般與行政費用（general and admin expense）由截至 2025 年 3 月 31 日止季度的 570,000 美元增加至 583,000 美元。增加主要由專業服務成本、投資人關係，以及我們透過子公司進行的行銷工作所致。

Net income for the quarter ending March 31, 2026 was $22,000 or zero basic and diluted income per share compared to a net loss of $139,000 or $0.02 basic and diluted loss per share for the prior year quarter. The decrease in net loss is primarily due to a decreased allocation of underwriting income to token holders, as the company itself is the major contributor in the 2025-2026 treaty contracts in place. Coupled with a decrease in unrealized loss on other investments during the quarter ended March 31, 2026 when compared with the prior period. As we have discussed before on our investor calls, we use various measures to analyze the growth and profitability of our business operations. For our reinsurance business, we measure underwriting profitability by examining our loss ratio, acquisition ratio, expense ratio, and combined ratio.

截至 2026 年 3 月 31 日止季度的淨利為 22,000 美元，基本及稀釋每股盈餘為 0；相較之下，前一年度同期為淨損 139,000 美元，基本及稀釋每股虧損為 0.02 美元。淨損減少主要因為分配給代幣持有人的核保收益分攤降低，原因在於公司本身是 2025-2026 年度現行再保合約（treaty contracts）的主要出資方；同時，截至 2026 年 3 月 31 日止季度其他投資的未實現損失亦較前期減少。正如我們先前在投資人電話會議中所討論，我們使用多項指標來分析業務營運的成長與獲利能力。就再保險業務而言，我們透過檢視損失率、取得成本率、費用率與綜合率來衡量核保獲利能力。

The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned. And it measures the underwriting profitability of our redruns business. The loss ratio remained consistent at 0% for the three months ending March 31, 2026, when compared with the prior year comparative period. Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and net premiums earned.

損失率（loss ratio）為已發生的損失及損失調整費用（loss adjustment expenses）相對於已賺保費的比率，用以衡量我們再保險業務的核保獲利能力。與前一年度同期相比，截至 2026 年 3 月 31 日止三個月的損失率維持在 0%。我們的取得成本率（acquisition cost ratio）用以衡量營運效率，係比較保單取得成本與已賺淨保費。

The acquisition cost ratio increased marginally to 11% for the quarter ending March 31, 2026, up from 10.9% for the prior year quarter. Our expense ratio, which measures operating performance, compares policy acquisition costs and general and admin expenses with net premiums earned. For the three-month period ended March 31, 2026, the expense ratio increased to 105,000 to 95.8,000 for the three months ended March 31, 2025. The increase is primarily due to increased professional costs, investor relations, and our Web3 marketing and operations.

截至 2026 年 3 月 31 日止季度，取得成本率小幅上升至 11%，高於前一年度同期的 10.9%。我們的費用率（expense ratio）用以衡量營運表現，係將保單取得成本以及一般與行政費用與已賺淨保費相比。截至 2026 年 3 月 31 日止三個月，費用率上升至 105,000，較截至 2025 年 3 月 31 日止三個月的 95.8,000 為高。增加主要由專業服務成本、投資人關係，以及我們的 Web3 行銷與營運支出增加所致。

Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. For the three-month ended March 31, 2026, the combined ratio increased to 105,000 from 95.8% for the three-month ended March 31, 2025.

綜合率（combined ratio）用以衡量核保表現，為損失率與費用率之和。截至 2026 年 3 月 31 日止三個月，綜合率上升至 105,000，較截至 2025 年 3 月 31 日止三個月的 95.8% 為高。

The increase, again, is primarily due to increased professional costs related to investor relations and our Web3 subsidiary marketing and operations.

該增加同樣主要是由於與投資人關係以及我們 Web3 子公司行銷與營運相關的專業費用增加所致。

Now turning to the balance sheet, cash and cash equivalents and restricted cash and cash equivalents increased by $1.21 million to $8.19 million, up from $6.98 million as of December 31, 2025.

接著看資產負債表，現金及約當現金與受限制現金及約當現金增加 121 萬美元至 819 萬美元，高於截至 2025 年 12 月 31 日的 698 萬美元。

The increase is the net result of premium deposits made during the three-month period ending March 31, 2026, as well as $1 million proceeds from a short-term loan that was secured. I'll now turn the call back over to Jay to wrap up before we take your question to Jay.

該增加為截至 2026 年 3 月 31 日三個月期間所收取的保費存款之淨結果，另加上已取得的一筆 100 萬美元短期貸款款項。我現在把電話交回給 Jay，在我們請各位向 Jay 提問之前做個總結。

Thank you.

謝謝。

We are encouraged by the strong performance of our 2025-26 tokenized reinsurance contracts. As we approach the conclusion of the current contract season, our existing offerings remain unaffected, with the balance yield token currently tracking 25% ahead of its original 20% targeted return, while the high yield token remains on track towards its 42% targeted return.

我們對 2025-26 年度代幣化再保險合約的強勁表現感到鼓舞。隨著本季合約期接近尾聲，我們現有產品仍未受影響；其中，平衡收益代幣目前的表現較原先 20% 的目標報酬率高出 25%，而高收益代幣亦仍按計畫朝其 42% 的目標報酬率前進。

These results reflect our disciplined underwriting approach and further demonstrate the ability of tokenized reinsurance structures to provide differentiated uncorrelated returns with the approximately $750 billion global reinsurance market.

這些成果反映了我們嚴謹的核保方法，並進一步證明代幣化再保險結構能在約 7,500 億美元的全球再保險市場中，提供具差異化且低相關性的報酬。

We have also continued advancing the reach and visibility of the Assurance Plus platform through strategic relations involving Solana, AlphaLedger, and LayerZero. Supporting expanded interoperability and ecosystem access across more than 160 blockchain networks. We believe these relationships position Insurance Plus within a growing ecosystem for real-world asset adoption.

我們也透過與 Solana、AlphaLedger 與 LayerZero 的策略合作，持續擴大 Assurance Plus 平台的觸及與能見度，支援在超過 160 個區塊鏈網路之間的互通性與生態系存取。我們相信，這些合作關係使 Insurance Plus 置身於一個日益成長的實體資產採用生態系之中。

As we look ahead to the 2026-2027 underwriting cycle, we are preparing our T20 and T42 offerings, targeting annual returns of 20% and 42%, respectively.

展望 2026-2027 核保週期，我們正準備推出 T20 與 T42 產品，目標年化報酬率分別為 20% 與 42%。

Recent forecasts from the Colorado State University indicate the potential for a more constructive hurricane environment relative to recent years, supported in part by anticipated El Nino conditions. In parallel, we are making meaningful progress in advancing opportunities to broaden the Shores plush model into additional high-quality cash-generating asset categories. Including initiatives involving tokenized data center revenue streams and infrastructure aligned with the continued growth of artificial intelligence.

科羅拉多州立大學近期的預測顯示，相較於近年，颶風環境可能更為有利，部分原因是預期將出現聖嬰現象。與此同時，我們在推進機會方面也取得實質進展，致力於將 Shores plush 模式擴展至更多高品質、可產生現金流的資產類別，包括涉及代幣化資料中心營收流，以及與人工智慧持續成長相契合的基礎設施等計畫。

As of March 31, 2026, the company reported $8.19 million in cash and restricted cash, supporting our ongoing strategic initiatives and long-term growth opportunities.

截至 2026 年 3 月 31 日，公司報告現金及受限制現金為 819 萬美元，足以支持我們持續推動的策略性計畫與長期成長機會。

Overall, we remain focused on disciplined execution, expanding ecosystem relationships, and scaling our business through our growing real-world asset initiatives as we continue building long-term shareholder value. With that, we are ready to open the call for questions. Operator, please provide the appropriate instructions.

整體而言，我們仍專注於嚴謹執行、擴大生態系合作關係，並透過日益成長的實體資產計畫擴大業務規模，持續為股東創造長期價值。接下來我們準備開放提問。接線員，請提供相關指示。

Thank you, Sal. Ladies and gentlemen, we will now begin the question-and-answer session.

謝謝你，Sal。各位女士、先生，我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

The first question we have comes from Kent Engelke of Capital Securities. Please go ahead.

第一個問題來自 Capital Securities 的 Kent Engelke。請發問。

Hey, Jay. Hey, Brendan. Again, I'm very interested in the comments that you're making about using tokenized data center for revenue streams and the like and just the infrastructure growth within AI and stuff like that.

嗨，Jay。嗨，Brendan。我再次對你們提到使用代幣化資料中心來取得營收流等內容，以及 AI 等領域的基礎設施成長，非常感興趣。

Larry Fink the other day predicted that there's going to be a massive futures market for computing power using tokenized assets and the like.

Larry Fink 前幾天預測，未來將會出現一個以代幣化資產等方式來交易運算能力的龐大期貨市場。

Can you give a little bit more color on that really, I think, really cool part of your organization?

你能否就這部分——我認為是你們組織中非常酷的一塊——再多提供一些細節？

Yes, thank you, Kent. We've been tokenizing reinsurance contracts, right? So reinsurance is a significantly large TAM market.

好的，謝謝你，Kent。我們一直在將再保險合約代幣化，對吧？再保險是一個 TAM 非常龐大的市場。

The AI data center space over here could probably dwarf that significantly as well. And since we've been tokenizing reinsurance, we've made great strides over there.

而這邊的 AI 資料中心領域，規模可能也會大幅超越那個市場。既然我們已經在再保險代幣化方面取得很大進展，我們在那邊也做出了很好的成果。

And we could potentially tokenize other opportunities as well, while it's a little early for us to talk about that just yet. But in the past, people had asked us, when would you probably consider tokenizing other items, right? And I think the timing is right.

我們也可能會將其他機會代幣化；只是目前談這個還稍早，我們暫時還不能多說。不過過去也有人問過我們，何時會考慮把其他項目也代幣化，對吧？我認為時機已經成熟。

As you just mentioned, not only Larry Fink, but various other folks have talked about tokenization.

如你所提，不僅是 Larry Fink，還有許多其他人士都在談論代幣化。

And we seem to be doing this under the four corners of the SEC.

而我們似乎是在符合 SEC 規範的框架之下進行這件事。

So I believe we have an amazing opportunity ahead of us, and we definitely plan on seizing that.

因此我相信我們面前有非常驚人的機會，而我們也確實計畫把握住。

Cool. So, hey, it's an exciting new industry on so many different levels, competing with some very deep-pocketed people that see something as similar as you do. And obviously, hoping that Oxford is going to be at the forefront of all this.

很棒。所以，嘿，這是一個在很多層面都令人振奮的新產業，會與一些資金非常雄厚、且和你們看到相同機會的人競爭。當然也希望 Oxbridge 能站在這一切的最前沿。

Yes, absolutely.

是的，絕對如此。

Thank you.

謝謝。

Ladies and gentlemen, just a reminder,

各位女士、先生，再次提醒，

(Operator Instructions)

(接線員指示)

We have a question from Dwayne Roberts of Charis Industries. Please go ahead.

我們有一個問題來自 Charis Industries 的 Dwayne Roberts。請發問。

Hi, gentlemen. I hope you guys are doing well.

嗨，各位先生。希望你們一切都好。

When you're talking, when you're saying that you're looking to tokenize, maybe I didn't hear it right, you're going to looking to tokenize other assets, is that correct?

當你們在談、你們說你們正在尋求代幣化——也許我聽錯了——你們是打算把其他資產也代幣化，對嗎？

Besides reinsurance.

除了再保險之外。

Yes, potentially, yes. But I unfortunately, the way I can't speak in detail about that, it's opportunities we're still evaluating.

是的，有這個可能。不過很遺憾，我無法就此做更詳細的說明；這些仍是我們正在評估的機會。

But as I just mentioned, if we're able to tokenize an elusive asset such as reinsurance, it gives us, we feel well about, the potential insurance plus going forward with other assets.

但如我剛才提到的，如果我們能將像再保險這樣難以處理的資產代幣化，這讓我們對 Insurance Plus 未來在其他資產上的潛力更有信心。

Okay, you may not be able to comment on this either, but like, how hard is that? Like the process, the one thing that you mentioned earlier with the other.

好的。你可能也無法評論這個，但例如，那有多難？像是流程方面，你先前提到的那個——

With the other caller was that it was under the SEC, so which is, I would assume is significant. So how, when you're looking at other potential assets, back office, part, all of the software, all of that, how hard is it?

你跟另一位來電者提到是在 SEC 的框架之下，所以我想那很重要。那麼當你們在看其他潛在資產時，後台作業、所有軟體等等，這有多難？

Yeah, it's extremely hard, right? Because if it wasn't hard, other people would be doing it. And because the barrier to entry is also high.

是的，這非常困難，對吧？因為如果不難，其他人早就在做了。而且進入門檻也很高。

It's an opportunity that Oxbridge can take advantage of it.

這是一個 Oxbridge 可以加以利用的機會。

Yeah, okay. All right, thank you.

好的，了解。好，謝謝。

All right, thank you, Dwayne.

好的，謝謝你，Dwayne。

Thank you.

謝謝。

Just a final reminder, if you would like to ask a question, please press star and then one now.

最後提醒一次，若您想提問，請按星號再按 1。

At this stage, there seems to be no further questions on the conference. I will now hand back to Jay Madhu for closing remarks. Please go ahead, sir.

目前看來會議中沒有其他問題。我現在把電話交回給 Jay Madhu 作結語。先生，請。

Thank you for joining us on today's call. Before we conclude, I would like to extend my gratitude to our employees, business partners, and investors for their unwavering support. I particularly want to acknowledge our dedicated Oxbridge team, whose extensive experience has been instrumental in navigating and advancing our business at MIST.

感謝各位參加今天的電話會議。在結束之前，我想向我們的員工、業務夥伴與投資人致上誠摯謝意，感謝你們始終如一的支持。我也特別要肯定我們敬業的 Oxbridge 團隊，他們豐富的經驗在 MIST 期間協助我們應對挑戰並推動業務發展，發揮了關鍵作用。

Amidst these challenging circumstances.

在這些充滿挑戰的情況下。

We anticipate providing you with future updates on our progress during our next call, and should you have any additional questions, please do not hesitate to reach out to us anytime. Once again, thank you for your time and attention today, and for your ongoing interest in Oxbridge. Operator.

我們預期在下一次電話會議中向各位提供未來進展的更新；若您還有任何其他問題，請隨時與我們聯繫。再次感謝各位今天撥冗參與並專注聆聽，也感謝各位持續關注 Oxbridge。接線員。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, that then concludes today's conference.

各位女士、先生，今天的電話會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝各位參與。您現在可以掛線。