Oxbridge Re Holdings Ltd. (OXBR), a company that provides specialty property and casualty reinsurance solutions, has surged 27.73% in aftermarket trading sessions and consequently is trading at $4.56 at the time of the writing. The increase could be attributed to the announcement of quarterly results. On Friday, OXBR closed the day at $3.57 after increasing 0.28% during regular trading hours.
Why OXBR Surging?
On 12th November, OXBR released the quarterly results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $3.74 million on 30th September. The total revenue generated by the company during the period was $7.02 million against $0.25 million for the same period of 2020. The total expenses bore by the company during the period were $0.47 million against $0.26 million for the same period of 2020. The net income generated by the company during the quarter stood at $6.52 million (or $1.14 per basic and diluted share) against the net loss of $33,000 (or $0.01 per basic and diluted share) during the same period of 2020.
Strong Financial Ratios
Alongside the financial results, OXBR also reported solid financial ratios. The loss ratio increased to 42.7% during the quarter agains20.9% during the same period of 2020. The acquisition cost ratio for the period changed to 11.1% against 11% for the same period of 2020. The expense ratio for the three-month period decreased 86.8% against 107.7% for the same period of 2020. The combined ratio for the quarter increased to 129.5% against 107.7% for the same quarter of 2020.
President and Chief Executive Officer of OXBR, Jay Madhu, while commenting on the results, said that the company is pleased to have completed its investment in Oxbridge Acquisition Corp. during the quarter. He stressed that looking ahead; the company is optimistic about the long-term prospects for the core of its business and its stability in the aftermath of the pandemic.
Future Outlook for OXBR
During the last month, OXBR stock has surged more than 25%, with the analysts expecting the stock is in a good position to achieve a further rise in the upcoming days. Potential investors should keep a close eye on the performance of OXBR.