Good afternoon. Welcome to Oxbridge Re’s Third Quarter 2024 Earnings Call. My name is Joe, and I will be your conference operator this afternoon. At this time, all participants will be in a listen-only mode. Joining us for today’s presentation is Oxbridge Re’s Chairman, President and Chief Executive Officer, Jay Madhu and Chief Financial Officer and Corporate Secretary, Wrendon Timothy. Following their remarks, we will open up the call for your questions. I would like to remind everyone that this call will be available via telephone replay until November 26, 2024 on the Investor Information section of the Oxbridge Re website at www.oxbridgere.com. Now, I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.

Thank you, operator. During today’s call, there will be forward-looking statements made regarding future events, including Oxbridge Re’s future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipates, estimates, expects, intends, 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. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements is included in the section entitled Risk Factors contained in our Form 10-K filed on March 26, 2024, and our Form 10-Q filed today with the Securities and Exchange Commission. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, 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 contained on this call or in any company presentation, even if the company’s expectations or any related events, conditions or circumstances change. Now, I would like to turn the call over to our Chairman, President and Chief Executive Officer, Jay Madhu. Jay?

Thank you, Wrendon and welcome everyone. Thank you for joining us today. Let me start by saying we're proud of the significant steps we have taken to fortify and diversify our business. While we have solid rein tranche in the RWA/Web3 space, where we issue tokenized securities as an RWA, where the underlying asset is reinsurance. Our core business, however, remains reinsurance where we write fully collateralized policies to cover property losses from specific catastrophes. And because we write fully collateralized contracts, we believe we can compete effectively with large carriers. We specialize in underwriting low-frequency, high-severity risks, where we believe sufficient data exists to effectively analyze the risk/return profile of reinsurance contracts. Our objective is to achieve long-term growth and book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk. Building on the stable reinsurance foundation, we began to diversify our business in 2022. We expanded our business portfolio by establishing SurancePlus Inc., our new subsidiary focused on RWA/Web3 technology. SurancePlus specializes in democratizing tokenized real-world assets or RWAs, offering tokenizes reinsurance securities as alternative investment opportunities. These securities leverage blockchain technology to ensure complete transparency and compliance with SEC guidelines, representing a significant advancement in the digital security market. Consequently, this initiative aims to broaden investor participation, extending opportunities beyond what traditionally has been a select group of ultra high net worth individuals. Crucially, the establishment of SurancePlus was achieved without incurring new debt, reflecting our effective approach to diversification. We are enthusiastic about the prospects of these new investments and remain committed to keep our stakeholders informed of their progress in the forthcoming quarters. Looking ahead, we intend to position Oxbridge as a prominent player in the RWA, real-world asset/Web3 sector. In summary, we maintain a strong sense of optimism regarding the long-term outlook of our core reinsurance business along the successful integration of SurancePlus as we embrace the RWA market more comprehensively. I'll now turn things over to Wrendon to take us through our financial results.

Thank you, Jay. I'd like to remind you that our typical contract period is from June 1 to May 31st of the following year. Net premiums earned for the quarter ended September 30, 2024, were $595,000 compared to $549,000 in last year's third quarter. For the first nine months of 2024, net premiums earned were $1.7 million, up from $730,000 in the same period last year. The increases are due to the reinsurance contracts in force during the full period ended September 30, 2024 when compared with the prior year. There have been no losses to date incurred in 2024 or 2023. Our net investment and other income decreased in the quarter and the first nine months of 2024 due to less cash being held in money market funds. We also recorded an unrealized loss of 1.93 million on other investments, the result of our remeasurement of our investment in Jet.AI at fair value. We are to recognize 180,000 negative change in the fair value for equity securities as of September 30, 2024, decreasing from 34,000 negative change in the prior year. All these factors together resulted in total revenues of $205,000 for the three months ended September 30, 2024, compared to negative $6.38 million in the prior year's third quarter. For the first nine months of 2024, total revenue of $124,000 compared to $5.1 million negative for the same period last year. Total expenses included in loss and loss adjustment expenses, policy acquisition costs and general and admin expenses were down in the third quarter and to its nine month of 2024 compared to last year. The decrease in 2024 was due primarily to the decrease in offering costs associated with SurancePlus being recognized when compared with the same period last year. With respect to net income, primarily due…

Thank you, Wrendon. As highlighted earlier in today's discussion, we have implemented decisive and substantial measures throughout this year and last to fortify and diversify our operations. In December 2022, we established SurancePlus with the objective of tokenizing securities, representing fractionalized interest in reinsurance contracts underwritten by a reinsurance subsidiary. In the second quarter of 2023, we successfully concluded the initial offering of the security tokens Delta CatRe. This was issued on the avalanche blockchain. Furthermore, as previously reported, inventors at Delta CatRe received an exceeding surpassing the initial 42% projection, despite the challenges posed by Hurricane Idalia, which made landfall as a Category 3 hurricane in 2023. We believe these are the first tokenized reinsurance securities backed by a publicly traded company. SurancePlus is poised to democratize access to reinsurance as an alternative investment avenue, leveraging the inherent advantages of blockchain technology to craft sophisticated digital securities. Our tokens aim to facilitate broader investment investor participation, ensuring their interests are securely and transparently recorded on the blockchain. By opening access to an asset class historically limited to a success to a select few, due to high financial entry barriers, SurancePlus is breaking new ground. Leveraging Reg D and Reg S frameworks, investors can now enter the unique -- can now enter this unique asset class within minutes, the fish effectively completing AML, KYC and document signing requirements. Essentially, we have democratized access to reinsurance. Additionally, Oxbridge Re Holdings has initiated a strategic review process forming a special committee of the Board to consider a full range of strategic alternatives for the company and its Web3 division subsidiary SurancePlus Holdings Limited. This process may include a sales spin off, merger, divestiture, recapitalization or other strategic transactions or continue to operate as a public independent company. In recent developments, SurancePlus completed…

Thank you. [Operator Instructions] And our first question comes from the line of Kent Engelke with Capital Markets -- Capitol Securities

Hi, Wrendon. Hi, Jay. How are you all being received on the presentations you've been making abroad and you used the word well entrenched in regards to on the RWAs. Who are your competitors?

Yes. Hi, Kent. Thanks for dialing in. To take it from the beginning, we've attended various different events. I was part of a speaker panel and a speaker at some of these events as well. The -- we were -- it was viewed exceedingly well. In the RWA space, there are various folks that have come up with some very interesting propositions. However, there aren't that many that are actually straight out RWAs where the underlying asset is something extremely direct and tangible. In this case, the RWA, Real World Asset is a reinsurance contract. It follows the fortunes of an actual reinsurance contract which is aggregated with the various different contracts that we take. So it's not marked up. It's not -- it is extremely well put together. And we got tremendous feedback from those attending over there.

Great. Cool. And who are you -- can you name any of your competitors? You said you're well entrenched in that arena and the like, some great publicity gain some strong people at interested in what you're doing? Who are some of the competitors that you're going up against?

Yes. So there are a few folks. I'd rather not take any names. There are a few folks who are doing -- who are issuing some RWAs and reinsurance. However, I think where we stand out is in a market that people, with the general public, is always worried about trust and transparency. I believe we stand out. As a publicly traded company, we normally have PCOB audited financials on the holding company, but we strategically have PCOB audited financials on SurancePlus itself, the RWA entity. So, not only do we have PCOB audit financials, but then we're also -- because everything is rolled up in the PubCo, there's strict adherence from the SEC as well. So, in terms of saying who are our competitors, there are a few, but I don't believe there are anybody like us. I think we're -- just because of where we stand and what we have.

I could say your immediate reaction to your earnings report is positive on the bid side, you're up about 8% on the offering side, you're up about 15%, on the aftermarket. We'll see how it trades tomorrow. Sounds very, very promising. Thank you.

Thank you, Kent. Appreciate it. Operator?

Thank you. Ladies and gentlemen, there are no further questions at this time. I'll turn the call back to Mr. Madhu for his closing remarks.

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 expertise has been instrumental in navigating and advancing our business amidst these challenging circumstances. We anticipate providing you with further updates on our progress during our next call. And should you have any additional questions, please do not hesitate to reach out to us any time. Once again, thank you for your time and attention today and for your ongoing interest in Oxbridge. Operator?

Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link available in the Investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.