Oxbridge Re Filings Reveal Parent Funding and Unclear Third-Party Demand in Tokenized Placements

Oxbridge Re Holdings supplied about 95% of the $781,767 raised by SurancePlus’s two T20 and T42 Solana-based placements. Those two offerings were part of the five placements behind Oxbridge’s broader $7.1 million headline, according to the company’s Aug. 13 filing.

SurancePlus, Oxbridge’s 80%-owned tokenized reinsurance subsidiary, offered the two products, T20 and T42. Oxbridge contributed approximately $744,623, while third-party investors supplied approximately $37,143. Using the reported total as the denominator, the split was about 95.25% parent-funded and 4.75% third-party-funded.

Oxbridge consolidates controlled subsidiaries, including SurancePlus, so the parent-funded subscription came from inside the group rather than independent investors. The filing does not explain how the consolidated accounts eliminated that specific transaction.

The $7.1 million aggregate in Oxbridge’s earnings release combined the T20 and T42 placements with three securities linked to HCI Group’s reinsurance business. Those HCI-linked series produced $6.323 million in gross subscription proceeds. Added to the T20 and T42 proceeds, the disclosed amounts total about $7.105 million, which rounds to the company’s headline figure.

The filing identifies the HCI-series purchasers only as “investors.” It does not name them or divide the proceeds between outside and related parties. The filings therefore do not support counting the $6.323 million as independently verified third-party demand, and they do not establish that HCI supplied the subscription proceeds.

Meanwhile, HCI provided separate collateral. A detailed filing note says HCI contributed approximately $6.19 million directly to three trust accounts. The same note attributes a separate deposit of about $5.8 million in net HCI-token proceeds to “the Company,” and says the accounts held $12.02 million at June 30. Gross subscriptions, net deposits, collateral and trust assets are different measures.

Oxbridge identifies HCI as a related entity through common directorship. HCI has described the tokens as synthetic contractual exposure that mirrors specified participations in Fortex Reinsurance’s program without affecting HCI’s or Fortex Re’s underlying reinsurance arrangements.

The T20 and T42 instruments are not shares in SurancePlus. Under the offering terms, they confer contractual rights but no ownership, voting, dividend, preemptive or conversion rights. Returns depend on allocated underwriting profits, while losses on the underlying reinsurance contracts can reduce them, making them conditional rather than fixed yields.

The disclosed third-party demand was approximately $37,143 for SurancePlus’s T20 and T42. However, the filings do not reveal enough about purchasers in the HCI-linked offerings to calculate independent demand across the full $7.1 million.