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| We are also proud of the significant steps we have taken this year to fortify and diversify our business |
| In short, we remain highly optimistic about the long-term prospects of our core reinsurance business, the successful diversification into our 2 new investments, Jet.AI and SurancePlus as we transform more fully into the RWA tokenization market |
| As an early entrant into this growing market, we are very excited about the potential our rebranding and new business lines will bring to our shareholders |
| These exciting new investment opportunities further diversify our business and risk profile, positioning us to capitalize on growth in emerging technologies |
| We are very proud to have achieved this diversification so efficiently |
| These are alternative investment opportunities, leveraging key qualities of blockchain technology to create a well-designed digital security under the SEC guidelines possessing complete transparency and compliance |
| We are very excited about the future value of these investments and the potential they bring to our shareholders |
| Our objective is to achieve long-term growth in book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk |
| As I mentioned on the outset of our today's call, we have taken decisive and significant steps this year to strengthen and diversify our business |
| As I mentioned on the outset, we will be positioning our company to exponentially grow our SurancePlus subsidiary as a pure RWA tokenization Web3-focused company by leveraging the significant steps we have taken this year |
| Over the last few years, it's worked out quite well |
| I especially want to express our gratitude to our Oxbridge team, who continue to leverage their significant experience to manage and build our business during these challenging times |
| According to Boston Consulting Group, the tokenized RWA market is expected to grow significantly over the next decade, with estimates as high as $16 trillion by 2030 |
| What we've done over the last few years is we had our SPV that we were taking capital from individuals and putting those -- putting that capital to work, and we've shown a track record of doing that |
| So while there's always -- while there's always worry about how this is -- this will grow, we expect this will grow quite well, especially with folks this year are getting -- we've changed the nature of the top side of the contracts that we take |
| The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience |
| SurancePlus will democratize access to reinsurance as an alternative investment opportunity that leverages the key qualities of blockchain technology to create a well-designed digital security |
| This new thrust in our entity -- and our entry into the digital securities markets, which puts real-world assets on chain and opens an entirely new ally of democratizing reinsurance and potentially other opportunities in the future |
| We are very excited about both of these investments and look forward to keeping you appraised of their progress in the coming quarters |
| And because we write fully collateralized contracts, we believe we can compete effectively with large carriers |
| We expect that to grow fairly -- to a fairly sizable event next year -- amount rather |
| This is looking good |
| As of September 30, 2023, much improved from the $355,000 negative change in the prior year |
| Looking ahead, it is our intention to rebrand Oxbridge as an emerging and successful player in the tokenized real-world assets or RWA's Web3 business |
| The current year has seen a lower policy acquisition costs and underwriting expenses offset by increased general and admin expenses due to inflationary expense fluctuations as well as the recognition of previously deferred offering costs |
| The Jet.AI operator platform operates a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency and reduce environmental impact |
| Our expense ratio which measures operating performance compared to policy acquisition cost and general and admin expenses with net premiums earned, the expense ratio increased 244.4% for the 9 months ended September 30, 2023 from 116% in the prior period |
| Before we wrap up, I want to thank our employees, business partners and investors for their continued support |
| For example, Bank of America recently stated that the tokenization would transform existing financial infrastructure, increase efficiencies, reduce cost and optimize supply chain |
| Thank you again for your time and attention today and your interest in Oxbridge |
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| All of these factors taken together resulted in consolidated total revenue of negative $5.1 million for the 9 months ended September 30, 2023 compared to negative $119,000 in the prior year |
| With respect to net premiums earned, net premiums earned for the quarter ended September 30, 2023, were $549,000, slightly lower than last year's third quarter |
| The loss ratio decreased to 0% for the 9 months ended September 30, 2023 from 107.8% in the prior year, wholly due to the limited losses suffered on 2 of our reinsurance contracts as a result of Hurricane Ian in September last year |
| We also recognized a $34,000 negative change in fair value of our equity securities |
| These opportunities were typically unavailable to investors in the past due to high barriers to entry |
| 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 fluctuation for our securities |
| Total expenses included in loss and loss adjustment expenses, policy acquisition costs and general and admin expenses were down in the third quarter and the first 9 months of 2023 compared to last year due to the triggering of a limited loss on 2 of the company's reinsurance contracts in September 2022 related to the impact of Hurricane Ian |
| We generated a net loss of $7.3 million or $1.24 per share compared to a net loss of $2.2 million or $0.37 per share in last year's third quarter |
| The acquisition ratio decreased marginally from 11.1% for the 9-month period ended September 30, 2022, to 10.9% for the 9-month period ended September 30, 2023 |
| For the 9 months ended the year September 30, 2023, the net loss was $7.2 million or $1.23 per share compared to a net loss of $2.5 million or $0.43 per share last year |
| Other investments decreased due to the negative change in the fair value of our investment in Jet.AI measured at fair value |
| In the third quarter of 2023, we recorded an unrealized loss of $6.4 million on our other investments, the result of our remeasurement of our investment in Jet.AI |
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