Oxbridge Re Holdings Limited

Good afternoon. Welcome to Oxford Rees first quarter 2021 earnings call. My name is Matthew, and I'll be your conference operator this afternoon. At this time, all participants will be on a listen-only mode. Joining us for today's presentation is Oxford Rees chairman, president, and chief executive officer, Jay Madhu, and chief financial officer and corporate secretary, Rendon Timothy. Following their remarks, we will open up the call for your questions. I would like to remind everyone that this call is also being broadcast live via webcast and available via webcast replay until June 13, 2021, on the Investor Information section of the Oxford Re website at www.oxbridge.re.com. Now I'd like to turn the call over to Rendon Timothy, Chief Financial Officer of Oxford Re, who will be providing the necessary cautions regarding the forward-looking statements that will be made by management during this call. Sir, please proceed.

Thank you, Operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge REIT's future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. Rules such as anticipates, estimates, expects, intends, plans, projects, and other similar rules and expressions are intended to signify forward-looking statements. Forelooking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filing with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and results of operations. 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 may change. In addition, on March 11, 2020, the World Health Organization characterize the outbreak of COVID-19 as a global pandemic. The disruption of global commercial activities across all market sectors and the significant declines in volatility in financial markets as a result of the COVID-19 pandemic could result in a material adverse impact on our financial position, results of operations, and cash flows. Possible effects may include, but are not limited to, uncertainties with respect to current and future losses, reduction in interest rates and equity market volatility, and ongoing business and financial market impact of an economic downturn. The insurance industry is likely to experience material losses resulting from COVID-19, which will reduce available capital and we expect will help to sustain the upward pricing trend for insurers that we have seen across many lines of businesses before COVID-19. However, the ultimate impact on current business in force as well as risk and potential opportunities on future business remain highly uncertain. Now, I would like to turn the call over to our Chairman, President, and Chief Executive Officer, Jay Madhu.

Jay? Thank you, Rendon, and welcome, everyone. Thank you for joining us today. As we all know, the world has been dealing with issues created by the COVID-19 pandemic for over 18 months now. And while vaccines have been deployed aggressively in most markets, we are not out of the woods yet. We all hope for a return to our normal lives and businesses soon, but we must remain vigilant and cautious over the near term. Fortunately, the pandemic has had little negative impact on our business. If anything, it taught us how to work remotely and stress test certain process and procedure in the event of a catastrophe in Cayman. We continue to monitor our markets and the insurance industry in general to ensure we continue to deliver value to our shareholders. As we do each quarter, before we get to our results, I would like to take a moment to provide a brief overview of our company. Oxbridge Reholdings Limited was founded seven years ago with a mission to provide reinsurance solutions primarily to property and casualty insurers in the Gulf Coast region of the United States. Through our licensed reinsurance subsidiary, Oxbridge Reinsurance Limited, and our licensed reinsurance SPV, Oxbridge ReNS, we write fully collateralized policies to cover property losses from specific catastrophes. And as some of you already know, because we write fully collateralized contracts, 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 in book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk. Regarding our investment portfolio, we remain opportunistic and we deploy our capital where favorable return opportunities arise, which we believe in turn drive our results through supplemental investment income. Looking at our first quarter results for the new year, we were pleased to return to profitability after a loss in the first quarter of 2020. We did this despite 2020 setting records for being the most active hurricane season and also deploying significantly less capital. Our liquidity position remained strong and we incurred no losses in the period. We look for the stability to continue as we await the negative impacts of the pandemic to recede and we all return to normal lives. In addition, we continue to make progress with our wholly owned subsidiary, Oxridge ReNS, which is our reinsurance SPV. For the contract year end of May 31, 2020, our SPV investors earned an attractive return of approximately 36%. Despite 2020 setting records for being the most active hurricane season, resulting in significant insurance and reinsurance losses globally, we believe we are an attractive deliverer of investors of our Series 2020-1, participating notes a possible double-digit return for the contract year ended May 31, 2021. I'll now turn things over to Rendon and take us through our financial results. Rendon?