Oxbridge Re Holdings Ltd., the Cayman Islands-based reinsurance company, along with its subsidiary SurancePlus, has successfully closed five private placements of tokenized reinsurance securities on Solana blockchain, with total gross proceeds of combined offerings amounting to approximately $7.1 million.
The tokenized offerings include three tokenized reinsurance securities providing qualified investors with synthetic contractual exposure to designated reinsurance risk associated with HCI Group, Inc.’s Fortex Reinsurance SPC, Ltd., together with Oxbridge Re’s traditional tokenized reinsurance offerings.
We reported last month that HCI Group was tapping into the wave of interest in taking risk on-chain and issuing tokenized reinsurance securities as a way to access risk capital through a partnership with Oxbridge Re.
The tokens which were unveiled are named HCI Re 2026 Series A, HCI Re 2026 Series B, and HCI Re 2026 Series C. At the time, Oxbridge Re also said that they target annualised investor returns of approximately 243%, 133% and 19%, respectively, assuming an underwriting loss free treaty period.
However, around a month later, those return assumptions have now slightly shifted, with the Series A tokenized securities now targeting annualised investor returns of 224%; Series B at 122%; and the Series C tokens targeting 17%.
Oxbridge Re also confirmed that the HCI-related securities were issued as a separate investment structure on blockchain infrastructure and were not part of, nor did they affect, Fortex Re’s or HCI’s 2026-2027 reinsurance programs.
“This approach enables qualified investors to gain blockchain-enabled exposure to specified reinsurance risk without participating directly in the underlying reinsurance program,” the firm explained.
As mentioned, the other two tokenized reinsurance securities are ones Oxbridge Re previously unveiled as part of its latest offering for the 2026/2027 reinsurance contract year, with the firm utilising a two tranche approach, one being higher-yield and one a lower-yielding reinsurance investment opportunity, labelled “T20-2027” and “T42-2027”, respectively.
The T20-2027 offering originally targeted an annual return of 20%, but these how now been adjusted to 26%, assuming no underwriting losses. While the T42-2027 securities, which originally targeted an annual return 42%, have been adjusted to 32%, assuming no underwriting losses.
As a result of the completed offering, Oxbridge Re said that it expects to record approximately $13.1 million of new restricted assets on its consolidated balance sheet. The new restricted assets represent collateral supporting the Cayman Islands-based firm’s tokenized reinsurance securities and participation interests issued through the offerings.
Additionally, Oxbridge Re also said that this milestone further demonstrates SurancePlus’ ability to originate, structure and distribute institutional-quality reinsurance investments through blockchain infrastructure.
“Since launching its reinsurance tokenization platform, SurancePlus has completed offerings across four consecutive treaty years, issuing approximately 1.27 million tokenized securities and raising more than $16 million in aggregate gross proceeds across multiple blockchain platforms. This growing track record of tokenized transactions highlights the growing synergies brought by SurancePlus in expanding capital sources for the insurance and reinsurance markets and connecting institutional-quality reinsurance investments with qualified investors through blockchain technology,” Oxbridge Re commented.
Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus, added: “The successful completion of these five offerings marks another significant milestone for SurancePlus and our strategy of bringing institutional-quality reinsurance investments on-chain. Our largest issuance to date reflects more than growth; it reflects execution. SurancePlus has consistently demonstrated its ability to originate, tokenize and distribute institutional-quality reinsurance investments, and we believe we’re setting the standard for bringing insurance-linked investments on-chain.”
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