SurancePlus, a subsidiary of Oxbridge Re Holdings, has delivered annualized returns of 29.3% and 43.4% on its 2025-2026 tokenized reinsurance offerings - results that compare favourably with a global reinsurance industry return on equity of 15.7% in 2024 and catastrophe bond returns of 11.4% in 2025, according to AM Best and the Swiss Re Global Cat Bond Performance Index respectively. The higher returns reflect the risk profile: concentrated Gulf Coast catastrophe exposure through a collateralised sidecar structure, with investors bearing first-loss risk on defined reinsurance contracts.
The four-year track record of SurancePlus's tokenized offerings now tells a coherent story about that risk profile. The 2023 DeltaCat Re offering delivered 49% against a 42% target. The 2024 EpsilonCat Re offering, which raised $2.88 million against the same 42% target, suffered a full limit loss of $2.3 million on one reinsurance contract after Hurricane Milton made landfall - reducing investor returns significantly for that vintage and demonstrating the tail risk embedded in the structure. The 2025-2026 program, which raised more than $3.6 million across two tranches, recovered strongly: EtaCat Re, structured as a balanced-yield token targeting 20%, returned 29.3%, while ZetaCat Re, the high-yield tranche targeting 42%, returned 43.4%.
Each security-backed token was priced at $10 per share, with proceeds invested in reinsurance contracts funding Oxbridge Re NS, the company's collateralised reinsurance sidecar vehicle.
Get the latest reinsurance news direct to your inbox twice a week. Sign up here
Jay Madhu, chairman and CEO of Oxbridge Re and SurancePlus, said the results validate the model. "These results validate our underwriting approach, demonstrate the strength of tokenized reinsurance as an investable asset class, and reinforce the value of providing investors access to institutional-quality reinsurance opportunities through a transparent blockchain-based structure," he said.
The more significant development may be structural rather than financial. SurancePlus announced it will issue tokenized reinsurance securities on Solana through HCI Group's Fortex Re program - bringing excess-of-loss reinsurance risk on-chain through three series of securities labelled HCI Re 2026 Series A, B and C. If fully subscribed, SurancePlus expects to add approximately $12 million in restricted assets to its balance sheet.
The HCI program marks a qualitative shift. SurancePlus began in 2022 issuing tokenized securities backed by Oxbridge Re's own reinsurance contracts - a self-contained structure in which the technology and the underlying risk were both proprietary. Issuing tokenized securities on a third-party reinsurance program turns the platform into distribution infrastructure for external risk, a meaningful expansion of the model's scope.
The blockchain infrastructure supporting that expansion has also broadened. SurancePlus moved its latest offering from the Avalanche blockchain to Solana through a listing on Alphaledger, and an integration with LayerZero expanded distribution across more than 160 blockchain networks through that platform.
For the 2026-2027 contract year, Oxbridge Re has confirmed a two-tranche offering - T20-2027 targeting 20% annual returns and T42-2027 targeting 42% - with preferred annual hurdle rates of 8% and 16% respectively. Oxbridge Re has also fully repaid a $1 million short-term promissory note, leaving the company with no outstanding debt obligations.
Get the latest reinsurance news direct to your inbox twice a week. Sign up here
