Oxbridge Funded 95% of SurancePlus Solana Token Sale

Oxbridge Re Holdings’ 80%-owned tokenized reinsurance unit, SurancePlus, issued two token series, T20 and T42, on the Solana blockchain. The Aug. 13 filing shows Oxbridge contributed approximately $744,623 to those placements while outside investors supplied about $37,143, based on the reported $781,767 total.

The T20 and T42 instruments are contractual claims on underwriting profits rather than equity in SurancePlus. The offering terms state they carry no ownership, voting, dividend, preemptive or conversion rights. Payments depend on allocated underwriting profits and may be reduced by losses on the underlying reinsurance contracts.

Oxbridge consolidates controlled subsidiaries in its financial statements, so the parent-funded subscriptions came from within the group rather than independent buyers. The filing does not describe how that intra-group subscription was eliminated in consolidation.

The company’s $7.1 million headline total combines proceeds from the T20 and T42 placements with three securities tied to HCI Group’s reinsurance business. The filing shows the three HCI-linked series produced $6.323 million in gross subscription proceeds; added to the T20 and T42 receipts, the disclosed amounts sum to about $7.105 million.

The filing identifies purchasers in the HCI-linked series only as “investors” and does not break down whether those subscriptions came from unrelated third parties or related parties. The document therefore does not verify independent investor demand for the full $7.1 million.

The filing notes a related-party connection between Oxbridge and HCI through common directorships and describes the HCI tokens as synthetic contractual exposure that mirrors specified participations in Fortex Reinsurance’s program without changing the underlying reinsurance arrangements.

The filing records HCI contributions of about $6.19 million to three trust accounts and attributes a separate deposit of roughly $5.8 million in net HCI-token proceeds to “the Company.” The accounts held $12.02 million at June 30. The filing treats gross subscriptions, net deposits, collateral and trust assets as distinct measures.

Disclosed third-party demand for the SurancePlus T20 and T42 series equals the reported $37,143. The absence of purchaser detail for the HCI-linked offerings leaves the extent of independent investor participation across the combined placements unverified.