Oxbridge Re Holdings Limited has announced that its Web3-focused, wholly-owned subsidiary, SurancePlus Inc., has closed a $2.4 million private capital raise through the sale of 244,776 of its tokenized reinsurance security, DeltaCat Re.
According to the announcement, the tokens will be issued on the Avalanche blockchain.
Oxbridge Re announced the incorporation of SurancePlus, a new wholly-owned subsidiary in February earlier this year.
Moreover, ownership of DeltaCat Re tokenized reinsurance securities indirectly presents fractionalized interests in reinsurance contracts underwritten by Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2023-2024 treaty year.
