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Exhibit 99.1 GRAND CAYMAN , CAYMAN ISLANDS / ACCESSWIRE / August 16 , 2021 / Oxbridge Re Holdings Limited ( NASDAQ : OXBR ) , ( the " Company " ) , a provider of reinsurance solutions primarily to property and casualty insurers , reported improved results for the three and six months ended June 30 , 2021 . 2021 HIGHLIGHTS : • Net income of $ 448,000 in second quarter , up from $ 165,000 last year • Q2 premium income rises on higher rates on reinsurance contracts • No losses incurred to date in 2021 or in 2020 • Sidecar investors in Series 2021-1 participating notes paid ~ 19 % return to date • Oxbridge Acquisition Corp. listed on August 12 , 2021 to invest in disruptive technology markets , with a particular focus on insurtech , blockchain and artificial intelligence sectors . " We were pleased to generate further improved performance through the second quarter and first six months of 2021 with higher revenues , increased net income , and strengthened financial and operating ratios , " said Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu . " Looking ahead , we remain highly optimistic about the long - term prospects of our reinsurance business and for our investment in the recently listed special purpose acquisition company Oxbridge Acquisition Corp. " " We were also pleased that our sidecar investors were paid a 19 % return to date and we anticipate growing this portion of the business going forward , " Mr. Madhu concluded . Financial Performance For the three months ended June 30 , 2021 the Company generated net income of $ 448,000 or $ 0.08 per basic and diluted common share compared with $ 165,000 or $ 0.03 per basic and diluted common share in the second quarter of 2020. For the six months ended June 30 , 2021 net income was $ 476,000 or $ 0.08 per basic and diluted common share compared with a net loss of $ ( 199,000 ) or $ ( 0.03 ) per basic and diluted common share in the same period last year . The improved results were primarily due to significant net realized gains on investments earned through the first six months of 2021 . Net premiums earned for the three months ended June 30 , 2021 increased to $ 205,000 from $ 135,000 in the prior year due to higher rates on reinsurance contracts during the second quarter of 2021. For the first six months of 2021 net premiums earned decreased marginally to $ 386,000 from $ 400,000 in the prior year . The small decrease is due to premium adjustments recognized through the first six months of 2021 . Total expenses , including policy acquisition costs and general and administrative expenses were $ 334,000 in the second quarter of 2021 compared to $ 297,000 in the second quarter of 2020. Policy acquisition costs increased in the first quarter of 2021 due to higher rates on reinsurance contracts compared to last year . For the first six months of 2021 total expenses were $ 607,000 compared to $ 572,000 last year . Policy acquisition costs decreased in the six months ended June 30 , 2021 due to premium adjustments recorded and related adjustments to policy acquisition costs . General and administrative expenses have increased marginally in 2021 due to expense fluctuations . At June 30 , 2021 , cash and cash equivalents , and restricted cash and cash equivalents , totaled $ 8.0 million compared with $ 7.5 million at December 31 , 2020 . Restricted cash and cash equivalents decreased at June 30 , 2021 due to the withdrawal of the majority of collateral deposits on the expiry of contracts in 2021 . Solid Financial Ratios Loss ratio , which measures underwriting profitability , is the ratio of losses and loss adjustment expenses incurred to net premiums earned . For the three and six months ended June 30 , 2021 and 2020 the loss ratio was 0.0 % due to no loss and loss adjustment expenses incurred to date in either year . Acquisition cost ratio , which measures operational efficiency , compares policy acquisition costs with net premiums earned . The acquisition cost ratio decreased to 10.7 % for the three months ended June 30 , 2021 from 11.1 % last year . The decrease is due to the marginally lower weighted - average acquisition costs on reinsurance contracts in force during the second quarter of 2021 compared to the prior year . For the six months ended June 30 , 2021 the acquisition cost ratio decreased to 10.9 % from 11.0 % last year due to the marginally lower weighted - average acquisition costs on reinsurance contracts in force to date in 2021 compared with last year