OXBRIDGE RE HOLDINGS LTD – 10-K – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following management discussion and analysis is intended to help
the reader understand our business, financial condition, results of operations,
liquidity and capital resources. You should read this discussion in conjunction
with our Consolidated Financial Statements and the related notes contained
elsewhere in this Annual Report on Form 10-K for the fiscal year ended
31, 2021
This discussion contains forward-looking statements that are not
historical facts, including statements about our beliefs and expectations. These
statements are based upon current plans, estimates and projections. Our actual
results may differ materially from those projected in these forward-looking
statements as a result of various factors. See "Forward Looking Statements"
appearing at the beginning of this Annual Report on Form 10-K and Item 1A, "Risk
Factors."
General
The following is a discussion and analysis of our results of operations for the
years ended
conjunction with our consolidated financial statements and related notes
included elsewhere in this Annual Report on Form 10-K. References to "we," "us,"
"our," "our company," or "the Company" refer to
its wholly-owned subsidiaries,
unless the context dictates otherwise.
Overview and Trends
We are a
reinsurance solutions through our reinsurance subsidiaries,
Limited
which increases the underwriting capacity of
Oxbridge Re NS issues participating notes to third party investors, the proceeds
of which are utilized to collateralize
reinsurance obligations. We focus on underwriting fully-collateralized
reinsurance contracts primarily for property and casualty insurance companies in
the
specialize in underwriting medium frequency, high severity risks, where we
believe sufficient data exists to analyze effectively the risk/return profile of
reinsurance contracts.
We underwrite reinsurance contracts on a selective and opportunistic basis as
opportunities arise based on our goal of achieving favorable long-term returns
on equity for our shareholders. Our goal is to achieve long-term growth in book
value per share by writing business that generates attractive underwriting
profits relative to the risk we bear. Additionally, we complement our
underwriting profits with investment profits on an opportunistic basis. Our
underwriting business focus is on fully collateralized reinsurance contracts for
property catastrophes, primarily in the
with an emphasis on
select the most economically attractive opportunities across a variety of
property and casualty insurers. As our capital base grows, however, we expect
that we will consider further growth opportunities in other geographic areas and
risk categories.
Our level of profitability is primarily determined by how adequately our
premiums assumed and investment income cover our costs and expenses, which
consist primarily of acquisition costs and other underwriting expenses, claim
payments and general and administrative expenses. One factor leading to
variation in our operational results is the timing and magnitude of any
follow-on offerings we undertake (if any), as we are able to deploy new capital
to collateralize new reinsurance treaties and consequently, earn additional
premium revenue. In addition, our results of operations may be seasonal in that
hurricanes and other tropical storms typically occur during the period from
1 through November 30
significant variations due to factors affecting the property and casualty
insurance industry in general, which include competition, legislation,
regulation, general economic conditions, judicial trends, and fluctuations in
interest rates and other changes in the investment environment.
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Because we employ an opportunistic underwriting and investment philosophy,
period-to-period comparisons of our underwriting results may not be meaningful.
In addition, our historical investment results may not necessarily be indicative
of future performance. Due to the nature of our reinsurance and investment
strategies, our operating results will likely fluctuate from period to period.
Compared to most of our competitors, we are small and have low overhead
expenses. We believe that our expense efficiency, agility and existing
relationships support our competitive position and allows us to profitably
participate in lines of business that fit within our strategy. Over time we
expect our expense advantage to erode as the industry acts to reduce frictional
costs.
Recent Developments Oxbridge Acquisition Corp.
On
SPAC"), a
Company has an indirect investment through its wholly-owned licensed reinsurance
subsidiary
initial public offering of units ("Units"). In the initial public offering,
Oxbridge Acquisition sold an aggregate of 11,500,000 Units at a price of
per unit, resulting in total gross proceeds of
of one Class A ordinary share and one redeemable warrant, with each warrant
entitling the holder thereof to purchase one Class A ordinary share of Oxbridge
Acquisition at a price of
The initial public offering of Oxbridge Acquisition was sponsored by
Ltd.
offering, Sponsor purchased from Oxbridge Acquisition, simultaneous with the
closing of the initial public offering, an aggregate of 4,897,500 warrants at a
price of
(the "Private Placement Warrants"). Each Private Placement Warrant is
exercisable to purchase one Class A ordinary share of Oxbridge Acquisition at
ordinary shares of Oxbridge Acquisition, representing 20% of the outstanding
shares of Oxbridge Acquisition (the "Class
In connection with the organization of Sponsor, OXRE placed approximately 34.7%
of the risk capital and owns approximately 49.6% and 63.1% of the ordinary
shares and preferred shares, respectively, of the Sponsor (the "Sponsor Equity
Interest"). The preferred shares of Sponsor are nonvoting shares and generally
entitle the holders thereof to receive the net proceeds, if any, received by
Sponsor from the sale, exchange, or disposition of the Private Placement
Warrants or the shares issuable upon the exercise thereof, and the ordinary
shares of Sponsor (which are voting shares in Sponsor) will generally be
equivalent to the value of the Class
Sponsor.
On
(the "Share Purchase Agreement") under which OXRE purchased the Sponsor Equity
Interest for an aggregate purchase price of
Agreement"). Under the Share Purchase Agreement, OXRE acquired an aggregate of
1,500,000 ordinary shares and 3,094,999 preferred shares of Sponsor. The
preferred shares of Sponsor generally entitle the holders thereof to receive the
net proceeds, if any, received by Sponsor from the sale, exchange, or
disposition of the Private Placement Warrants or the shares issuable upon the
exercise thereof, and the ordinary shares of Sponsor are equivalent to the value
of the Class
the foregoing, the Share Purchase Agreement contains customary representations,
warranties, and covenants.
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Business outlook
The novel coronavirus ("COVID-19") pandemic has had and is expected to continue
to have a significant effect on the reinsurance industry. The industry is
currently being impacted by a number of factors including: uncertainties with
respect to current and future losses, reduction in interest rates, equity market
volatility and ongoing business and financial market impacts of an economic
downturn. The insurance industry is likely to experience material losses
resulting from COVID-19, which will reduce available capital and we expect will
help to sustain the upward pricing trend for reinsurers that we were seeing
across many lines of business before COVID-19. However, the ultimate impact on
current business in force as well as risks and potential opportunities on future
business remains highly uncertain.
Impact of COVID-19 on Business Operations
We reacted quickly and decisively to the COVID-19 crisis when we became aware of
the potential impact on our business operations. We have continued to monitor
and adjust our operations as the global pandemic unfolds. As local directives
had required us to transition our operations to remote working arrangements, all
functions remained fully operational with all employees having remote access to
the Company's network and IT systems. Each employee was equipped with a computer
and related equipment at their home to ensure access to our network and
efficiency. Prior to the COVID-19 crisis we had general remote, work-from-home
capabilities and had previously tested those systems. We have experienced no
material disruption in our business operations. As of
operations are back to normal. However, should the situation change for the
worse, we will revert to working remotely.
PRINCIPAL REVENUE AND EXPENSE ITEMS
Revenues
We derive our most significant revenues from three principal sources:
• premiums assumed from reinsurance on property and casualty business;
• income from investments and unrealized gain (loss) on other investments;
• other fee income from management and underwriting performance of the
reinsurance side-car; and
• income under our Administrative Services Agreement
Premiums Assumed
Premiums assumed include all premiums received by a reinsurance company during a
specified accounting period, even if the policy provides coverage beyond the end
of the period. Premiums are earned over the term of the related policies. At the
end of each accounting period, the portion of the premiums that are not yet
earned are included in the unearned premiums reserve and are realized as revenue
in subsequent periods over the remaining term of the policy. Our policies
typically have a term of twelve months. Thus, for example, for a policy that is
written on
2021 and the other half will be earned during 2022. However, in the event of
limit losses on our policies, premium recognition will be accelerated to match
losses incurred in the period, when there is no possibility of any future
treaty-year losses under the contracts.
Premiums from reinsurance on property and casualty business assumed are directly
related to the number, type and pricing of contracts we write.
Premiums assumed are recorded net of change in loss experience refund, which
consists of changes in amounts due to the cedants under two of our reinsurance
contracts. These contracts contain retrospective provisions that adjust premiums
in the event losses are minimal or zero. We recognize a liability pro-rata over
the period in which the absence of loss experience obligates us to refund
premiums under the contracts, and we will derecognize such liability in the
period in which a loss experience arises. The change in loss experience refund
is negatively correlated to loss and loss adjustment expenses described below.
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Investment Income
Income from our investments is primarily comprised of net realized and
unrealized gains (losses) interest income and dividends on investment
securities. Such income is primarily from the Company's investments, which
includes other investments in Oxbridge Acquisition Corp. and investments held in
trust accounts that collateralize the reinsurance policies that we write. The
investment parameters for trust accounts are generally be established by the
cedant for the relevant policy.
Fee and other income
The Company earns management fee income from providing management services for
the reinsurance side-car operations. The Company is also entitled to a
performance fee should the side-car underwriting results be profitable for a
specific treaty period.
Administrative Services Agreement
Commencing on the effective date of the SPAC's IPO, the Sponsor agreed to pay
the Company a total of up to
2022
Sponsor and the SPAC. Upon completion of the SPAC's initial Business Combination
or the SPAC's liquidation, the Sponsor will cease paying these monthly fees. For
the year ended
under the Administrative Services Agreement, which is included in "net
investment and other income" in the consolidated statements of operations.
Expenses
Our expenses consist primarily of the following:
• losses and loss adjustment expenses; • policy acquisition costs and underwriting expenses; and • general and administrative expenses.
Loss and Loss Adjustment Expenses
Loss and loss adjustment expenses are a function of the amount and type of
reinsurance contracts we write and of the loss experience of the underlying
coverage. As described below, loss and loss adjustment expenses are based on the
claims reported by our Company's ceding insurers, and may include an actuarial
analysis of the estimated losses, including losses incurred during the period
and changes in estimates from prior periods. Depending on the nature of the
contract, loss and loss adjustment expenses may be paid over a period of years.
Policy Acquisition Costs and Underwriting Expenses
Policy acquisition costs and underwriting expenses consist primarily of
brokerage fees, ceding commissions, premium taxes and other direct expenses that
relate to our writing of reinsurance contracts. We amortize deferred acquisition
costs over the related contract term.
General and Administrative Expenses
General and administrative expenses consist of salaries and benefits and related
costs, including costs associated with our professional fees, rent and other
general operating expenses consistent with operating as a public company.
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RESULTS OF OPERATIONS
The following table summarizes our results of operations for the years
ended December 31, 2021 and 2020 (dollars in thousands, except per share
amounts):
Years Ended December 31,
2021 2020
Revenue
Assumed premiums $ 904 864
Change in unearned premiums reserve 61 29
Net premiums earned 965 893
Net investment and other income 99 102
Net realized investment gain 755 374
Unrealized gain on other investments 9,173 -
Change in fair value of equity securities (767 ) (155 )
Total revenue 10,225 1,214
Expenses
Losses and loss adjustment expenses 158 - Policy acquisition costs and underwriting expenses 106 98 General and administrative expenses 1,305 1,028 Total expenses 1,569 1,126 Income before income attributable to noteholders 8,656 88 Income attributable to noteholders (91 ) (138 ) Net income (loss)$ 8,565 (50 ) Earnings (Loss) per share Basic and Diluted$ 1.49 (0.01 ) Weighted-average shares outstanding Basic and Diluted 5,735,779 5,733,587 Performance ratios to net premiums earned: Loss ratio 16.4 % 0.0 % Acquisition cost ratio 11.0 % 11.0 % Expense ratio 146.2 % 126.1 % Combined ratio 162.6 % 126.1 % 38 Table of Contents
Comparison of the Year Ended
General. Net income for the year ended
thousand
31, 2020
significant unrealized gains on the Company's investment in Oxbridge Acquisition
Corp. during the year ended
Premium Income. Net premiums earned typically reflects the pro-rata inclusion
into income of premiums assumed (net of loss experience refund and premiums
ceded) over the life of the reinsurance contracts. Net premiums earned for the
year ended
thousand
acceleration of premium recognition on one of the Company's reinsurance contract
due to a limit loss suffered during the year, as well as higher rates on
reinsurance contracts during the year ended
the prior year.
Losses Incurred. Losses incurred for the year ended
to
during the year is wholly due to the triggering of a limit loss on one of the
Company's reinsurance contracts, due to the impact of Hurricane Ida on our book
of business
Policy Acquisition Costs and Underwriting Expenses. Acquisition costs represent
the amortization of the brokerage fees and federal excise taxes incurred on
reinsurance contracts placed. Policy acquisition costs and underwriting expenses
for the year ended
from
wholly due to the acceleration of premium recognition as mentioned above, and
the resulting acceleration of policy acquisition costs, as well as higher rates
on reinsurance contracts during the year ended
to the prior year.
General and Administrative Expenses. General and administrative expenses for the
year ended
expense fluctuations during the year ended
recording of an allowance for uncollectible premiums of
the financial condition of one of our ceding insurers who was ordered into
receivership subsequent to year end.
MEASUREMENT OF RESULTS
We use various measures to analyze the growth and profitability of business
operations. For our reinsurance business, we measure growth in terms of premiums
assumed and we measure underwriting profitability by examining our loss,
underwriting expense and combined ratios. We analyze and measure profitability
in terms of net income and return on average equity.
Premiums Assumed. We use gross premiums assumed to measure our sales of
reinsurance products. Gross premiums assumed also correlates to our ability to
generate net premiums earned. See also the analysis above relating to the growth
in premiums assumed.
Loss Ratio. The loss ratio is the ratio of losses and loss adjustment expenses
incurred to premiums earned and measures the underwriting profitability of our
reinsurance business. The loss ratio for the year ended
increased to 16.4% from 0% for the
year ended
of our reinsurance contract as a result of Hurricane Ida, partially offset by a
higher denominator in net premiums earned, compared with the previous year.
Acquisition Cost Ratio. The acquisition cost ratio is the ratio of policy
acquisition costs and other underwriting expenses to net premiums earned. The
acquisition cost ratio measures our operational efficiency in producing,
underwriting and administering our reinsurance business. The acquisition cost
ratio remained consistent at 11% for both years
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Expense Ratio. The expense ratio is the ratio of policy acquisition costs, other
underwriting expenses and general and administrative expenses to net premiums
earned. We use the expense ratio to measure our operating performance. The
expense ratio increased from 126.1% for the year ended
146.2% for the year ended
recording of an allowance for uncollectible premiums of
the financial condition of one of our ceding insurers who was ordered into
receivership subsequent to year end.
Combined Ratio. We use the combined ratio to measure our underwriting
performance. The combined ratio is the sum of the loss ratio and the expense
ratio. The combined ratio increased from 126.1% for the year ended
2020
increase in loss ratio during the year ending
limit loss suffered under one of our reinsurance contracts, when compared with
the prior year, as well as the recording of an allowance for uncollectible
premiums of
insurers who was ordered into receivership subsequent to year end.
FINANCIAL CONDITION -
Restricted Cash and Cash Equivalents. As of
cash and cash equivalents decreased by
million
withdrawal of collateral on expiry of contract, and the deposit of collateral
for new treaty period during the year ended
Investments. As of
The decrease is primarily a result of the net sales of equity securities and the
fluctuation in the prices of equity securities during the year ended
31, 2021
Other investments. As of
successful launch of Oxbridge Acquisition Corp., a special purpose acquisition
company in which the Company has an equity investment measured at fair value.
Losses payable. As of
thousand
one of our reinsurance contracts impacting our book of business as a result of
Hurricane Ida.
Notes Payable to Noteholders. As of
remained the same at
participating notes issued by our reinsurance sidecar subsidiary, Oxbridge Re NS
during the quarter ending
Unearned Premiums Reserve. As of
reserve decreased by
income on in-force reinsurance contracts during the year ending
2021
LIQUIDITY AND CAPITAL RESOURCES
General
We are organized as a holding company and provide administrative and management
services to our subsidiaries, as well as to Oxbridge Acquisition Corp., a
special purpose acquisition company. Our operations are conducted through our
reinsurance subsidiaries,
underwrites risks associated with our property and casualty reinsurance
programs. We have minimal continuing cash needs at the holding company level,
with such needs principally being related to the payment of administrative
expenses and shareholder dividends, if any. There are restrictions on
Reinsurance Limited's
described in more detail below.
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Sources and Uses of Funds
Our sources of funds primarily consist of premium receipts (net of brokerage
fees and federal excise taxes, where applicable) and investment income,
including interest, dividends and realized gains, and administrative services
income from
expenses, other underwriting expenses, dividends, and general and administrative
expenses. Substantially all of our surplus funds, net of funds required for cash
liquidity purposes, are invested in accordance with our business plan and
investment guidelines. Our investment portfolio, except for our investment in
OAC sponsor Ltd., is primarily comprised of cash and highly liquid securities,
which can be liquidated, if necessary, to meet current liabilities, We believe
that we have sufficient flexibility to liquidate any securities that we own to
generate liquidity.
As of
to meet our liquidity requirements. We expect that our operational needs for
liquidity will be met by cash, investment income and funds generated from
underwriting activities. We have no plans to issue debt and expect to fund our
operations for the foreseeable future from operating cash flows, as well as from
potential future equity offerings. However, we cannot provide assurances that in
the future we will not incur indebtedness to implement our business strategy,
pay claims or make acquisitions.
Although
prohibitions on the payment of dividends,
Oxbridge Re NS are subject to
their ability to pay dividends to us and include a minimum net worth
requirement. Currently, the minimum net worth requirement for each subsidiary is
exceeded the minimum required. By law,
Reinsurance NS are restricted from paying a dividend if such a dividend would
cause its net worth to drop to less than the required minimum.
Cash Flows
Our cash flows from operating, investing and financing activities for the years
ended
Cash Flows for the Year ended
Net cash used in operating activities for the year ended
totaled
net written premiums less cash disbursed for operating expenses. Net cash used
in investing activities of
net purchase of equity securities. There was no cash used in or provided by
financing activities.
Cash Flows for the Year ended
Net cash used in operating activities for the year ended
totaled
net written premiums less cash disbursed for operating expenses. Net cash
provided by investing activities of
from sale of equity securities. Net cash used in financing activities totaled
and proceeds on issuance of Series 2020-1 participating notes.
OFF-BALANCE SHEET ARRANGEMENTS
As of
Item 303(a)(4) of Regulation S-K.
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Exposure to Catastrophes
As with other reinsurers, our operating results and financial condition could be
adversely affected by volatile and unpredictable natural and man-made disasters,
such as hurricanes, windstorms, earthquakes, floods, fires, riots and
explosions. Although we attempt to limit our exposure to levels we believe are
acceptable, it is possible that an actual catastrophic event or multiple
catastrophic events could have a material adverse effect on our financial
condition, results of operations and cash flows. As described under "CRITICAL
ACCOUNTING POLICIES-Reserves for Losses and Loss Adjustment Expenses" below,
under accounting principles generally accepted in
("GAAP"), we are not permitted to establish loss reserves with respect to losses
that may be incurred under reinsurance contracts until the occurrence of an
event which may give rise to a claim. As a result, only loss reserves applicable
to losses incurred up to the reporting date may be established, with no
provision for a contingency reserve to account for expected future losses.
CRITICAL ACCOUNTING POLICIES
We are required to make estimates and assumptions in certain circumstances that
affect amounts reported in our consolidated financial statements and related
footnotes. We evaluate these estimates and assumptions on an on-going basis
based on historical developments, market conditions, industry trends and other
information that we believe to be reasonable under the circumstances. These
accounting policies pertain to fair value measurements, particular with respect
to our beneficial interest in Oxbridge Acquisition Corp., premium revenues and
risk transfer, reserve for loss and loss adjustment expenses, and deferred
acquisition costs.
Fair value measurement: GAAP establishes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for
identical assets (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements).
The three levels of the fair value hierarchy under GAAP are as follows:
Level 1 Inputs that reflect unadjusted quoted prices in active markets for
identical assets or liabilities that the Company has the ability to access at
the measurement date?
Level 2 Inputs other than quoted prices that are observable for the asset or
liability either directly or indirectly, including inputs in markets that are
not considered to be active?
and Level 3 Inputs that are unobservable.
Inputs are used in applying the various valuation techniques and broadly refer
to the assumptions that market participants use to make valuation decisions,
including assumptions about risk. For fixed maturity securities, inputs may
include price information, volatility statistics, specific and broad credit
data, liquidity statistics, broker quotes for similar securities and other
factors. The fair value of investments in stocks and exchange-traded funds is
based on the last traded price. The fair value of our indirect investment in
Oxbridge Acquisition Corp. is based on the fair value calculation made by an
independent valuation expert utilizing observable and unobservable inputs. A
financial instrument's level within the fair value hierarchy is based on the
lowest level of any input that is significant to the fair value measurement.
However, the determination of what constitutes "observable" requires significant
judgment by the Company's investment custodians and management. The investment
custodians and management consider observable data to be market data which is
readily available, regularly distributed or updated, reliable and verifiable,
not proprietary, and provided by independent sources that are actively involved
in the relevant markets. The categorization of a financial instrument within the
hierarchy is based upon the pricing transparency of the instrument, as well as
the marketability of the instrument and the risk of forfeiture of such
instrument.
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Premium Revenue and Risk Transfer. We record premiums revenue as earned pro-rata
over the terms of the reinsurance agreements and the unearned portion at the
balance sheet date is recorded as unearned premiums reserve. A reserve is made
for estimated premium deficiencies to the extent that estimated losses and loss
adjustment expenses exceed related unearned premiums. Investment income is not
considered in determining whether or not a deficiency exists.
We account for reinsurance contracts in accordance with ASC 944, ''Financial
Services - Insurance." Assessing whether or not a reinsurance contract meets the
conditions for risk transfer requires judgment. The determination of risk
transfer is critical to reporting premiums written. If we determine that a
reinsurance contract does not transfer sufficient risk, we must account for the
contract as a deposit liability.
Reserves for Losses and Loss Adjustment Expenses. We determine our reserves for
losses and loss adjustment expenses on the basis of the claims reported by our
ceding insurers and for losses IBNR, we use the assistance of an independent
actuary. The reserves for losses and loss adjustment expenses represent
management's best estimate of the ultimate settlement costs of all losses and
loss adjustment expenses.
We believe that the amounts are adequate; however, the inherent impossibility of
predicting future events with precision, results in uncertainty as to the amount
which will ultimately be required for the settlement of losses and loss
expenses, and the differences could be material. Adjustments are reflected in
the consolidated statements of income in the period in which they are
determined.
Under GAAP, we are not permitted to establish loss reserves until the occurrence
of an actual loss event. As a result, only loss reserves applicable to losses
incurred up to the reporting date may be recorded, with no allowance for the
provision of a contingency reserve to account for expected future losses. Losses
arising from future events, which could be substantial, are estimated and
recognized at the time the loss is incurred.
As at
due to no significant events occurring during the year and no reported claims on
contract in force. See Note 7 to the consolidated financial statements.
Our reserving methodology does not lend itself well to a statistical calculation
of a range of estimates surrounding the best point estimate of our reserve for
loss and loss adjustment expense. Due to the low frequency and high severity
nature of claims within much of our business, our reserving methodology
principally involves arriving at a specific point estimate for the ultimate
expected loss on a contract-by-contract basis, and our aggregate loss reserves
are the sum of the individual loss reserves established.
Deferred Acquisition Costs. We defer certain expenses that are directly related
to and vary with producing reinsurance business, including brokerage fees on
gross premiums assumed, premium taxes and certain other costs related to the
acquisition of reinsurance contracts. These costs are capitalized and the
resulting asset, deferred acquisition costs, is amortized and charged to expense
in future periods as premiums assumed are earned. The method followed in
computing deferred acquisition costs limits the amount of such deferral to its
estimated realizable value. The ultimate recoverability of deferred acquisition
costs is dependent on the continued profitability of our reinsurance
underwriting. If our underwriting ceases to be profitable, we may have to write
off a portion of our deferred acquisition costs, resulting in a further charge
to income in the period in which the underwriting losses are recognized.
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