Jay Madhu: Thank you, Wrendon. As highlighted earlier in today’s discussion, we have implemented decisive and substantial measures throughout this year to fortify and diversify our operations. In December 2022, we established SurancePlus, our wholly owned subsidiary, with the objective of tokenizing securities representing fractionalized interest in reinsurance contracts underwritten by a reinsurance subsidiary. In the second quarter of 2023, we successfully concluded the initial offering of these tokens through a $2.4 million private placement. Furthermore, we are pleased to report that investors in our Delta CatRe tokens are poised to achieve returns exceeding 45%, being the initial 42% projected. And despite the challenges posed by Hurricane Idalia, which made landfall as a category three hurricane in 2023.
We believe these are the first tokenized reinsurance securities backed by a publicly traded company. SurancePlus is poised to democratize access to reinsurance as an alternative investment avenue, leveraging the inherent advantages of blockchain technology to craft sophisticated digital securities. Our tokens aim to facilitate broader investor participation, ensuring their interests are securely and transparently recorded on the blockchain. These opportunities, previously out of the reach of many investors used to extremely high barriers to entry are now accessible through our innovative approach essentially and while repeating myself, we have democratized access to reinsurance. Subsequent to this, in mid-August 2023, our investment in a special purpose acquisition company, Oxbridge Acquisition Corp, culminated in a business merger with Jet.AI, a company specializing in fractional aircraft ownership, jet card services, aircraft brokerage, and charter services, facilitated by its fleet of private aircraft.
Notably, our own wholly owned subsidiary, Oxbridge Reinsurance Limited, assumed the role of lead investor and the stack sponsor. Concurrently with the finalization of business merger, the company successfully listed its common shares and warrants on the NASDAQ. These compelling opportunities not only augmented our business, but also enhanced our risk profile, strategically positioning us to capitalize on the growth within emerging technologies. We are especially enthusiastic about the anticipated value of these investments hold and the benefits they offer to our shareholders. As previously mentioned, we are currently in the process of rebranding Oxbridge as a RWA Web3 focused company, leveraging the significant progress we have achieved this year.
Forecast suggests an extraordinary expansion of the tokenized RWA market over the next decade with estimates exceeding $10 trillion. This growth trajectory is fueled by escalating adoption of blockchain technology across various traditional financial sectors including fiat currencies, equities, government bonds and real estate. Endorsements from institutions such as BlackRock and Bank of America further affirm the transformative potential of tokenization, enhancing financial infrastructure efficiencies, reducing costs, and optimizing supply chains. Moreover, industry analysis from firms such as Boston Consulting Group anticipate a substantial surge in the tokenized asset market, potentially reaching $16 trillion. As pioneers in this evolving landscape, we hold a strong sense of optimism regarding the value our rebranding efforts will unlock for our shareholders.
We remain steadfast in our commitment to seizing the opportunities presented by this dynamic market. With that, we are now ready to address any questions you may have. Operator, please provide the appropriate instructions.
Operator: Thank you, sir. At this time, we will be conducting a question-and-answer session. [Operator Instructions] And at this time, this concludes our question-and-answer session. I’d now like to turn the call back over to Mr. Madhu for his closing remarks. Mr. Madhu.
Jay Madhu: Thank you for joining us for today’s call. Before we conclude, I would like to extend my gratitude to our employees, business partners, and investors for their unwavering support. I particularly want to acknowledge our dedicated Oxbridge team whose extensive experience has been instrumental in navigating and advancing our business amidst these challenging circumstances. We anticipate providing you with further updates of our progress during our next call. And should you have any additional questions, please do not hesitate to reach out to us at any time. Once again, thank you for your time, attention today, and for your ongoing interest in Oxbridge. Operator?
Operator: Before we conclude today’s call, I would like to remind everyone that a recording of today’s call will be available for replay via a link available in the Investors section of the company’s website. Thank you for joining us today for our presentation. You may now disconnect.
End of Q&A:
