On November 11, 2022, the Board of Directors of Oxbridge Re Holdings Limited accepted the resignation of Mr. Kris Persaud as an independent director of the Company, effective immediately. Mr. Persaud's decision to resign did not involve any disagreements with the Company, the Company's management or the Board. On November 11, 2022, the Board of Oxbridge Re Holdings Limited appointed Mr. Dwight Merren, to serve as an independent director on the Board of the Company, effective immediately.

Mr. Merren's appointment was made to fill the vacancy resulting from Mr. Persaud's resignation, and he was appointed for a term that ends at the 2023 annual meeting of stockholders. Mr. Merren currently serves as an AVP, Private Banking at Butterfield Bank (Cayman) Limited (“Butterfield Cayman”) since December 2021, servicing mainly high net-worth private clientele. Butterfield Cayman is part of the Butterfield Group.

Prior to this, from November 2014, Mr. Merren served as a Relationship Manager in Butterfield Cayman's Corporate Banking Department where he was responsible for the management of a portfolio of corporates across various business sectors, including captive insurers, insurance companies, reinsurance companies, special-purpose vehicles, liquidation accounts, large multinational companies and hedge funds. Mr. Merren previously served as Relationship Manager of HSBC Bank (Cayman) Limited from October 2011 to October 2014, and as Deputy Head – Insurance Division at CIMA, from March 2009 to September 2011. From July 1992 to February 2009, Mr. Merren held senior roles of Administrator at Midland Bank (now HSBC), Assistant Vice President at Willis Management (Cayman) Limited, and Vice President at Global Captive Management Ltd. where he led and managed large portfolio of companies.

Mr. Merren served as an independent director at Cayman Islands National Insurance Company, and as the Chairman of the Risk and Compliance Committee, and Chair of the Finance Committee from November 2017 to February 2022. Mr. Merren brings invaluable experience in insurance, banking, risk management, compliance and governance to boards. Mr. Merren was appointed to serve as the Chair of the Compensation Committee, and a member of the Nominating and Corporate Governance, Audit and Underwriting Committees of the Board.