The Issuer was established as a Special Purpose Company under the Laws of Bermuda on 28 September 2012 under company number 46181 with registered office address at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, and registered as a Special Purposes Insurer on October 18, 2012 in accordance with the Bermuda Insurance Act 1978 as amended.

The Principal-At-Risk Variable Rate Notes, Due April 8, 2016 are exposed to the perils of hurricane and European windstorms on a per occurrence basis during the Risk Period. The Notes will be issued in United States currency, in minimum denominations of $250,000 and integral multiples of $1000 in excess thereof.

The capitalization of the Notes is US$75,000,000 being their total face value.