The Issuer was established as an exempted company under the laws of Bermuda on 10 November 2009 under company number 43688 with the name Cahow Ltd. The Company changed its name to Eurus III Ltd. effective 8 August, 2012 and was registered as a Special Purpose Insurer on 27 August 2012 under the Bermuda Insurance Act 1978, as amended.

The Issuer’s business consists solely of the issuance of the Notes and the entering into and performance of a risks transfer contract (the “Risk Transfer Contract”) with Hannover Rückversicherung AG, and/or one or more of its subsidiaries or affiliates (the “Ceding Insurer” and the “Risk Transfer Counterparty”), as specified in the applicable Offering Circular Supplement and related agreements and activities, as described further in the Prospectus. 

The Issuer is issuing the Notes to collateralize and fund its obligations under the Risk Transfer Contract to make certain payments to the Risk Transfer Counterparty upon the occurrence of certain specified covered events as specified in the applicable Offering Circular Supplement (“Covered Event”) during the applicable risk period as specified in the applicable Offering Circular Supplement (the “Risk Period”).

The Issuer does not and does not intend to conduct business activities in the United States.  The Issuer’s only office and operations are in Bermuda.

$130,000,000 Series 2012-1 Class A Principal At-Risk Variable Rate Notes due April 07, 2016