The Issuer is a Bermuda exempted company registered as a special purpose insurer under the Bermuda Insurance Act 1978, as amended, and related regulations and owned by a purpose trust.  The purpose of the offerings of Notes under the Program (each, an “Offering”) is to collateralize and fund the obligations of the Issuer under the respective Reinsurance Agreements pursuant to which the Issuer will provide the Ceding Insurer with coverage for certain Loss Occurrences within the Covered Territory.