The Issuer is a Bermuda exempted company incorporated under the laws of Bermuda on February 19, 2015 and registered as a Special Purpose Insurer in Bermuda effective March 13, 2015. Its issued shares are held pursuant to the terms of the Pelican III Purpose Trust by Codan Trust Company Limited as share trustee. The business of the Issuer will consist solely of the issuance of the Notes under the Program, and the entering into and performance of a reinsurance agreement and related agreements and activities as applicable.  

The Series 2015-1 Class A Principal-At-Risk Variable Rate Notes due 16  April 2018, pursuant to its Note Program are exposed to the peril of Named Storms affecting the Subject Business in the Covered Area on a per occurrence basis during the Risk Period and as specified in the offering circular supplement   For Qualified Investors.