The Issuer is a Bermuda exempted company registered as a Special Purpose Insurer in Bermuda.  The purpose of the issuance of the Series 2016-1 Notes under the Program is to collaterize and fund its obligations under the related reinsurance agreement pursuant to which it may be obligated to make certain payments to the ceding insurer upon the occurrence of one or more loss events during the applicable risk periods.  The Series 2016-1 Notes are issued with limited recourse to certain assets of the Issuer and without recourse to the ceding insurer.