Torrey Pines Re Ltd., is a Bermuda exempted company, to be licensed and registered under the Insurance Act as a special purpose insurer. The Issuer is not, and does not intend to become, a licensed insurance or reinsurance company in any state of the United States or in any jurisdiction other than Bermuda. The Issuer was incorporated under the laws of Bermuda on March 31, 2017, with registration number 52456.

Torrey Pines Re Ltd., US$45,000,000 Series 2017-1 Class A Principal At-Risk Variable Rate Notes due June 9, 2020.