Sakura Re Ltd., is a Bermuda exempted company registered as a special purpose insurer under the Bermuda Insurance Act 1978 and related regulations, each as amended. The Issuer was incorporated under the laws of Bermuda on February 16, 2021. The Series 2021-1 Notes will be exposed to the perils of Typhoon and Flood affecting the Typhoon and Flood Covered Area and Earthquake affecting the Earthquake Covered Area on a per occurrence basis during the Risk Period.

Sakura Re Ltd., US$200,000,000 Series 2021-1 Class B Principal At-Risk Variable Rate Notes due April 7, 2025.,