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 2022-1 Notes will be exposed to the peril of Named Storms affecting the Named Storm Covered Area on an annual aggregate basis and to the peril of Earthquake affecting the Earthquake Covered Area on a per occurrence basis during the Risk Period and, in each case, utilizing a PCS indexed-based trigger.

Sakura Re Ltd - US$150,000,000  -  Series 2022-1 - Class A - Principal At-Risk Variable Rate Notes due January 5, 2026.