The Issuer is a Bermuda exempted company, registered as a special purpose insurer under the Insurance Act1978 of Bermuda, as amended. 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 May 26, 2022, with registration number 202201365.

Commonwealth Re Ltd $150,000,000 Series 2023-1 Class A Principal At-Risk Variable Rate Notes due July 8, 2026