Bluebonnet Re Ltd. (“Issuer”) is a Bermuda exempted company limited by shares 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 21, 2025, with registration number 202504632

Bluebonnet Re Ltd US$100,000,000 - Series 2025-2 Class A Principal At-Risk Variable Rate Notes due June 7, 2027