Ursa Re II Ltd.,is a Bermuda exempted company registered under the Bermuda Insurance Act 1978 and related regulations, each as amended, as a special purpose insurer. The Issuer was incorporated under the laws of Bermuda on September 9, 2020, and its one (1) issued common share is held pursuant to the terms of a Declaration of Trust dated March 30, 2020 by Appleby Global Trust Services (Bermuda) Ltd as Trustee of the Ursa Re II Ltd. Purpose Trust, a Bermuda purpose trust.

Ursa Re II Ltd., Series 2025-2 US270,000,000 Class E Principal At-Risk-Variable Rate Notes Due December 7, 2029