Phoenician Re 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, with registration number 55857, with all of its issued and ordinary shares held by Appleby Global Corporate Services (Bermuda) Ltd. as Trustee of the Phoenician Re Ltd. Purpose Trust.

Phoenician Re Ltd., US$237,500,000 Series 2020-1 Class A Principal At-Risk Variable Rate Notes due December 14, 2023.,