Photon Re Ltd. (the “Issuer”)., is a Bermuda exempted company limited by shares and registered as a special purpose insurer under the Insurance Act. 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 January 27, 2026 with registration number 202605536.

Photon Re Ltd - US$50,000,000 - Series 2026-1 Class B Principal At-Risk Variable Rate Notes due March 7, 2030