Description of Securities

on and after September 1, 2028, we have the option to redeem the Series D Preferred Shares, in whole or from time to time in part, at a redemption price equal to $25,000 per Series D Preferred Share (equivalent to $25.00 per depositary share);

we have the option to redeem all (but not less than all) of the Series D Preferred Shares, at a redemption price equal to the greater of (i) $25,000 per share (equivalent to $25.00 per depositary share) or (ii) the sum of the present value of $25,000 per Series D Preferred Share (equivalent to $25.00 per depositary share) and the present value of all undeclared dividends for the dividend periods from the redemption date to and including the September 1, 2028 dividend payment date, in each case, discounted to the redemption date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus 65 basis points, if we submit to our holders of ordinary shares a proposal for an amalgamation, consolidation, merger, scheme of arrangement, reconstruction, reincorporation, de-registration or any other similar transaction involving us that requires, or we submit any proposal for any other matter that (as a result of any change in Bermuda law after the date of this prospectus supplement, whether by enactment or official interpretation) requires, in either case, a vote of the holders of the Series D Preferred Shares at the time outstanding, voting as a single class (alone or with one or more other classes or series of preferred shares); provided, that no redemption may occur prior to September 1, 2028 unless (i) we have sufficient funds in order to meet the individual and group Enhanced Capital Requirements (as defined in the Bermuda capital adequacy regulations) under the BMA’s capital adequacy regulations (the “ECR”) and the BMA (or its successor, if any) approves of the redemption or (ii) we replace the capital represented by the Series D Preferred Shares with capital having equal or better treatment as the Series D Preferred Shares under the ECR (the conditions described in clauses (i) and (ii) above, the “Redemption Requirements”);

we will have the option to redeem all (but not less than all) of the Series D Preferred Shares, at a redemption price of $25,000 per share (equivalent to $25.00 per depositary share), if as a result of a “change in tax law” (as defined herein) there is, in our reasonable determination, a substantial probability that we or any successor company would become obligated to pay any additional amounts on the next succeeding dividend payment date with respect to the Series D Preferred Shares and the payment of those additional amounts cannot be avoided by the use of any reasonable measures available to us or any successor company (a “tax

we will have the option to redeem the Series D Preferred Shares, in whole or from time to time in part, at a redemption price of $25,000 per share (equivalent to $25.00 per depositary share), at any time within 90 days following the occurrence of the date on which we have reasonably determined a “capital disqualification event” (as defined herein) has occurred as a result of any amendment or proposed amendment to, or change or proposed change in, the laws or regulations of Bermuda that is enacted or becomes effective after the initial issuance of the Series D Preferred Shares or any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the initial issuance of the Series D Preferred Shares; provided that no redemption may occur prior to September 1, 2028 unless one of the Redemption Requirements is met; and

we will have the option to redeem all (but not less than all) of the Series D Preferred Shares, at a redemption price of $25,500 per share (equivalent to $25.50 per depositary share) within 90 days of the occurrence of a “rating agency event” (as defined herein); provided that no redemption may occur prior to September 1, 2028 unless one of the Redemption Requirements is met.

on and after March 1, 2024, we will have the option to redeem the Series E Preferred Shares, in whole or from time to time in part, at a redemption price equal to $25,000 per Series E Preferred Share (equivalent to $25.00 per depositary share);

we will have the option to redeem all (but not less than all) of the Series E Preferred Shares, at a redemption price of $26,000 per share (equivalent to $26.00 per depositary share), if we submit to our holders of ordinary shares a proposal for an amalgamation, consolidation, merger, scheme of arrangement, reconstruction, reincorporation, de-registration or any other similar transaction involving us that requires, or we submit any proposal for any other matter that (as a result of any change in Bermuda law after the date of this prospectus supplement, whether by enactment or official interpretation) requires, in either case, a vote of the holders of the Series E Preferred Shares at the time outstanding, voting as a single class (alone or with one or more other classes or series of preference shares); provided, that no redemption may occur prior to March 1, 2024 unless (i) we have sufficient funds in order to meet the individual and group Enhanced Capital Requirements (as defined in the Bermuda capital adequacy regulations) under the BMA’s capital adequacy regulations (the “ECR”) and the BMA (or its successor, if any) approves of the redemption or (ii) we replace the capital represented by the Series E Preferred Shares with capital having equal or better treatment as the Series E Preferred Shares under the ECR (the conditions described in clauses (i) and (ii) above, the “Redemption Requirements”);

we will have the option to redeem all (but not less than all) of the Series E Preferred Shares, at a redemption price of $25,000 per share (equivalent to $25.00 per depositary share), if as a result of a “change in tax law” (as defined herein) there is, in our reasonable determination, a substantial probability that we or any successor company would become obligated to pay any additional amounts on the next succeeding dividend payment date with respect to the Series E Preferred Shares and the payment of those additional amounts cannot be avoided by the use of any reasonable measures available to us or any successor company (a “tax event”); provided that no redemption may occur prior to March 1, 2024 unless one of the Redemption Requirements is met;

we will have the option to redeem the Series E Preferred Shares, in whole or from time to time in part, at a redemption price of $25,000 per share (equivalent to $25.00 per depositary share), at any time within 90 days following the occurrence of the date on which we have reasonably determined a “capital disqualification event” (as defined herein) has occurred as a result of any amendment or proposed amendment to, or change or proposed change in, the laws or regulations of Bermuda that is enacted or becomes effective after the initial issuance of the Series E Preferred Shares or any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the initial issuance of the Series E Preferred Shares; provided that no redemption may occur prior to March 1, 2024 unless one of the Redemption Requirements is met; and

we will have the option to redeem all (but not less than all) of the Series E Preferred Shares, at a redemption price of $25,500 per share (equivalent to $25.50 per depositary share) within 90 days of the occurrence of a “rating agency event” (as defined herein); provided that no redemption may occur prior to March 1, 2024 unless one of the Redemption Requirements is met.