This document summarizes a $500 million catastrophe bond issued by FloodSmart Re Ltd. to provide reinsurance to the Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP) it administers. The bond has an indemnity trigger and covers flood losses from named storms over a three year period in the United States. Payouts are determined based on actual flood losses to the NFIP as assessed by modeling firm KatRisk. This represents the largest catastrophe bond ever issued to provide reinsurance to a government entity for flood risk.

1. Aon Benfield
UNDP
DRR Financing
Workshop
Rhodri J. Lane, Managing Director
Head of International Capital Markets
October 5, 2018

2. Aon Securities Inc. 2
Contents
1. Review of Government Sponsored Catastrophe Bonds
2. Cat Bond Market Update
3. Considerations for Generali
4. Appendix

3. Aon Securities Inc. 3
1. Review of Government Sponsored
Catastrophe Bonds

4. Aon Securities Inc. 4
Select Government Sponsored Catastrophe Bonds
Issuance
Year
Sponsoring Country Beneficiary Entity
Notional
Amount
(millions)
Recovery Mechanism Perils Covered
2006 Mexico FONDEN / AGROASEMEX, Munich Re $160 Parametric Mexico HU / EQ
2009 Mexico FONDEN / AGROASEMEX, Munich Re $290 Parametric Mexico HU / EQ
2012 Mexico FONDEN / AGROASEMEX, Munich Re $315 Parametric MX HU / EQ
2012 Turkey Turkish Catastrophe Insurance Pool (TCIP) $100 Parametric Mexico HU / EQ
2014 World Bank: CCRIF Member Countries CCRIF Member Countries $30 Parametric Caribbean HU
2015 Turkey Turkish Catastrophe Insurance Pool (TCIP) $100 Parametric Turkey EQ
2017 World Bank: Mexico FONDEN / AGROASEMEX, $360 Parametric MX HU / EQ
2018 World Bank: Chile, Colombia, Mexico, Peru FONDEN / AGROASEMEX1, Swiss Re1 $1,360 Parametric
Chile, Colombia, Mexico
and Peru EQ
2018 FEMA / NFIP Hannover Re (Ireland) DAC $500 Indemnity Flood
▪ Further examples exist of quasi-governmental, municipal and US State mandated catastrophe bond
issuances have been prolific and well established (e.g. the California Earthquake Authority)
▪ Government entities have been sponsoring Catastrophe Bonds since 2006 and have accessed
over $3.1 billion of the below listed issuances
▪ Mexico has been the most consistent governmental sponsor having accessed Catastrophe Bond
Capacity since 2006
▪ Issuances are almost exclusively Parametrically triggered structures
Government
Catastrophe
Bonds

5. Aon Securities Inc. 5
View Government Sponsored Catastrophe Bonds
▪ Geographic scope has been largely limited to North America leaving significant room for
expansion into new regions
▪ In 2018, the landmark Pacific Alliance transaction took the market into Latin America by
introducing Chile, Colombia, and Peru to the Catastrophe Bond coverage
▪ Significant interest exists in the Insurance-Linked Securities market to offer protection to an increasingly
geographically diverse set of risks
Geographic
Scope

6. Aon Securities Inc. 6
Min Max
SlowFast
RecoverySpeed
Basis Risk
▪ Minimal basis risk (similar to traditional insurance)
▪ Requires significant disclosure of underlying book of business
▪ Price maybe dependent on quality of underlying exposure data
▪ Recast modeled losses for historical events should be aligned with the
sponsor’s actual losses
▪ Full development of losses may delay recovery
Industry Index
Modeled Loss
Weighted
Industry Index
Blended
Indemnity &
Weighted
Industry Index
Indemnity
Catastrophe Bond Recovery Mechanism Options
▪ Sponsor retains basis risk
▪ No disclosure of underlying book of business
▪ Accelerated claims payment following an event that triggers the
recovery
▪ Basis risk can be reduced with specific weight factors based on
sponsor’s exposures
Parametric / Parametric Index
▪ Sponsor retains basis risk
▪ No disclosure of underlying book of business
▪ PCS (US) industry loss estimates well accepted by investors; many
bonds have now been based on PERILS (Europe)
▪ Full development of losses may delay recovery
▪ Basis risk can be reduced with weighting based on sponsor’s exposures
Industry Index / Weighted Industry Index
▪ Basis risk can be minimized
▪ Limited disclosure of underlying book of business
▪ Flexibility to change notional portfolio to reflect changes in underlying
exposures over time
▪ Accelerated claims payment following an event that triggers the
recovery
Modeled Loss
Indemnity
Pure Parametric
Parametric
Index

7. Aon Securities Inc. 7
Overview of Parametric Index Recovery Mechanisms
Recoveries from a parametric structure are automatic, relatively straightforward, and doesn’t require
insurance claims adjustment which allows for an ideal approach to government sponsors looking to
transfer risk
▪ In a parametric index transaction the payout is based on reported physical parameters of a covered event
− Wind Storm parameters could include among others
• Wind speed
• Central pressure
• Forward speed
• Storm radius
• Storm surge height
− Earthquake parameters could include
• Ground acceleration
• Richter Scale
− Other parameters may include Precipitation, Temperature, Mortality Rates
▪ Parameters must be reported by a reputable government agency or third party reporting mechanism
▪ These parameters may be measured and reported at different levels of granularity (the Resolution)
− While designing the index formula, varying weights may be assigned to various resolution locations, in order to match the cedants
exposures at these locations and to minimise basis risk (the difference between payout from the structure and losses incurred by
the cedant post-event)

8. Aon Securities Inc. 8
ILS Losses Due to Natural Disasters (in millions)
Year Event Transaction Trigger
Issuance Size
($ millions)
Paid and
Estimated
($ millions)
Notes
1999 Europe Windstorm Lothar Georgetown Re Indemnity; Aggregate $44.5 $43.2 Final Loss
2005 Hurricane Katrina KAMP Re Indemnity; Occurrence $190.0 $142.5 Final Loss
2011 Japan earthquake Muteki Parametric; Occurrence $300.0 $300.0 Full loss of principal
2011 Japan earthquake Vega Capital 2010 Class D Index and Parametric; Occurrence $42.6 $16.0 ~$16mn loss to reserve account
2011 Severe Thunderstorm Mariah Re 2010-1 and 2 Index; Aggregate $200.0 $200.0 Full loss of principal
2015 Hurricane Patricia MultiCat 2012-I C Parametric; Occurrence $100.0 $50.0 Final Loss
2016 Aggregated storm losses Gator Re Ltd. Indemnity; Aggregate and occurrence $200.0 $35.0 Final Loss
2017 Mexico EQ IBRD CAR 113 A Parametric; Occurrence $150.0 $150.0 Final Loss
2017 HU Irma Manatee Re 2016-1 C Indemnity; Occurrence $20.0 $15.0
2017 HU Harvey, Irma & Maria Loma Re 2013-1 C
Indemnity and Industry Index;
Aggregate
$65.0 $0.0
2017 HU Harvey, Irma & Maria Atlas IX Capital 2015 Index, Annual Aggregate $150.0 $1.5 PCS expects to adjust further
2017
HU Harvey & Irma,
thunderstorms, CA
wildfires, winter storms
Caelus Re V 2017-1 B, C, D Indemnity; Aggregate $300.0 $0.0
2017 HU Irma
Citrus Re 2015-1 B,C
Citrus Re 2016-1 D-501
, E-50
Citrus Re 2017-1 A and 2 B
Indemnity; Occurrence $387.5 $252.0
2017/18
HU Harvey, Irma, CA
wildfires, winter storms
Residential Re 2014-1 10
Residential Re 2015-1 10
Residential Re 2016-1 10
Residential Re 2017-1 10
Residential Re 2013-II 1
Indemnity; Occurrence and
Aggregate
$325.0 $60.0 Extension until Dec 6, 2018
2018 HU Matthew, Harvey, Irma Blue Halo Re 2016-1 B Index; Term Aggregate $55.0 $0.82
Total $2.53B $1.27B
1 Loss estimates limited to this tranche, all other Citrus bonds have paid out
Source: Artemis, Intralinks
Indicates
Estimate
$20.0
$1.74B
$294.2
$239.0
$204.4
$46.7
As of September 21, 2018

9. Aon Securities Inc. 9
3. Case Study: FONDEN 2017 Notes Recovery

10. Aon Securities Inc. 10
Recovery Mechanics
Recovery Level Bond Payout
Level 1 25%
Level 2 50%
Level 3 75%
Level 4 100%
Summary of Terms
Sponsor FONDEN
Fronting Company Munich Re
Covered Area
Westcoast North and
Central America
Covered Peril Earthquake
Size $150 million
Term 3 years
Trigger Parametric
Parameter Earthquake Magnitude
Reporting Agency USGS
FONDEN 2017 Class A - Chiapas Earthquake Loss Recovery
Fondo de Desastres Naturales (“FONDEN”)
Recovery Level 1 - 25% Bond Payout Recovery Level 2 - 50% Bond Payout
Recovery Level 3 - 75% Bond Payout Recovery Level 4 - 100% Bond Payout
7.4 - 7.6
7.7 - 7.8
7.9 - 8.0
8.1 - 8.5
8.6 - 9.0
9.1 - 9.5
9.6 - 9.9
Mw Range Chiapas earthquake (Mw 8.1) resulted in 100% payout

11. Aon Securities Inc. 11
7.4 - 7.6
7.7 - 7.8
7.9 - 8.0
8.1 - 8.5
8.6 - 9.0
9.1 - 9.5
9.6 - 9.9
Recovery Level 4 - 100% Bond Payout
FONDEN 2017 Class A - Chiapas Earthquake Loss Recovery
Fondo de Desastres Naturales (“FONDEN”)
Chiapas
0km 200km100km
Mw Range
Event Description
Event Chiapas Earthquake
Occurrence Date September 8, 2017
Event Magnitude 8.1Mw
Reporting Agency USGS
Economic Losses ~ Over $2 billion
Insured Losses $1 billion
See details of selected
area to the right
Detailed Earthquake Box - Recovery Level 4 (100% Bond Payout)
Chiapas

12. Aon Securities Inc. 12
4. Case Study: Pacific Alliance Earthquake
Catastrophe Bond

13. Aon Securities Inc. 13
Pacific Alliance Earthquake Catastrophe Bond
Joint Multi-Country Floating Rate Earthquake-Linked CAR Notes
Summary of Terms
Issuer
International Bank for Reconstruction and
Development (“IBRD”)
The Insureds
Republic of Chile, Republic of Colombia, FONDEN
(Mexico) and the Republic of Peru
Trigger Parametric, per occurrence
Covered Events Earthquake Events
Earthquake Event Condition
Earthquake Location Condition, Depth Condition and
Minimum Magnitude Condition
Primary Earthquake
Reporting Agency
United States Geological Survey (“USGS”)
Event Calculation Agent AIR Worldwide Corporation (“AIR”)
Earthquake
Payout Steps
Chile
30%, 70%, 100%; with linear interpolation between
the steps (starting from 30%)
Colombia
25%, 50%, 100%; with linear interpolation between
the steps (starting from 25%)
Mexico
50%, 100%; with linear interpolation between the
steps (starting from 50%)
Peru
30%, 70%, 100%; with linear interpolation between
the steps (starting from 30%)
Entire
Risk Period
Chile,
Colombia,
Peru
February 8, 2018 to and including February 7, 2021
Mexico February 8, 2018 to and including February 7, 2020
1 Probabilities are Year 1 risk statistics as modeled by AIR
Chile
Earthquake
Notes
Colombia
Earthquake
Notes
Class A
Mexico
Earthquake
Notes
Class B
Mexico
Earthquake
Notes
Peru
Earthquake
Notes
Issuance Size $500M $400M $160M $100M $200M
Attachment
Probability1 1.35% 2.78% 1.09% 8.25% 7.14%
Expected Loss1
0.86% 1.56% 0.79% 6.54% 5.00%
Exhaustion
Probability1 0.44% 0.79% 0.49% 4.53% 2.86%
Interest Spread 2.50% 3.00% 2.50% 8.25% 6.00%
Sharpe Ratio 20% 13% 21% 8% 5%
Multiple of
Expected Loss
2.9x 1.9x 3.2x 1.3x 1.2x
The $1.36 billion Joint Multi-Country Floating
Rate Earthquake-Linked Capital at Risk
(“CAR”) Notes provide parametric coverage for
each member country of the Pacific Alliance
The issuance marks the second largest
catastrophe bond on record, and represents
the largest sovereign risk transfer in the history
of the insurance-linked securities sector

14. Aon Securities Inc. 14
30% Earthquake Payout Rate –
Depth Range (>0km to ≤200km) or
Depth Range (>0km to ≤25km)
70% Earthquake Payout Rate –
Depth Range (>0km to ≤200km) or
Depth Range (>0km to ≤25km)
100% Earthquake Payout Rate –
Depth Range (>0km to ≤200km) or
Depth Range (>0km to ≤25km)
Recovery Mechanics
Earthquake Payout Amount
Earthquake
Payout Rate
Mw: ≥ Min Mw 1, < Mw 2
Mw: ≥ Min Mw 2, < Mw 3
Mw: ≥ Mw 3
Earthquake
Payout Amount
Earthquake
Payout Rate
Aggregate
Nominal Amount═ ×
30% 40% ×+ (Mw – Min Mw1) ÷ (Min Mw2 – Min Mw1)
100%
70% 30% ×+ (Mw – Min Mw2) ÷ (Min Mw3 – Min Mw2)
Pacific Alliance Earthquake Catastrophe Bond
Covered Area and Payout Steps - Chile Earthquake Notes Example
The bond’s parametric
trigger is based on the US
Geological Survey data
Each individual box
captured by the Chile
Earthquake Notes’
Covered Area contains
unique parameters,
dictating potential
recovery
Minimum magnitude
thresholds and depth
conditions correspond
with a range of payout
amounts, set at 30%,
70% or 100%
2
Depth Range
(>25km to ≤200km)
Depth Range
(>25km to ≤200km)
Depth Range
(>25km to ≤200km)

15. Aon Securities Inc. 15
6. Case Study:
US FEMA, NFIP Catastrophe Bond
FloodSmart Re Ltd Series 2018-1 Notes

16. Aon Securities Inc. 16
1 Based on KatRisk’s long term rates analysis
2 Parenthetical figures represent KatRisk’s utilization of Sea Surface Temperature (“SST”) conditioning for tropical cyclone tracks
FloodSmart Re Ltd. Series 2018-1 Notes
Transaction Summary
Summary of Terms
Issuer FloodSmart Re Ltd.
Reinsured
Federal Emergency Management Agency (“FEMA”), a
component of the U.S. Department of Homeland Security
(“DHS”), and the program it administers, the National
Flood Insurance Program (“NFIP”)
Ceding Reinsurer Hannover Re (Ireland) DAC
Modeling Firm KatRisk LLC (“KatRisk”)
Trigger Indemnity; per occurrence
Covered Event
Any Flood Event that has resulted in an Ultimate Net Loss
to the Subject Business in the Covered Area as
determined by the Reinsured
Flood Event
Any Flood resulting, directly or indirectly, from a Named
Storm whose Named Storm Duration commences during
the Risk Period that causes flood losses to the Subject
Business during the period of 504 consecutive hours
following the Date of Loss of the relevant Flood
Covered Area
The fifty (50) states of the United States of America, the
District of Columbia, Puerto Rico and the U.S. Virgin
Islands
Risk Period
August 1, 2018 Atlantic Standard Time – July 31, 2021
Hawaii-Aleutian Time
Permitted Investments U.S. Treasury Money Market Funds
Aon Securities Inc. (including its affiliates, “Aon”) is providing this document for general informational purposes only and Aon makes no representation or warranty of any
kind. This document is strictly confidential. The recipient not shall disclose any portion hereof without the express written consent of Aon, and in no event shall this
document be disclosed without the full cover letter or email with which it was originally delivered.
Class
A B
Issuance Size (millions) $325 $175
Attachment Level (millions) $7,500 $5,000
Exhaustion Level (millions) $10,000 $10,000
Attachment Probability1
6.04% 9.68%
Expected Loss1,2
4.94% (5.29%) 6.32% (6.80%)
Exhaustion Probability1
4.03% 4.08%
Interest Spread 11.25% 13.50%
Sharpe Ratio 31% 32%
Multiple of Expected Loss 2.3x 2.2x

17. Aon Securities Inc. 17
FloodSmart Re Ltd. 2018-1 Transaction Structure
Investment Yield +
Risk Interest Spread
InvestorsNote Proceeds
U.S.Transformer
Reinsurer
FEMA &
NFIP
(Reinsured)
Reinsurance
Agreements
Reinsurance
Premium
FloodSmart Re Ltd.
(Issuer)
Outstanding Principal
Amount at Redemption
Note
Proceeds
Investment
Yield
Loss Payment
Hannover Re
(Ireland) DAC
(Ceding Reinsurer)
Retrocession
Agreements
Retrocession
Premium
Note Payment
Accounts
Ceding Reinsurer
Reinsurance Trust
Accounts
U. S. Based
Reinsured
Reinsurance
Trust Accounts
2018 ILS Transaction Process
▪ Hannover Re (Ireland) DAC was engaged to act as the Ceding Reinsurer (i.e. Transformer Reinsurer) for FloodSmart Re Ltd. 2018-1
▪ A Bermuda-based special purpose insurer named FloodSmart Re Ltd. (i.e. the Issuer) was created to issue Notes to investors
▪ Proceeds from the sale of the Notes were initially deposited into separate Ceding Reinsurer Reinsurance Trust Accounts, and then immediately
transferred to separate U.S.-based Reinsured Reinsurance Trust Accounts and invested in Permitted Investments (i.e. US MMF)
▪ Funds held in the Reinsured Reinsurance Trust Accounts are available to satisfy any obligations of the Ceding Reinsurer to the Reinsured
under the related Reinsurance Agreements
▪ The Issuer’s obligations to the Ceding Reinsurer under the Retrocession Agreements are deemed satisfied upon satisfaction of such obligation
of the Ceding Reinsurer to the Reinsured under the relevant Reinsurance Agreements
Transformer Reinsurer

18. Aon Securities Inc. 18
Appendix: Aon Securities Overview

19. Aon Securities Inc. 19
Aon Securities: Global overview
Helping clients manage complex commercial issues by providing strategic advice, raising capital and managing risk
Aon Benfield Inc. (“Aon Benfield"), Aon Securities, Inc. ("ASI") and Aon Securities Limited ("ASL" and, together with ASI, "Aon Securities") are all wholly-owned subsidiaries of Aon plc. Aon
Benfield, including its Aon Benfield Analytics division, provides reinsurance brokerage and consulting services. Securities advice, products and services are offered solely through ASI and
ASL.
Investment Banking Group
Strategic advice Raising capital Managing risk
▪ M&A Buy / sell side /
MBO
▪ JV structuring
▪ Divestitures
▪ Restructuring
▪ Debt Advisory
▪ Start-ups
▪ Private Equity Advisory
▪ Private placements
▪ Fund structuring
▪ ILS Funds
▪ Start-ups
▪ Sidecars
▪ JVs
Cat bond
▪ Structuring
▪ Distribution
Sidecars
▪ Structuring
▪ Distribution
▪ ILS secondary trading
▪ INCR
▪ Collateralised
reinsurance
▪ Cat swaps
An integrated securities and
corporate finance platform, with
access to an unparalleled
network of global reinsurance
brokers, modellers, actuaries and
technical specialists
Chicago
London
New York
Tokyo
Hong Kong
Aon Benfield Offices
Aon Securities Offices
A leading capital and strategic advisor with global coverage bringing together 100 years of specialist experience

20. Aon Securities Inc. 20
▪ Leading ILS bank, with over $33.84 billion in
cumulative new issuances since 2007
▪ Consistently ranked in top 3 investment
banks in ILS issuance in last 5 years, number
1 in 2011, 2013, 2014, 2016, 2017 and
2018YTD
▪ Team has over 115 years combined ILS
experience
▪ Brought 53 different sponsors to market,
representing almost half of all sponsors
▪ Specialize in bringing new sponsors to
market, including 31 to date
▪ Bank of choice for many repeat sponsors,
with 78 such transactions since 2009
▪ Dedicated resources to support sponsor
throughout life of cat bond
▪ Innovator in structuring, collateral solutions
and placement of bonds
Rank Investment Bank
Notional
Amount
($ millions)
Deal
Count
% of
Total
Notional
% of
Total
Deals
2007–2018YTD
1. Aon Securities 33,840.7 107 43% 34%
2. Goldman, Sachs & Co 21,476.5 82 27% 26%
3. Swiss Re Capital Markets 20,235.0 74 26% 24%
4. GC Securities 19,504.6 77 25% 25%
5. Deutsche Bank 9,813.9 37 12% 12%
2018
1. Aon Securities 5,535.0 11 60% 42%
2. Swiss Re Capital Markets 2,960.0 6 32% 23%
3. GC Securities 2,924.0 11 32% 42%
4. Goldman, Sachs & Co. 1,950.0 5 21% 19%
5. Citibank N.A. 1,610.0 2 18% 8%
2017
1. Aon Securities 6,076.0 16 57% 46%
2. GC Securities 3,287.0 11 31% 31%
3. Swiss Re Capital Markets 2,865.0 7 27% 23%
4. Goldman, Sachs & Co. 1,985.0 7 19% 20%
5. Munich Re 1,626.0 6 15% 17%
2016
1. Aon Securities 2,760.0 7 48% 33%
2. GC Securities 2,430.0 9 42% 43%
3. Swiss Re Capital Markets 1,325.0 5 23% 24%
4. Goldman, Sachs & Co. 1,150.0 4 20% 19%
5. BNP Paribas 1,000.0 4 17% 19%
2015
1. GC Securities 2,425.0 9 35% 33%
2. Aon Securities 2,278.9 7 33% 26%
3. Swiss Re Capital Markets 1,234.9 6 18% 22%
4. Deutsche Bank Securities 1,025.0 6 15% 22%
5. Goldman, Sachs & Co. 1,000.0 5 15% 19%
As of September 21, 2018
Aon Securities is the Market Leading ILS Bank

21. Aon Securities Inc. 21
May 2014
Placement Agent
Surplus Notes
$70,000,000
$125,000,000
Joint-Structuring Agent
July 2013
Joint-Bookrunner
$300,000,000
Long Point Re III Ltd.
Series 2015-1
Variable Rate Notes
Co-Manager
May 2015
$375,000,000
Sanders Re Ltd.
Series 2017-1
Variable Rate Notes
Joint-Bookrunner
Sole-Structuring Agent
March 2017
West Bend Mutual
Insurance Company
Tradewynd Re Ltd.
Series 2013-1
Variable Rate Notes
As of September 21, 2018
Aon Securities’ Selected Transactions
Sole Placement Agent
Sole-Structuring Agent
July 2015
$150,000,000
December 2014 December 2014 December 2014 November 2014 May 2014 May 2014 May 2014
$375,000,000
Nakama Re Ltd.
Series 2014-2
Variable Rate Notes
Sole-Bookrunner
Sole-Structuring Agent
December 2014
Joint-Structuring Agent Sole-Bookrunner Sole Placement Agent Sole-Bookrunner Joint-Bookrunner Sole-Bookrunner Joint-Bookrunner
Sole-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent Joint-Structuring Agent Sole-Structuring Agent Joint-Structuring Agent
Sanders Re Ltd. Nakama Re Ltd.
Series 2014-2 Series 2014-1
Tradewynd Re Ltd. Tramline Re II Ltd.
Silverton Re Ltd.
Series 2014-1
Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes
$500,000,000 $200,000,000 $85,000,000 $500,000,000 $200,000,000 $300,000,000 $750,000,000$300,000,000 ¥35,000,000,000
Merna Re Ltd. Kizuna Re II Ltd.
Series 2015-1 Series 2015-1
Variable Rate Notes Variable Rate Notes Variable Rate Notes
Sole-Bookrunner Sole-Structuring Agent
Joint-Bookrunner Sole-Structuring Agent Sole-Placement Agent
July 2015 March 2015 March 2015
€285,000,000
Benu Capital Limited
ZENKYOREN
Atlas IX Capital
Limited
ZENKYOREN
Kilimanjaro Re
Limited
Sanders Re Ltd.
Series 2014-1
$300,000,000 $125,000,000 $300,000,000 $625,000,000
Blue Halo Re Ltd. Merna Re Ltd. Nakama Re Ltd. Kilimanjaro Re Limited
Series 2016-1 Series 2016-1 Series 2015-1 Series 2015-1
Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes
Sole-Bookrunner Sole-Bookrunner Joint-Bookrunner Sole Placement Agent Sole-Bookrunner Sole-Bookrunner
Sole-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent
June 2016 March 2016 January 2016 December 2015 December 2015 December 2015
$225,000,000
Blue Halo Re Ltd.
Series 2016-2
Variable Rate Notes
Sole-Bookrunner
Sole-Structuring Agent
July 2016
Nakama Re Ltd.
$700,000,000
September 2016
Sole-Structuring Agent
Sole-Bookrunner
Variable Rate Notes
Series 2016-1
$185,000,000
Sole-Structuring Agent Sole-Structuring Agent
$300,000,000$125,000,000
Citrus Re Ltd. $525,000,000 $750,000,000
Series 2017-1 Galilei Re Ltd. Galilei Re Ltd.
Variable Rate Notes Series 2017-1 Series 2016-1
Sole-Bookrunner Variable Rate Notes Variable Rate Notes
Sole-Structuring Agent Joint-Bookrunner Joint-Bookrunner
March 2017 January 2017 December 2016
ZENKYOREN ZENKYOREN
Atlas IX Capital DAC
Silverton Re Ltd.Series 2016-1Series 2016-1
$300,000,000
Caelus Re IV Limited
Variable Rate Notes
Joint-Bookrunner
Joint-Structuring Agent
April 2016
Caelus Re 2013 Limited
New Point V Limited Eurus III Ltd.Series 2013-1
$320,000,000 $75,000,000 $400,000,000 $247,000,000 $228,000,000
Common Shares
Sole-Bookrunner Sole Bookrunner
Sole-Structuring Agent
July 2013 March 2013 March 2013 December 2012 June & December 2012 November 2012 September 2012
Advisor
$350,000,000 $300,000,000 €100,000,000
Lead Structurer
Variable Rate Notes Variable Rate Notes Common Shares Variable Rate Notes Variable Rate Notes Variable Rate Notes
Joint-Bookrunner Joint-Bookrunner Joint-Bookrunner Joint-Bookrunner
May 2013 July 2013
Variable Rate Notes Variable Rate Notes
Ibis Re II Ltd. Pelican Re Ltd.
$185,000,000 $140,000,000
Joint-Bookrunner Sole-Bookrunner
Lead-Structuring Agent Sole-Structuring Agent
June 2013 May 2013
Series 2013-1 Series 2013-1
$270,000,000
Atlas Re VII Limited
Sanders Re Ltd. Caelus Re 2013 Limited
Merna Re IV Ltd. Lorenz Re Ltd.
Series 2013-1 Series 2013-2
Compass Re Ltd.
Series 2012-1
Advisor
Joint-Structuring Agent Joint-Structuring Agent Joint-Structuring Agent Sole Structuring Agent Sole-Structuring Agent Joint Bookrunner
Variable Rate Notes Variable Rate Notes
Mona Lisa Re Ltd.
$150,000,000
Joint-Structuring Agent
July 2013
Series 2013-2
Joint-Bookrunner
Variable Rate Notes
Kizuna Re II Ltd. VenTerra Re Ltd.
Series 2014-1 Series 2013-1
July 2014 March 2014 March 2014
Sole-Bookrunner Sole-Bookrunner Joint-Bookrunner
Sole-Structuring Agent Sole-Structuring Agent Joint-Structuring Agent
Merna Re V Ltd. Riverfront Re Ltd.
Variable Rate Notes Variable Rate Notes Variable Rate Notes
$450,000,000 $300,000,000 $95,000,000 $180,000,000
Sole Structuring Agent Sole Bookrunner Sole Placement Agent Sole Placement Agent Sole-Bookrunner Sole-Bookrunner
Atlas IX Capital Limited
Northshore Re Limited
Series 2013-1
$245,000,000 $250,000,000 $55,500,000 $65,000,000 €350,000,000 $300,000,000 $200,000,000
Sole Placement Agent Joint-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent Joint-Bookrunner Sole-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent
March 2014 December 2013 December 2013 December 2013 December 2913 September 2013 September 2013 August 2013
Variable Rate NotesVariable Rate Notes
Joint-Bookrunner
Kilimanjaro Re Limited Atlas X Capital Limited
ZENKYOREN
Silverton Re Ltd.
Calypso Capital II
Limited
Nakama Re Ltd.
Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes
€40,000,000
December 2013
Windmill Re I Ltd.
Series 2013-1
Variable Rate Notes
Sole Placement Agent
Sole-Structuring Agent
Variable Rate Notes Variable Rate Notes
$400,000,000
Tailwind Re Ltd.
Series 2017-1
November 2017
Variable Rate Notes
Sole-Bookrunner
Sole-Structuring Agent
Variable Rate Notes
Joint- Structuring Agent
Joint-Bookrunner
February 2018
$1,360,000,000
CAR 116,117,118,119,120
$700,000,000
Nakama Re Ltd.
Series 2018-1
Sole-Bookrunner
Sole-Structuring Agent
March 2018
ZENKYOREN
Kizuna Re Ltd.
$200,000,000
Variable Rate Notes
Sole Structuring Agent
Sole Placement Agent
March 2018
Sole-Bookrunner
Sole-Structuring Agent
Variable Rate Notes
$500,000,000
Sanders Re
Limited
March 2018March 2018
Sole-Bookrunner
Sole-Structuring Agent
Merna Re V Ltd.
$300,000,000
Variable Rate Notes
$500,000,000
Series 2018-1
July 2018
Joint Bookrunner
FloodSmart Re Ltd.
$500,000,000
Series 2018-1
Joint-Bookrunner
May 2018
Long Point Re III Ltd.
Variable Rate Notes
Series 2018-1
$450,000,000
Caelus Re IV Limited
Variable Rate Notes
Joint-Bookrunner
Joint-Structuring Agent
May 2018
$262,500,000
Kilimanjaro Re Limited
Series 2018-1
Sole-Bookrunner
Sole-Structuring Agent
April 2018
Variable Rate Notes
$262,500,000
Kilimanjaro Re Limited
Series 2018-2
Sole-Bookrunner
Sole-Structuring Agent
April 2018
Variable Rate Notes
$250,000,000
Series 2018-1
May 2018
Sole-Bookrunner
Sole-Structuring Agent
Bowline Re Ltd.
Variable Rate Notes
€40,000,000
June 2017
Joint-Bookrunner Sole-Bookrunner
May 2017 May 2017
$189,000,000 $35,000,000 $375,000,000 $950,000,000 $300,000,000 $300,000,000
Riverfront Re Ltd. Citrus Re Ltd. Caelus Re V Limited Kilimanjaro II Re
Limited
Kilimanjaro II Re
Limited
Merna Re Ltd.
Series 2017-1 Series 2017-2 Series 2017-1 Series 2017-1
Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes Variable Rate Notes
Joint-Bookrunner Sole-Bookrunner Sole-Bookrunner Sole-Bookrunner
Joint-Structuring Agent Sole-Structuring Agent Joint-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent Sole-Structuring Agent
May 2017 July 2017 July 2017 March 2017
$430,000,000 $200,000,000
Spectrum Capital Ltd. Sanders Re Ltd.
Series 2017-1 Series 2017-2
Variable Rate Notes Variable Rate Notes
Sole-Bookrunner Joint-Bookrunner
Sole-Structuring Agent Sole-Structuring Agent
June 2017 May 2017
Windmill Re I Ltd.
Series 2017-1
Variable Rate Notes
Sole Placement Agent
Sole-Structuring Agent
Sole-Bookrunner
Northshore Re Limited
Series 2017-1
$350,000,000
Sole-Structuring Agent
July 2017
Variable Rate Notes
$150,000,000
Galileo Re Ltd.
Series 2017-1
Variable Rate Notes
Joint-Bookrunner
November 2017
$925,000,000
Ursa Re Ltd.
Series 2017-1
Variable Rate Notes
Joint-Bookrunner
May 2017
$400,000,000
Ursa Re Ltd.
Series 2017-1
Variable Rate Notes
Joint-Bookrunner
November 2017
$250,000,000
Ursa Re Ltd.
Series 2018-1
Joint-Bookrunner
November 2017
Variable Rate Notes

22. Aon Securities Inc. 22
Disclaimer
This document or presentation and all of its contents (collectively, the “Document”) were intended for general informational purposes only. This Document is
intended only for the designated recipient to whom it was originally delivered by Aon Securities Inc., Aon Securities Limited or its affiliates (collectively, “Aon”) and
any other recipient to whose delivery Aon consents in writing (each, a “Recipient”). This Document is strictly confidential and no Recipient shall reproduce this
Document (in whole or part) or disclose, provide or make available this Document, or any portion or summary hereof, to any third party without the express written
consent of Aon. This Document is made available on an “as is” basis, and Aon makes no representation or warranty of any kind (whether express or implied),
including without limitation in respect of the accuracy, completeness, timeliness, or sufficiency of the Document. This Document is not intended, nor shall it be
considered, construed or deemed, as (1) an offer to sell or a solicitation of an offer to buy any security or any other financial product or asset, (2) an offer,
solicitation, confirmation or any other basis to engage or effect in any transaction or contract (in respect of a security, financial product or otherwise), or (3) a
statement of fact, advice or opinion by Aon or its directors, officers, employees, or representatives (collectively, the “Representatives”). Any potential transaction
will be made or entered into only through definitive agreements and such other documentation as may be necessary, including, as applicable, any disclosure or
offering materials provided by Aon Securities Inc. or its appropriately licensed affiliate(s). No representation, warranty or guarantee is made that any transaction
can be effected at the values provided or assumed in this Document (or any values similar thereto) or that any transaction would result in the structures or
outcomes provided or assumed in this Document (or any structures or outcomes similar thereto). Actual results may differ substantially from those indicated or
assumed in this Document. Aon and its Representatives shall have no liability to any party for any claim, loss, damage or liability in any way arising from or
relating to the use or review of this Document (including without limitation any actions or inactions, reliance or decisions based upon this Document), any errors in
or omissions from this Document, or otherwise in connection with this Document. Aon does not provide and this Document does not constitute any form of legal,
accounting, taxation, regulatory, or actuarial advice.