Risk Factors Update Summary

• Legal and policy actions around climate change may prompt shifts in requirements, impacting operations.
• Adoption of a new corporate income tax regime in Bermuda with a statutory tax rate of 15% effective from January 1, 2025.
• The Russian invasion of Ukraine led to global instability and sanctions, affecting operations.
• Expected increase in effective tax rate and aggregate tax liability due to new tax laws.
• Increased geopolitical tensions, hostilities, and political instability may lead to unanticipated losses.
• Implementation of an "under-taxed profit rule" by certain countries affecting taxable periods from December 31, 2024.
• Changes in rating agency criteria may result in a downgrade, impacting capital requirements.
• Implementation of the OECD's Base Erosion and Profit Shifting project may increase taxation.
• Changes in the EU's minimum tax directive could impact taxation for groups operating in the Union.
• Changes in the FHFA's mortgage insurance premium rates may negatively impact mortgage insurance volume.