Prospectus excerpt:  We are offering 8,000,000 7.401% Perpetual Non-Cumulative Preference Shares, with a liquidation preference of $25 per share, which we refer to in this prospectus supplement as the ÊÊPreference Shares.?? Dividends on our Preference Shares will be payable on a non-cumulative basis only when, as and if declared by our board of directors, quarterly on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2007, at a fixed annual rate equal to 7.401% of the $25 liquidation preference of each Preference Share up to but excluding January 1, 2017. Commencing on January 1, 2017, dividends will be payable on a non-cumulative basis only when, as and if declared by our board of directors at a floating annual rate, which is reset quarterly, equal to 3-month LIBOR plus 3.28%.

On and after January 1, 2017, we may redeem the Preference Shares at our option, in whole or in part, at any time, at a redemption price equal to $25 per share, plus declared and unpaid dividends to the date of redemption. At any time prior to January 1, 2017, we may redeem the Preference Shares, in whole but not in part, at the redemption price described in this prospectus supplement, plus declared and unpaid dividends, only if we submit to the holders of our ordinary shares a proposal for merger, amalgamation, or consolidation, arrangement, reconstruction or discontinuance, or if we submit any proposal for any other matter that requires as a result of any change in Bermuda law after the date of this prospectus supplement for its validation or effectuation an affirmative vote of the holders of the Preference Shares at the time outstanding, whether voting as a separate series or together with any other series or class of preference shares as a single class.