RenaissanceRe has now secured a 100% upsizing of its latest catastrophe bond, as the notes have now been priced to provide it $400 million in multi-peril catastrophe retrocessional reinsurance, Artemis has learned.In addition to doubling the size of its new catastrophe bond offering, RenaissanceRe has also secured the retro coverage at the low-end of reduced pricing, we understand.RenaissanceRe (RenRe) returned to the cat bond market for this Mona Lisa Re 2026-1 deal earlier this month, for its own portfolio and that of its flagship partner capital vehicle DaVinci Re.As we later reported, , while at the same time the risk interest spreads offered had been reduced.

Now, we’re told that the top-end target was secured, for $400 million of protection to be provided to RenRe and DaVinci Re by this latest Mona Lisa Re cat bond deal.This will become the , the Bermuda based reinsurance company and third-party capital manager.So we now know that this Mona Lisa Re Series 2026-1 catastrophe bond issuance has secured RenaissanceRe $400 million of fully-collateralized catastrophe retrocession from the capital markets.

As we’ve explained, one tranche of notes will provide $200 million of retrocession across a five year term, while the other will provide $200 million of coverage over a four year term for the sponsor.The Series 2026-1 notes Mona Lisa Re will now issue are set to provide RenRe and its DaVinci Re vehicle annual aggregate retro reinsurance on an industry-loss trigger basis, covering losses caused by U.S., Puerto Rico, U.S.Virgin Islands, and D.C.

named storm and earthquake events, as well as protection for Canadian earthquakes as well.What was initially offered as a $100 million Class A tranche of notes were later targeted to be between $175 million and $200 million in size and have now been finalised to provide their five years of retro at the upper-end of $200 million.The $200 million of Class A notes have an initial expected loss of 2.82%.

They were first offered to cat bond investors with price guidance in a range from 5.75% to 6.5%, which was later revised to 5.5% to 5.75% and have now priced at the low-end for a spread of 5.5% to be paid, we are told.The Class B tranche also began at $100 million in size, which was then lifted to between $150 million and $200 million and sources have now told us this tranche has been finalised to provide $200 million of protection over their four year term.The $200 million of Class B notes are riskier, having an initial expected loss of 6.74%.

They were first offered to cat bond investors with price guidance in a range from 12.25% to 13%, which was later lowered to a new range of 12% to 12.25% and we’re not told final pricing was again at the lowest end for a spread of 12% to be paid.As a result, RenaissanceRe has now secured what will be its joint-largest Mona Lisa Re catastrophe bond to-date, seemingly at attractive pricing.The $185 million catastrophe bond matures in early January 2026, meaning RenRe will go into next year with an enlarged amount of cat bond market supplied retrocessional protection for its business.

You can read all about this catastrophe bond from RenaissanceRe and every other cat bond ever issued in our extensive Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.