RENRE’S MONA LISA RE CAT BOND GROWS BY 67%

The Mona Lisa Re Ltd (Series 2021-1) catastrophe bond sponsored by Bermudian re/insurer RenaissanceRe is growing to $250m from the initially marketed size of $150m owing to investor demand, Artemis.bm has reported. The issuance is designed to provide RenRe, its Da Vinci Re vehicle and affiliates four years of collateralised retrocessional reinsurance protection against losses from US (including Puerto Rico and the US Virgin Islands) named storms and earthquakes and Canadian earthquakes. Cover from the single tranche of Class A notes is to be provided on an industry loss trigger and annual aggregate basis. With the upsizing, the notes’ coupon spread guidance has dropped from a range of 7.5% to 8.5% to a range of 7% to 7.5%.