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RenaissanceRe has closed a $500m Mona Lisa Re Ltd catastrophe bond, its largest single issuance of 2026, providing multi-year protection against US named storms and earthquakes. The deal priced at the tight end of guidance, reflecting continued strong ILS investor demand despite above-average Atlantic hurricane forecasts from NOAA.
Aon Securities and Nephila Capital have settled what they describe as the first catastrophe bond transaction to use on-chain tokenisation for both issuance and investor settlement. The pilot used a permissioned Ethereum layer-2 for the $50m deal, cutting settlement time from T+5 to same-day and reducing administrative costs by an estimated 30%.
Munich Re reported a Q1 2026 combined ratio of 88.4%, ahead of its full-year target, as natural catastrophe losses came in at €1.2bn against a €1.8bn quarterly budget. The group raised its full-year net income guidance to €5.5bn, citing sustained reinsurance pricing discipline and reduced secondary peril activity versus the prior year.
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Trading Risk · Jul 8
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