Cat bond issuance, ILS fund performance, sidecars, retrocession, and market structure.
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%.
Pillar Capital Management has upsized its Matterhorn Re collateralised reinsurance sidecar to $400m ahead of the June 1 Florida renewals, up from $250m at January 1. The expansion reflects continued institutional appetite for ILS collateral as primary insurance rates in cat-exposed US states remain at multi-cycle highs.
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