Standard & Poor’s assigned 'BB-' ratings to the class A notes issued by Renaissance Re and DaVinci Re $150 million catastrophe bond called Mona Lisa Re (Series 2013-2).
DaVinci Re is part of the ventures group of Renaissance Re. It provides property catastrophe reinsurance against natural and man-made disasters and specialty reinsurance for certain other risks, primarily in areas where it can take advantage of Renaissance Re’s catastrophe reinsurance expertise.
The class A notes will cover losses between the attachment point of $875 million and the exhaustion point of $1.125 billion over a four year risk period, according to the S&P presale.
The notes cover named storm (tropical storm and hurricane) coverage for the U.S. and Puerto Rico as well as earthquake coverage for the U.S., according to a the S&P presale report.
Aon Benfield Securities and Goldman Sachs are lead structuring agents on the deal.