RenaissanceRe Sponsored Mona Lisa Re Ltd. (Series 2025-1) Notes

On December 6, 2024, RenaissanceRe sponsored a 144A Cat Bond through Mona Lisa Re Ltd.

• The 2025-1 Notes represent the sixth Mona Lisa Re Ltd. issuance
• The Class A notes priced at 8.00%, ~10% below the mid-point of the initial price guidance
• The Class B notes priced at 10.50%, ~8% below the mid-point of the initial price guidance
• For each class, the investor spread tightened by 125bps from the wide end of the initial price guidance

The 2025-1 Notes received strong investor support; upsizing from the original target of $250mm to $350mm

• Class A Notes and Class B Notes each upsized from $125mm to $175mm
• Mona Lisa 2025-1 is the largest industry loss transaction to be issued in Q4 2024

The Class A and Class B notes offer annual aggregate, index-based coverage for named storm risks across the U.S., Puerto Rico, U.S. Virgin Islands, and D.C., as well as earthquake risks across the U.S., Puerto Rico, U.S. Virgin Islands, D.C., and Canada

The issuance consisted of Class A and Class B notes of differing risk profiles

• Class A Expected loss (AIR; WSST): 4.14%
• Class B Expected loss (AIR; WSST): 5.52%

Howden Capital Markets & Advisory (“HCMA”) acted as Sole Structuring Agent and Sole Bookrunner

• Presented innovative structuring ideas and helped to finalize the structure
• Identified a variety of institutional investors interested in supporting RenaissanceRe through this transaction
• Assisted in all aspects of the structuring and placement including, but not limited to:
  • Provided detailed advice in respect of announcement timing with the goal of optimizing execution
  • Structuring and coordinating with legal counsel
  • Finalizing investor presentation and offering documents
  • Acted as Initial Purchaser, handling takedown of the Notes