RenaissanceRe Holdings Ltd. is now looking to secure $325 million to $450 million of retrocession through its Mona Lisa Re Ltd. (Series 2020-1) catastrophe bond, up from its previous target of $250 million, Artemis reported.

The two-tranche bond transaction will provide protection to the company and its DaVinci Re Ltd. vehicle against certain losses caused by U.S., Puerto Rico, U.S. Virgin Islands and D.C. named storms and earthquakes, as well as Canada earthquakes.

The target size for the class A notes, which would provide annual aggregate reinsurance protection, has been increased to $200 million to $250 million. Meanwhile, RenRe would get per-occurrence protection from the class B notes of between $125 million and $200 million. RenRe also narrowed the pricing guidance to 7.5% to 7.75% for the class A tranche and between 8% and 8.5% for the class B tranche.

The catastrophe bond notes are expected to be issued in January 2020.