It looks like we will see a third transaction from State Farm in the Merna Reinsurance series of catastrophe bond deals. Merna Re, the first deal was issued in June 2007 and Merna Re II was issued in April 2010. That sets the scene for a deal every three years as one transaction expires and […]
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State Farm has completed it’s latest catastrophe bond issue Merna Reinsurance II Ltd. The deal began being marketed at a value of $250m and completed at $350m. That’s well below the mooted $400m-$700m that the market was expecting but we believe that was wishful thinking due to the size of their previous Merna Re deal. […]
Homes at risk of wildfire in the U.S. amount to a staggering reconstruction value of beyond $237 billion, demonstrating the potential exposure levels and also the opportunity for the insurance, reinsurance and capital markets.
We now have some more details on the latest catastrophe bond to come to market which sees sponsor State Farm seeking a new source of earthquake reinsurance protection from the capital markets via a cat bond issuance. It’s the fourth time that State Farm has gone to the cat bond market for cover directly, although […]
The primary issuance catastrophe bond market sprung back to life this week as two new deals began marketing. We now have details on the first to share, a new transaction designed to support the North Carolina wind pools, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA), with a […]
The Bermuda Stock Exchange (BSX) has grown the volume of insurance-linked listings on the exchange by more than a billion dollars over the last six months of 2012. When we last listed out the catastrophe bonds, insurance-linked securities and reinsurance-linked investment funds listed on the BSX in July the total was $4.688 billion. By the […]
Hurricane Sandy continues to bear down on the U.S. eastern seaboard with forecasters still predicting a convergence of three weather systems that could turn Sandy into a ‘perfect storm’ (or Frankenstorm if you prefer). Sandy is forecast to converge with a low pressure system moving in from the west and cold Arctic air coming from […]
Back in mid-September of 2011 the Bermuda Stock Exchange (BSX) had just taken the volume of insurance-linked securities and catastrophe bonds listed on the exchange to over the $2 billion mark for the first time, as we wrote here. By January of 2012 they broke that record and cleared $3 billion of ILS listings. Now […]
The Bermuda Stock Exchange (BSX) has issued a press release concerning the volume of catastrophe bonds and insurance-linked securities that the exchange now plays host to. At the end of 2011 the BSX has for the first time reached over $3 billion in listed cat bond and ILS securities on the exchange.
U.S. insurer State Farm says that it has paid its policyholders $5 billion so far during 2011 for catastrophe claims resulting from damage to homes, cars and other property caused by weather related catastrophes so far this year. State Farm, the largest U.S. insurer of homes and autos, says that 2011 is likely to be […]