Merna Re Enterprise II Ltd

We have now sourced additional details about the recent $1.5 billion of catastrophe bond’s sponsored by US insurer State Farm. We’ve learned that the entire meaningful reinsurance limit provided by these newly issued notes is designed to provide the insurer with multi-year and multi-peril annual aggregate protection.

We’ve learned that State Farm returned to the catastrophe bond market in recent weeks and has now secured a significant $1.5 billion of reinsurance protection through a Merna Re Enterprise II Ltd. (Series 2026-1) issuance, which becomes one of the largest cat bond offerings ever.

We’ve learned that US primary insurance giant State Farm has registered a new company structure in Bermuda under the Merna Re naming convention that has applied to all of its catastrophe bonds, suggesting the insurer may be set to return to the capital markets for more reinsurance.