Merna Re Enterprise Ltd

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.

We can now bring you additional details on the recent $1.55 billion of catastrophe bond’s sponsored by US insurer State Farm. We’ve learned that there is a range of reinsurance protection provided by the four series of notes, the largest being a $550 million aggregate cat bond cover for the company.

State Farm sponsored its recent record sized $1.55 billion visit to the catastrophe bond market using multiple Bermuda-based special purpose insurers (SPI), Artemis has now learned, with the Merna Re (Series 2025) issuance coming to market through longer-standing Merna Re II Ltd., as well as new Merna Re Companywide Ltd. and Merna Re Enterprise Ltd. […]

We’ve learned that State Farm has been back in the catastrophe bond market in recent weeks and has now secured what is a record amount of reinsurance limit from the capital markets in a single visit in cat bond form, as it priced $1.55 billion of multi-peril protection via sponsorship of four Merna Re (Series […]

Two new restricted special purpose insurers (SPI) using the Merna Re name were registered in Bermuda in April. With these restricted SPI’s typically used as insurance-linked securities (ILS) issuers, especially for catastrophe bonds, the Merna Re name suggests these are likely for US primary insurance giant State Farm.