State Farm

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 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.

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.

U.S. insurer State Farm’s latest catastrophe bond, the $300m Merna Re Ltd. (Series 2015-1), is set to price at the top end of initial guidance Artemis understands, as investors again showed they are not prepared to take on a risk at any price.

U.S. primary insurer State Farm is back in the catastrophe bond market looking to expand its capital markets backed New Madrid earthquake protection by sponsoring  a $300m Merna Re Ltd. (Series 2015-1), which could become the lowest priced U.S. quake cat bond ever.

The price guidance on U.S. primary insurer State Farm’s $300m Merna Re V Ltd. U.S. earthquake catastrophe bond has dropped to the low-end of the marketed range, Artemis understands, making it the lowest coupon for a U.S. quake cat bond ever.

U.S. primary insurer and regular insurance-linked securities sponsor State Farm is returning to the catastrophe bond market with its fifth Merna Re branded issuance, a $300m Merna Re V Ltd. U.S. earthquake cat bond.