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23 May 2012

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State Farm closes Merna Re II at $350mn

9 April 2010

US insurer State Farm Fire & Casualty closed its Merna Re II cat bond on 1 April, affording $350mn of indemnity-based US earthquake cover.

The single-tranche transaction increased in size during marketing to insurance-linked securities (ILS) investors from the original $250mn target. However, State Farm is understood to have closed the deal short of the mooted $400-700mn figure considered achievable, according to sources.

Merna Re II offers State Farm three-year indemnity cover for US earthquake, excluding California. Priced at a...

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