Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

4 February 2012

Secretive $250mn Merna Re III sold to single fund

2 September 2010

US insurer State Farm Mutual Automobile Insurance Company issued a third series of Merna notes in June, in an exclusive $250mn trade with a single investor, Trading Risk understands.

Aon Benfield Securities is understood to be the sole lead manager on the multi-peril transaction, which closed on 30 June and took total ILS issuance for the first half of the year to $2.74bn.

The secretive three-year deal pays its investor a coupon of 405 basis points over the base rate...

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