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Massachusetts FAIR Plan cat bond upsizes

The Massachusetts Property Insurance Underwriting Association, also known as the Massachusetts FAIR Plan, aims to increase the target size for its Cranberry Re Ltd. (Series 2017-1) deal to up to $300 million from $250 million, Artemis reported.

The price guidance for the catastrophe bond's single tranche of class A notes was also adjusted to a range of 2% to 2.25% from 2% to 2.5%.

The bond will provide a fully collateralized source of reinsurance protection against losses from Massachusetts named storms, which include tropical storms and hurricane risks, severe thunderstorms and winter storms.