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Report: State Farm completes privately placed cat bond renewal

State FarmMutual Automobile Insurance Co. has completed a privately placedrenewal of a $300 million catastrophe bond transaction that provides coveragefor U.S. earthquake risks, Artemis reported April 1.

The Merna Re Ltd. series 2016-1 cat bond was priced at2.25%. It has a three-year term and the notes are set to mature on April 8,2019, according to the report.

The insurance-linked securities blog said the notes wereadmitted for listing on the Bermuda Stock Exchange.