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Report: State Farm completes private placement of cat bond renewal

State Farm Mutual Auto Insurance Co. has completed a privately placed renewal of a $300 million catastrophe bond deal to cover U.S. earthquake risks, Artemis reported.

The Merna Re Ltd. Series 2017-1 cat bond has a three-year term and matures April 8, 2020.

The cat bond coverage likely includes the New Madrid fault region in the Midwest where State Farm has significant exposure, according to the report.