The notes were priced to pay investors a coupon of roughly 3.75%, we understand. We understand from sources that the notes have an expected loss of around the 1.8% mark, which makes them riskier than the last two years of Merna Re earthquake cat bond notes. The notes will provide State Farm with earthquake reinsurance against losses from events in the New Madrid fault region on an indemnity trigger and we expect per-occurrence basis, with the protection running across a three-year term to early April 2024. Merna Re II Ltd., a Bermuda domiciled special purpose insurer, has issued and sold $350 million of Class A notes to cat bond funds and ILS investors, with the proceeds used to collateralize an underlying reinsurance agreement between the issuer and the sponsor State Farm. The use of catastrophe bonds for reinsurance protection at State Farm hasn’t changed though, with the Merna Re transactions continuing to provide the insurer with cover against losses from New Madrid zone earthquakes. This is now the sixth year in succession where State Farm has chosen to source collateralized reinsurance capacity from insurance-linked securities (ILS) funds and investors on a privately marketed and placed basis.įrom 2016 onwards State Farm has followed this club deal approach, electing to have its new cat bond transactions marketed more closely held, to a select group of catastrophe bond investors. (Series 2021-1) issuance.Īs with all recent Merna Re cat bonds sponsored by State Farm, the issuance has been relatively privately placed with a select group of initial investors, although the resulting $350 million of notes are now more broadly available on the cat bond secondary market. State Farm agents’ employees are not employees of State Farm.US primary insurance giant State Farm has again returned to the 144A catastrophe bond market for another slice of New Madrid earthquake reinsurance protection to sponsor its latest capital markets deal, a $350 million Merna Re II Ltd. State Farm agents are independent contractors who hire their own employees. Employees of State Farm agents must be able to successfully complete any applicable licensing requirements and training programs. This position is with a State Farm independent contractor agent, not with State Farm Insurance Companies. We will follow up with you on the next steps in the interview process. If you are motivated to succeed and can see yourself in this role, please complete our application. Excellent communication skills - written, verbal and listening.Interest in marketing products and services based on customer needs.Growth potential/Opportunity for advancement within my agency.Paid time off (vacation and personal/sick days).Develop leads, schedule appointments, identify customer needs, and market appropriate products and services.Īs an Agent Team Member, you will receive.Use a customer-focused, needs-based review process to educate customers about insurance options.Establish customer relationships and follow up with customers, as needed.Are you outgoing and customer-focused? Do you enjoy working with the public? If you answered yes to these questions, working for a State Farm independent contractor agent may be the career for you! State Farm agents market only State Farm insurance and financial service products.
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