Two new restricted special purpose insurers (SPI) using the Merna Re name were registered in Bermuda in April.With these restricted SPI’s typically used as insurance-linked securities (ILS) issuers, especially for catastrophe bonds, the Merna Re name suggests these are likely for US primary insurance giant State Farm.The two restricted SPI’s were registered by the Bermuda Monetary Authority (BMA) last month, although they were actually established on March 24th 2025 according to the Bermuda company register.The two vehicles are named Merna Re Companywide Ltd.

and Merna Re Enterprise Ltd., with both registered as restricted SPI’s by the BMA on April 8th.The vast majority of restricted SPI’s registered in Bermuda end up being used as issuance vehicles for catastrophe bonds for a single beneficiary, although they could be used for certain other types of collateralized reinsurance transactions it appears.The main difference between a restricted and unrestricted SPI, is that in the case of a restricted vehicle it can only transact special purpose reinsurance business with a single, specific ceding company.

There is no information to confirm the likely beneficiary of any cat bonds or risk transfer arranged through Merna Re Companywide or Merna Re Enterprise.But, it seems safe to assume this is almost certainly US insurer State Farm, given that company has been sponsoring catastrophe bonds using vehicles named Merna Re since 2007.Over the years we’ve tracked 20 catastrophe bond issuances that have been sponsored by State Farm, 19 of which are under a variation of the Merna Re name.

.At this time State Farm has $1.95 billion of cat bond backed reinsurance protection outstanding, according to .The insurer last sponsored a cat bond in May 2024, so is due to return to the market and we have heard rumours of an impending issuance for State Farm in recent weeks.

But it’s worth remembering that through recent months, so the insurer has certainly been kept busy in 2025 so far.With these two new Merna Re named Bermuda domiciled special purpose insurers now registered by the BMA, they will be able to conduct special purpose reinsurance business, such as issuing catastrophe bonds when any sponsor is ready to do so.April was a busy month for the BMA in new insurance registrations, with the majority being insurance-linked securities (ILS) focused, as cedants continue to look to the capital markets for reinsurance.

As well as Merna Re Companywide Ltd.and Merna Re Enterprise Ltd., the BMA registered another five restricted SPI’s in the month, as well as one unrestricted SPI.The five other restricted SPI’s have already been used for catastrophe bonds, being: The one unrestricted SPI is Parameter Capital Bermuda Ltd., a structure .

One Class C insurer was also registered in April, named Morgan Stanley Re Ltd.Class C insurers are typically long-term insurers, largely focused on life and annuity type risks..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.