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Massachusetts MPIUA targets $100m Mayflower Re 2024 multi-peril cat bond – Artemis.bm

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Massachusetts MPIUA targets 0m Mayflower Re 2024 multi-peril cat bond – Artemis.bm


The Massachusetts Property Insurance Underwriting Association (MPIUA) is back in the catastrophe bond market seeking a $100 million or greater amount of catastrophe reinsurance protection from a Mayflower Re Ltd. (Series 2024-1) transaction.

This will be the fifth catastrophe bond sponsored by the Massachusetts Property Insurance Underwriting Association (MPIUA), which is a residual market property insurance association, or FAIR Plan, for the Commonwealth of Massachusetts.

A year ago, the residual market insurer secured $175 million in multi-peril catastrophe reinsurance protection from a Mayflower Re Ltd. (Series 2023-1) catastrophe bonb, which was its first since 2017.

So, it’s encouraging to see the MPIUA back just one year later to add more catastrophe bond cover to its reinsurance program.

Using Bermuda-based vehicle Mayflower Re Ltd. again, the MPIUA’s 2024 catastrophe bond will feature a single tranche of notes that will be sold to investors, with the proceeds used to collateralize retrocessional reinsurance agreements with global reinsurer Hannover Re, which is acting as the fronting risk transformer for this cat bond.

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As a result of which, Hannover Re will in turn be able to provide the catastrophe reinsurance to the MPIUA.

This Mayflower Re Series 2024-1 cat bond will provide the MPIUA with a source of indemnity based and annual aggregate reinsurance over a three-year term, running until the end of June 2027, we’re told.

The currently $100 million of Class A notes will cover losses from Massachusetts named storm, severe thunderstorm and winter storm events, the same range of perils covered by previous cat bonds that benefited the MPIUA, issued in 2015, 2017 and 2023.

To qualify under the terms of the cat bond, an event must breach a $10 million ultimate net loss deductible, we understand.

The Class A tranche of notes are preliminarily sized at $100 million and would cover losses from an attachment point of $1.25 billion, exhausting at $1.75 billion of losses to the MPIUA risk pool, sources have said.

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Which gives the Mayflower Re Series 2024-1 Class A notes an initial attachment probability of 1.267%, an initial base expected loss of 1.059% and these notes are being marketed to investors with spread price guidance in a range from 4% to 4.5%.

We can compare that to the Mayflower Re 2023 cat bond, whose Class A notes had an initial expected loss of 1.084% and priced to pay investors a spread of 4.5%.

For 2024, we’re told the new Mayflower Re cat bond will sit highest up in the MPIUA’s reinsurance tower, with the two tranches of the 2023 issuance stacked beneath it and each layer shared with traditional sources of protection.

The Massachusetts MPIUA is another residual market insurer that is bringing catastrophe bonds more deeply into its reinsurance tower after a few years away from the market, which is an encouraging trend being supportive of continued market growth.

You can read all about this new Mayflower Re Ltd. (Series 2024-1) catastrophe bond and every other cat bond transaction issued since the market began in the Artemis Deal Directory.

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Massachusetts

Farm Bill provision threatens Massachusetts animal welfare rules – AOL

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Farm Bill provision threatens Massachusetts animal welfare rules – AOL


The Farm Bill passed by the U.S. House of Representatives April 30 could undermine a Massachusetts law aimed at preventing animal cruelty.

The sweeping agricultural bill includes a section called the “Save Our Bacon Act,” which prohibits state and local governments from having farm animal welfare protections that extend to products originating in other states.

The measure specifically targets Massachusetts and California state laws that prohibit certain farm animals from being held in extreme confinement.

Massachusetts Sens. Elizabeth Warren and Ed Markey, both Democrats, released a statement opposing the inclusion of the measure in the Farm Bill.

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“This is a highly controversial and poisonous policy that ignores the will of the people. These state laws were overwhelmingly supported by a popular vote — they shouldn’t be overridden because of big-dollar lobbying,” the senators said in their statement. “We have significant concerns about the House-passed Farm Bill, including this overreaching and harmful provision that should not be in the Farm Bill and needs to be removed.”

What is Massachusetts’s Question 3?

In 2016, Massachusetts voters passed Question 3, or an Act to Prevent Cruelty to Farm Animals, with 78% of the vote.

The measure banned the sale of eggs, veal or pork from animals that were “confined in a cruel manner.” It eliminated enclosures that prevented an animal from lying down, standing up, fully extending their limbs or turning around freely.

All of these products sold in Massachusetts must be compliant, regardless of whether the animals were raised on farms in or outside Massachusetts. Therefore, out-of-state farms must comply with Question 3 in order to sell their products in Massachusetts.

Town Line cares for 50 cows, reserving some each year for meat to sell at its farm store.

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The law is similar to California’s Proposition 12, which also lays out specific freedom of movement and minimum floor space requirements for how veal calves, breeding pigs and egg-laying hens are kept. It also doesn’t allow the sale of any products from animals confined in ways that don’t meet their standards, including those produced in other states.

What is the Save Our Bacon Act?

The Save Our Bacon Act seeks to block California’s and Massachusetts’s laws on out-of-state producers by saying that no state “may enact or enforce, directly or indirectly, a condition or standard on the production of covered livestock other than for covered livestock physically raised in such State or subdivision.”

The legislation would apply to any domestic animal raised for the purpose of human consumption or milk production, but not animals raised primarily for egg production.

Rep. Ashley Hinson, R-Iowa, originally introduced the Save Our Bacon Act in July 2025. 

“California’s Proposition 12 and Massachusetts’ Question 3 pose a major threat to family farms and food security — both in Iowa and across the country,” she said in a press release at the time. “The Save Our Bacon Act reaffirms livestock producers’ right to sell their products across state lines, without interference from arbitrary mandates.”

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The act was added as a section in the Farm Bill, which was then passed by the House on a vote of 224-200. The bill next heads to the Senate, where its fate is unclear as lawmakers both across and within party lines have butted heads on several provisions.

This article originally appeared on Telegram & Gazette: Farm Bill provision threatens Massachusetts animal welfare rules



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Massachusetts

Smoke from North Attleborough fire visible for miles

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Smoke from North Attleborough fire visible for miles


Fire broke out at an apartment building in North Attleborough, Massachusetts, on Monday afternoon, sending a column of smoke high into the air.

NBC affiliate WJAR-TV reports the smoke was visible from miles away from the building on Juniper Road.

More details were not immediately available.

This is a developing story. Check back for updates.

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Massachusetts

Life Care Center of Raynham earns deficiency‑free state inspection

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Life Care Center of Raynham earns deficiency‑free state inspection


Life Care Center of Raynham has received a deficiency‑free inspection result from the Massachusetts Department of Public Health, a distinction awarded to a small share of the state’s licensed nursing homes, according to a community announcement.

The inspection was conducted as part of the state’s routine, unannounced nursing home survey process overseen by the Massachusetts Department of Public Health. These comprehensive, multi‑day inspections evaluate multiple aspects of facility operations, including staffing levels, quality of care, medication management, cleanliness, food service and resident rights.

State survey records show that Life Care Center of Raynham met required standards during its most recent standard survey, with no deficiencies cited, based on publicly available state data.

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The announcement states that fewer than 8% of Massachusetts nursing homes achieve deficiency‑free survey results. That figure could not be independently verified through state or federal data and is attributed to the announcement.

In addition to the state survey outcome, the facility is listed as a five‑star provider for quality measures on the federal Medicare Care Compare website. The five‑star quality measure rating reflects above‑average performance compared with other nursing homes nationwide, according to federal rating methodology.

Officials said the inspection results reflect ongoing compliance with state and federal standards designed to protect resident health and safety. According to the announcement, the outcome is attributed to staff performance and internal quality practices.

This story was created by Dave DeMille, ddemille@gannett.com, with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more at cm.usatoday.com/ethical-conduct.

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