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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

Western Massachusetts libraries celebrating National Library Week – Athol Daily News

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Western Massachusetts libraries celebrating National Library Week – Athol Daily News


As libraries across western Massachusetts celebrate National Library Week from April 19 to April 25, they are honoring “the last real third space where everyone is welcome,” in the words of Greenfield Public Library Assistant Director Lisa Prolman.

According to the American Library Association, National Library Week is “an annual celebration highlighting the valuable role libraries and library professionals play in transforming lives and strengthening our communities.” This year, several libraries in the region will be hosting events to highlight the roles they play in their communities.

The Athol Public Library is among the venues engaging in National Library Week festivities, with a whole host of events starting on Tuesday, April 21, with Silly Goose Story Time at 10:30 a.m. The library will hold multiple events each day, including “Free Book Friday” on April 24, which Assistant Director Robin Shtulman said is “really fantastic.”

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Shtulman said the week celebrates and emphasizes the “freedom to read, community outreach and celebrating the staff, without whom nothing would happen.”

The Athol Public Library said in an event announcement that “whatever brings you joy, the library has something for everyone,” and that aspect is being emphasized this National Library Week. To name a few of the events on tap, on Tuesday, April 21, from 3:30 to 5:30 p.m., there’s a volunteer opportunity where teens will make greeting cards for senior citizens; “A Minecraft Movie” will be shown at the same date and time; and on Thursday, April 23, the library will host Scavenger Hunt Bingo for all ages. For a full list of events at the Athol Public Library, visit atholpubliclibrary.com.

In Shelburne Falls, the Arms Library will feature a gallery from the Carlos Heiligmann Collection, a series of photos of public libraries across western Massachusetts. Also in collaboration with the Arms Library, Pothole Pictures and the Shelburne Falls Area Women’s Club will partner for a screening of “Free For All: The Public Library” on Saturday, April 25, at 2 p.m. at the Shelburne Falls Theater at Memorial Hall.

The documentary focuses on the evolution of the public library from its origins in the 19th century and the challenges it faces today, with modern-day issues such as book bans, funding cuts and debates over censorship.

It also explores the role that women’s clubs, like the one in Shelburne Falls, played in creating the modern library system. To serve their communities, women’s clubs took the lead in fundraising, collecting books and advocating for library legislation.

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“Our women’s club in this town started with a group of 60 women who were gathering for lessons. … Because of the support of women in the U.S., we established over 80% of the public libraries [in the country],” said Christin Couture, program chair for the Shelburne Falls Area Women’s Club. “This film … I hear it’s so fascinating.”

Following the film’s screening, there will be a panel of local librarians who will engage in “lively conversation” about the history and future of public libraries. Tickets are $6, though school-age children will be admitted for free.

In Charlemont, Tyler Memorial Library will host an open house on Saturday, April 25, from noon to 2 p.m. featuring refreshments, a tour of the library and sun catcher crafting.

The Greenfield Public Library, meanwhile, is taking National Library Week in a bit of a different direction, as it is offering a book repair demonstration with Tom Hutcheson on Thursday, April 23, at 3:30 p.m. The day marks William Shakespeare’s birthday.

Although the book repair session required registration and is currently full, those who are interested may be placed on a waiting list at greenfieldpl.libcal.com/event/16460179.

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Greenfield Public Library Director Anna Bognolo recognized the hard work that everyone has put into making the library a success, offering a “huge thank you” to the volunteers and staff who make its varied offerings possible.

“Stop by and support your library,” Bognolo said.

“Libraries, especially in this economy, are more important than ever,” Prolman said. Referencing the library’s role as a place where community members can go that is not work or home, she added, “They are the last real third space where everyone is welcome, and we don’t charge you for being here.”



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New Bedford MS-13 Member, Illegal Alien Pleads Guilty to Role in Brutal Murders In Massachusetts, Virginia

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New Bedford MS-13 Member, Illegal Alien Pleads Guilty to Role in Brutal Murders In Massachusetts, Virginia


A 28-year-old Salvadoran national and admitted member of the MS-13 gang, who was living unlawfully in New Bedford, Massachusetts, pleaded guilty in federal court in Boston to his role in three brutal murders committed to advance the gang’s violent agenda across Massachusetts and Virginia.

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Police shoot and kill man armed with knife in Lexington, DA says

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Police shoot and kill man armed with knife in Lexington, DA says


Police shot and killed a man who officials say rushed officers with a knife during a call in Lexington, Massachusetts, on Saturday.

Middlesex County District Attorney Marian Ryan said the situation started around 1:40 p.m. when Lexington police received a 911 call from a resident of Mason Street reporting that his son had injured himself with a knife.

Officers from the Lexington Police Department and officers from the Northeastern Massachusetts Law Enforcement Council (NEMLEC), who were already in town for Patriots’ Day events, responded to the call.

Police were able to escort two other residents out of the home, initially leaving a 26-year-old man inside. According to Ryan, while officers were setting up outside, the man ran out of the home and approached officers with a large kitchen knife.  

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She added that police tried twice to use non-lethal force, but it was not effective in stopping him. The man was shot by a Wilmington police officer who is a member of NEMLEC. The man was pronounced dead on scene and the officer who fired that shot was taken to a local hospital as a precaution.

The man’s name has not been released.

Ryan said typically in a call like this where someone was described as harming themselves, officers would first try to separate anyone else to keep them out of danger, which was done, and then standard practice would be to try to wait outside.

“It would be their practice to just wait for the person to come out. In the terrible circumstances of today, he suddenly rushed the officers, still clutching the knife,” Ryan said.

The investigation is still in the preliminary stages and more information is expected in time. Ryan said her office will request a formal inquest from the court to review whether any criminal conduct has occurred, which is the standard process.

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This happened around the same time as the annual Patriots’ Day Parade, and just hours after a reenactment of the Battle of Lexington, which drew large crowds to town.

This is a developing story. Check back for updates.



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