Manatee Re Ltd. (Series 2016-1)

Safepoint Insurance Company’s 2016 Manatee Re catastrophe bond has been matured, which we’re told allowed the $20 million reinsurance recovery to be made so investors could realise their losses from the hurricane Irma impacted Manatee Re 2016-1 Class C notes.

The $20 million Class C tranche of notes from Safepoint Insurance Company’s Manatee Re Ltd. (Series 2016-1) catastrophe bond have been priced for a total loss by the leading cat bond trading desks, confirming our article from Friday on the first cat bond loss from hurricane Irma.

According to our sources, an event notice has been filed on behalf of Safepoint Insurance Company, the sponsor of the Manatee Re Ltd. (Series 2016-1) catastrophe bond, revealing the initial estimate of the insurers hurricane Irma losses that qualify under the terms of the cat bond and the level reported suggests a loss for the […]

Florida located U.S. primary insurer Safepoint’s latest catastrophe bond, the Manatee Re Ltd. (Series 2016-1) deal, is set to achieve $95m of collateralised reinsurance cover for the firm after the pricing on the now two tranches of notes were fixed towards the upper end of initial guidance.

The tranche B class of catastrophe bond notes which were being offered as part of Safepoint Insurance Company’s latest cat bond deal Manatee Re Ltd. (Series 2016-1) have been pulled from the offering, according to sources.

The pricing guidance for the lowest risk of the three tranches of notes being issued through the Manatee Re Ltd. (Series 2016-1) catastrophe bond deal has been revised upwards according to sources, as investors again show a minimum return expectation for catastrophe risks.

Safepoint Insurance Company, an expansive insurer that began life as a Florida takeout player, is returning to the catastrophe bond market to add to its capital markets sourced reinsurance protection with a triple-tranche $100m Manatee Re Ltd. (Series 2016-1) deal.