Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Manatee Re II Ltd. (Series 2022-1)

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Manatee Re II Ltd. (Series 2022-1) – At a glance:

  • Issuer: Manatee Re II Ltd.
  • Cedent / sponsor: Safepoint Insurance Company
  • Placement / structuring agent/s: Swiss Re Capital Markets is sole structuring agent and joint bookrunner. Gallagher Securities is joint bookrunner.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / perils covered: U.S. named storm (Alabama, Florida, Louisiana, Mississippi, New Jersey & Texas initially)
  • Size: Not issued
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Apr 2022

Manatee Re II Ltd. (Series 2022-1) – Full details:

This will be the fifth Manatee Re catastrophe bond to benefit US insurer Safepoint Insurance Company and for 2022 the sponsor has returned to utilise its Bermuda based Manatee Re II Ltd. special purpose insurance (SPI) vehicle.

For 2022, sources explained that Safepoint’s Bermuda domiciled special purpose insurer Manatee Re II Ltd. will seek to issue two tranches of Series 2022-1 cat bond notes, for total coverage of $125 million or perhaps more, and the notes are set to be sold to investors to collateralize two reinsurance agreements between the SPI and Safepoint Insurance Company.

The reinsurance agreements will provide Safepoint with a almost three years of collateralized reinsurance protection, beginning June 1st this year and running to April 2025.

The protection this Manatee Re II 2022-1 catastrophe bond will provide Safepoint will cover it against losses from US named storms, so tropical storms and hurricanes, initially across its core states of Alabama, Florida, Louisiana, Mississippi, New Jersey and Texas.

The protection will be afforded through an indemnity trigger for both tranches of notes, with coverage on a per-occurrence basis.

Manatee Re II Ltd. will issue a currently $75 million Class A tranche of notes that have a minimum attachment level of $240 million of losses, an initial attachment probability of 1.33%, initial expected loss of 0.96% and are being offered to cat bond investors with price guidance in a range from 5.75% to 6.5%, we’re told.

A currently $50 million Class B tranche of notes that Manatee Re II will issue have a minimum attachment level of $150 million, an initial attachment probability of 2.75%, initial expected loss of 1.77% and are being marketed with coupon guidance in a range from 7.75% to 8.25%, we understand.

Update – April 7th:

We’re told that Safepoint Insurance Company has opted not to continue with the issuance of this catastrophe bond.

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