Manatee Re II Ltd. (Series 2022-1)

Our sources have told us that the new Manatee Re II Ltd. (Series 2022-1) catastrophe bond that was designed to secure U.S. primary insurer Safepoint Insurance Company a $125 million or larger source of named storm reinsurance protection from the capital markets now won’t be issued.

U.S. primary insurer Safepoint Insurance Company has returned to the catastrophe bond market in search of $125 million or more in named storm reinsurance protection across its key US states, with a Manatee Re II Ltd. (Series 2022-1) cat bond for which it has returned to Bermuda to issue.