Manatee Re II Ltd

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.

The latest catastrophe bond from U.S. primary insurer Safepoint Insurance Company has increased in size while marketing, as the sponsors multi-peril Manatee Re II Ltd. (Series 2018-1) cat bond has grown to $200 million while pricing for both of its tranches has now been fixed at the bottom of guidance.

U.S. primary insurer Safepoint Insurance Company is returning to the catastrophe bond market for what will be the third transaction it has sponsored, seeking an early slice of its June reinsurance renewal with a multi-peril Manatee Re II Ltd. (Series 2018-1) deal that is currently seeking $165 million of coverage.