Manatee Re III Pte. Ltd. Series 2019-1

The maturity dates for both tranches of Safepoint Insurance Company’s most recently sponsored catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been extended as claims development continues, we understand.

Both tranches of Safepoint Insurance Company’s most recent catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been marked down significantly in the secondary market on potential losses of principal driven by hurricane Ida’s impacts.

Florida headquartered and coastal property focused U.S. primary insurer Safepoint has had its ratings placed under review with negative implications by AM Best, who cited leverage related pressures from the holding company.

U.S. primary insurer Safepoint’s latest catastrophe bond, the Manatee Re III Pte. Ltd. (Series 2019-1) transaction which is being issued out of Singapore, has shrunk to just $40 million in size, while pricing has been fixed above guidance.

The latest catastrophe bond from U.S. primary insurer Safepoint, the Manatee Re III Pte. Ltd. (Series 2019-1) transaction which is being issued out of Singapore, looks set for pricing above the initial guidance range, as investors demand more return for the risk they are taking on.

U.S. primary insurer Safepoint is set to issue a new catastrophe bond in Singapore, as a $75 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction launches to the market.