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Safepoint’s Manatee 2016-1 cat bond matures, $20m loss realised

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.Almost immediately after hurricane Irma struck Florida in September 2017 it read the full article →

Safepoint’s Manatee 2016-1 Class C cat bond notes priced for total loss

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.Some broker pricing sheets read the full article →

Safepoint’s Manatee 2016-1 cat bond facing hurricane Irma loss

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 read the full article →

Manatee Re 2016 cat bond hits $95m, pricing set towards upper levels

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 latest cat bond read the full article →

Safepoint’s Manatee Re 2016 cat bond sees one tranche pulled

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.When the Manatee Re 2016-1 cat bond launched it featured three tranches of notes, covering read the full article →

Price guidance revised up on Manatee Re 2016 Class A cat bond notes

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, the expansive Florida primary insurer read the full article →

Safepoint back with 3-tranche $100m Manatee Re 2016-1 cat bond

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.This is Safepoint's second visit to the catastrophe bond market, following read the full article →

Safepoint’s Manatee Re 2015-1 grows to $100m, prices at top end

Once again the market is showing its position on price, as Florida takeout insurer Safepoint Insurance Company's first catastrophe bond Manatee Re Ltd. (Series 2015-1) prices at the top end of guidance at an increased size of $100m.The cat bond market has shown consistent signs over the last six months read the full article →

Safepoint sponsoring first cat bond, $75m Manatee Re 2015-1

Florida takeout (or depopulation) insurer Safepoint Insurance Company is entering the catastrophe bond market for the first time to sponsor Manatee Re Ltd. (Series 2015-1), a $75m Florida named storm cat bond.Safepoint is not the first of the Florida start-up insurance companies to look to the capital markets very quickly read the full article →