SAFEPOINT’S MANATEE RE CAT BOND MATURES WITH $20M LOSS

The Manatee Re Ltd (Series 2016-1) catastrophe bond sponsored by US property/casualty group SafePoint Insurance has matured with a complete loss on a $20m tranche of Class C notes owing to 2017’s hurricane Irma, Artemis.bm has reported. In the wake of Irma, SafePoint filed an event notice owing to the company’s then-estimated storm loss of $100m. That loss alone was enough to erode the Class C tranche of Manatee notes, and secondary market pricing quickly reflected the notes as a total loss.