U.S. primary insurer Safepoint Insurance Co. is sponsoring a multi-peril Manatee Re II Ltd. deal to secure $165 million of coverage in the catastrophe bond market, Artemis reported.
The Bermuda-based special purpose insurer, Manatee Re II Ltd., will issue two different tranches as part of the offering.
The $125 million class A tranche has an attachment probability equivalent to 2.22% and expected loss of less than 1.08% and the coupon is expected to be 4.25% to 4.75%, according to the report. The $40 million class B tranche has an attachment probability equivalent of 6.99% and an expected loss of 4.07%, while The coupon is expected to be 7.75% to 8.5%.
