Safepoint Insurance Co.'s Manatee Re II Ltd. (Series 2018-1) multiperil catastrophe bond deal has upsized to $200 million from the initial size of $165 million, Artemis reported.
The $125 million class A tranche grew in size to $160 million, while its pricing settled at the low end of the 4.25% to 4.75% range.
The $40 million tranche B price guidance has also settled at the low end of the 7.75% to 8.5% range.
The deal would protect Safepoint from named storms and severe thunderstorms in the U.S. The coverage includes Florida, Louisiana and Texas initially.