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Safepoint cat bond upsizes to $200M

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Safepoint cat bond upsizes to $200M

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.