Safepoint’s Manatee Re bond priced for loss
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Safepoint’s Manatee Re bond priced for loss

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The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.

Early on after the storm, the Manatee deal had been marked down by a relatively small margin.

But by this month, the Class B junior layer of the deal was attracting bids of just 2-3c in the dollar, broker pricing...

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