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U.S. primary insurer Safepoint is set to issue a new catastrophe bond in Singapore, as a $75 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction launches to the market.
This will be among the first full 144a catastrophe bond to be issued in Singapore under its new insurance-linked securities (ILS) regulatory regime, following on from the Orchard ILS Pte Ltd deal sponsored by IAG, which was the first ILS or collateralised reinsurance arrangement in the country.
Sources said that Safepoint has elected to domicile its latest cat bond issuance vehicle in Singapore, to take advantage of the new regulation and available grant funding.