The $20mn class C layer of Florida insurer Safepoint's Manatee Re 2016-1 cat bond looks to have triggered following the insurer's release of an event report which put its Irma losses at $100mn, sources said.
Insured losses stemming from Hurricane Maria's hit on Puerto Rico could be significant for the (re)insurance market as the US territory has relatively high levels of cover.
The $20mn class C layer of Safepoint's Manatee Re 2016-1 cat bond looks to have triggered following the insurer's release of an events report which put Irma-induced losses at $100mn.
The first week back at the desk after the reinsurance industry's annual Monte Carlo gathering can be a long and difficult slog for executives, having powered through dozens of half-hour meetings and evening receptions in sunny Monaco
