Caelus Re V Ltd. Series 2017-1

The catastrophe bond market looks set to face some additional losses under Caelus Re catastrophe bonds sponsored by US primary insurance giant Nationwide Mutual Insurance Company, as its aggregate risk period losses have risen after February’s US winter storms and Texas freeze.

Nationwide Mutual Insurance Company, the U.S. primary insurer, has allowed a partial redemption of one of the tranches of its Caelus Re V Ltd. (Series 2017-1) catastrophe bond amounting to $75 million of collateral released.

Nationwide Mutual Insurance Company, the U.S. primary insurer, has benefited from another almost $8.5 million loss payment under its Caelus Re V Ltd. (Series 2017-1) Class D tranche of catastrophe bond notes, as reinsurance recoveries from that transaction continue.

U.S. primary insurer Nationwide Mutual Insurance Company has taken another loss payment from one of its catastrophe bonds as its reinsurance recoveries under the Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes continue.

Reinsurance recoveries from one of its catastrophe bonds have continued for U.S. primary insurer Nationwide Mutual Insurance Company, which has now recovered almost $25 million in loss payments from its Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.

U.S. primary insurer Nationwide Mutual Insurance Company has made a second reinsurance recovery from its Caelus Re catastrophe bond series, adding a further $10.3 million to its claims from the highest risk Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.

U.S. primary insurer Nationwide Mutual Insurance Company has made its first reinsurance recovery under the stricken Caelus Re catastrophe bond series, claiming $10.73 million from the highest risk Caelus Re V Ltd. (Series 2017-1) Class D tranche of notes.

The insurance-linked securities (ILS) investor base is braced for the potential for losses to grow from U.S. primary insurer Nationwide Mutual Insurance Company’s $375 million Caelus Re V Ltd. (Series 2017-1) catastrophe bond, as the insurers aggregated natural catastrophe losses rise further.

A second tranche of U.S. primary insurer Nationwide Mutual Insurance Company’s catastrophe bond has now been triggered as its aggregated natural catastrophe losses have eaten further into the capital market backed reinsurance provision that the $375 million Caelus Re V Ltd. (Series 2017-1) catastrophe bond provides.

The $375 million Caelus Re V Ltd. (Series 2017-1) catastrophe bond, which was sponsored by U.S. primary insurer Nationwide Mutual Insurance Company in May and only came on-risk in June, looks set to face a loss as aggregated natural catastrophe claims have almost eaten through the riskiest tranche of notes.