Caelus Re VI Ltd

US primary insurance giant Nationwide Mutual Insurance Company has now opted for a longer extension of two tranches of its Caelus Re catastrophe bonds that have been considered at-risk of facing a complete loss since 2021, but were only recently extended as their scheduled maturity date neared, Artemis understands.

Two tranches of the Caelus Re catastrophe bonds sponsored by US primary insurance giant Nationwide Mutual Insurance Company that have been considered at-risk of facing a complete loss since 2021 have now had its maturity date extended by one month, as the carrier looks to finalise its reinsurance recoveries from prior years, we understand.

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.

U.S. primary insurance carrier Nationwide Mutual Insurance Company is set for its largest slice of catastrophe bond backed reinsurance coverage ever, after its latest Caelus Re VI Ltd. (Series 2020-1 & 2020-2) transaction has now priced at a 44% upsized $490 million, we’re told.

The latest catastrophe bond to be sponsored by Nationwide Mutual Insurance Company could turn out to be the U.S. primary insurers largest ever, as the target for the deal has grown with $500 million now seen as the upper-end goal for the Caelus Re VI Ltd. (Series 2020-1 & 2020-2) issuance.

Nationwide Mutual Insurance Company has returned to the catastrophe bond market looking for a $340m or greater source of capital market backed U.S. multi-peril reinsurance protection, issuance, on both a per-occurrence and aggregate basis, with a twin Caelus Re VI Ltd. (Series 2020-1 & 2020-2).