Your search for “caelus”

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.

A number of at-risk of loss catastrophe bonds have been traded at rock-bottom distressed prices, suggesting investors have sought to offload bonds they believe will face a total loss, while a buyer (perhaps a single investor) is willing to bet there could be some improvement in the outlook.

Two tranches of Nationwide Mutual’s Caelus Re V Ltd. (Series 2018-1) catastrophe bond have been marked down in the secondary market due to market expectations they could face losses from the recent California wildfires.

We understand that the pricing has now been set for U.S. primary insurance firm Nationwide Mutual’s latest catastrophe bond issuance, the recently upsized to $450 million Caelus Re V Ltd. (Series 2018-1), with three of the four tranches priced below initial guidance and the fourth at the mid-point.

U.S. primary insurance firm Nationwide Mutual’s return to the catastrophe bond market in 2018 looks set to result in a bumper issuance, as the still-being-marketed Caelus Re V Ltd. (Series 2018-1) has grown by 50% to now offer investors $450 million of U.S. catastrophe risk exposed 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.

Nationwide Mutual is back looking for another slice of multi-peril reinsurance protection with a new catastrophe bond issuance, a $300 million Caelus Re V Ltd. (Series 2018-1) transaction that marks the insurers return at a time when its in-force cat bond coverage is still facing losses.

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.