Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

17 December 2017

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Caelus D triggers as Nationwide takes major fire loss

6 December 2017

The $75mn class D layer of Nationwide Mutual's Caelus Re V cat bond has triggered and is expected to be a significant loss after the insurer recorded major wildfire claims, according to sources.

The sponsor previously issued a warning that the California fires might impact its cat bonds, as Nationwide's aggregate claims had reached more than halfway to the bond's $1.5bn deductible by October.

But sources said the insurer has now notified investors that its aggregate losses for the year...


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