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

19 May 2012

Nationwide closes $185mn Caelus Re II

24 May 2010

US insurer Nationwide Mutual has closed the $185mn renewal of its 2008 Caelus Re cat bond, taking 2010 ILS issuance over the $2bn mark.

Nationwide, with the guidance of Goldman Sachs and Aon Benfield as co-managers to the transaction, issued only $185mn of Class A notes from Caelus Re II. The Cayman Islands based special purpose vehicle was initially targeting $200mn, Trading Risk understands.

The bond will provide the personal lines and property casualty insurer with three-year indemnity cover against...

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