U.S.primary insurer Nationwide Mutual Insurance Company has now secured a doubling in size of its new catastrophe bond, with the transaction set to provide the insurer $300 million of multi-peril reinsurance, while pricing of all the notes was finalised at levels below the initial spread guidance.Nationwide Mutual Insurance Company has been a sponsor of catastrophe bonds since as far back as 2008.and now this first Aquila Re I Ltd.

cat bond as well.Nationwide , seeking $150 million in multi-peril US catastrophe reinsurance coverage through this Aquila Re I Ltd.Series 2023-1 deal.

As we later reported, , with a doubling possible to provide Nationwide with $300 million of collateralized reinsurance from this new catastrophe bond.We’re now told by sources that the Aquila Re I 2023-1 catastrophe bond has been priced and Nationwide has secured the doubling in size, with the deal now set to provide it $300 million of multi-year reinsurance protection.So, the Aquila Re I 2023-1 catastrophe bond will provide Nationwide Mutual and subsidiaries, including auto insurer Titan Insurance Company, with $300 million of capital markets backed reinsurance, against losses from multiple U.S.

perils, including U.S.named storm, earthquake, severe thunderstorm, winter storm, wildfire, meteorite impact, and volcanic eruption.This $300 million of reinsurance will run across three layers of notes issued, with each structured on an indemnity trigger and per-occurrence basis, to provide Nationwide reinsurance across a three-year term to the end of May 2026.

At the deals launch, all three tranches of cat bond notes on offer were preliminarily sized at $50 million.We now understand that, the Class A tranche of notes settled at $50 million in size, with pricing finalised below-guidance at 5.25%, the Class B tranche of notes settled at $125 million in size, again with pricing finalised below-guidance at 7.5%, and the riskiest Class C tranche of notes settled at $125 million in size, with their pricing also finalised below-guidance at 9.25%.That represents an average price decrease of 11%, across the three tranches from their initial launch price guidance, or roughly 14% for the Class A tranche, 10% for Class B and 9% for Class C.

So, a doubling in size of the coverage secured, while benefiting from pricing settling on average 11% below the initial pricing mid-points, a particularly strong result for Nationwide Mutual from its latest catastrophe bond sponsorship.You can read all about this new catastrophe bond transaction and every other cat bond ever issued in our Artemis Deal Directory.Get a ticket soon to ensure you can attend.