Nationwide returns late to buy additional $1bn

US insurer Nationwide returned to the market at the end of May
after completing its property catastrophe reinsurance placement to
buy an extra $1bn of vertical limit, The Insurance
Insider has learned.
Sources said that Nationwide had instructed broker Aon Benfield
to top up its nationwide tower with two additional $500mn
stretches, reversing a trend over recent years for it to retain
more tail risk.
Nationwide joins a number of major cedants that have looked to
add additional cover for...