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LONDON (Reuters) – Strong demand for a $270 million catastrophe bond allowed its issuer, U.S. Nationwide Mutual Insurance Co, to price it more cheaply than expected, leaving investors looking for a higher return from future issues.

Investors have been keen to buy “cat bonds”, which insurers use to pass on the risk of having to make big payouts towards damage caused by natural catastrophes such as hurricanes and earthquakes.

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