Twelve Capital completes new $33.583m Dodeka IV private cat bond

by Artemis on January 2, 2018

ILS investment fund manager Twelve Capital Management has successfully completed its latest private catastrophe bond under its Dodeka series of securitised reinsurance transactions, with a $33.583 million Dodeka XIV deal that has been issued and listed in Bermuda.

This $33.583 million Dodeka XIV private catastrophe bond transaction is the fifteenth deal in the Dodeka series from ILS investment fund manager Twelve Capital, as the firm continues to show a commitment to sourcing reinsurance risks in securitised cat bond form for its ILS fund investors.

Dodeka XIV has been issued through the Artex SAC Limited vehicle and its ILS Note Program II, with Dodeka XIV representing a single segregated account of the reinsurance vehicle. The risks included in the account have been transformed into private ILS form, resulting in the issuance of $33.583 million of tradable principal-at-risk ILS notes.

The $33.583 million of Dodeka XIV insurance-linked notes are due on the 8th January 2019, so likely see a one-year renewal reinsurance or retrocession contract being transformed and securitised.

The $33.583 million of Dodeka XIV notes have been admitted to the BSX as Section V Insurance Related Securities and the notes have been placed with qualified ILS investors. Usually this is Twelve Capital sourcing its own cat bond notes, after participating in a reinsurance contract on a collateralized basis.

As with all of the Dodeka private ILS transactions, we assume that the Dodeka XIV cat bond lite features a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger, covering U.S. natural catastrophe risks.

The Dodeka private cat bonds are an efficient way for Twelve Capital to offer capital markets backed reinsurance coverage to cedents while souring cat bond notes for its investment funds.

We’ve added this $33.583 million Dodeka XIV private cat bond to the Artemis Deal Directory and what information we have will be included in all of our catastrophe bond and ILS market statistics.

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