Dodeka VI

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Dodeka VI – At a glance:

  • Issuer: Dodeka VI
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $19.078m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jun 2015

Dodeka VI – Full details:

Swiss headquartered ILS investment fund manager Twelve Capital has completed another private catastrophe bond deal, with a $19.087m Dodeka VI transaction listing on the Bermuda Stock Exchange today.

Dodeka VI has, as usual, been issued through the Kane SAC Limited vehicle. Dodeka VI represents a segregated account of the Kane SAC Limited private cat bond issuance vehicle. The $19.078m of notes have a due date of the 20th January 2016, so represent just over a six month reinsurance contract.

As with all the other Dodeka deals, it is likely that this is a transformed industry-loss warranty (ILW) contracts, using a PCS industry loss triggers and so covering U.S. natural perils. We can’t confirm, but our understanding of all the prior Dodeka’s is that this is the model Twelve Capital are following.

ILW’s perhaps represent the simplest transactional features for transformation, making them the most cost-effective way to acquire risk in a liquid securitised form for fund managers like Twelve Capital.

The $19.078m of Dodeka VI notes have been listed on the Bermuda Stock exchange. In this way the liquidity of the notes is enhanced, providing Twelve Capital with improved options and additional transparency to trade the notes on the secondary cat bond market.

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