Dodeka X

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Dodeka X – At a glance:

  • Issuer: Dodeka X
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $21.274m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jul 2016

Dodeka X – Full details:

The $21.274m Dodeka X private cat bond transaction has been issued using the Artex SAC Limited ILS Note Program II segregated accounts company vehicle. Dodeka X represents just one segregated account of the Artex SAC ILS note program, and has been securitised into private cat bond form resulting in the issuance of $21.274m of ILS notes.

The $21.274m transaction of insurance-linked notes are due on the 27th July 2017, so represent an annual reinsurance or retrocession contract, likely covering U.S. perils over the next year.

Hence we assume that Dodeka X features a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger, covering U.S. natural catastrophe perils, as is typical of Twelve’s Dodeka private cat bonds to date. We cannot 100% confirm this though.

Dodeka X’s $21.274m of notes have been listed on the Bermuda Stock Exchange, to enhance the liquidity of the issuance offering Twelve Capital improved options and transparency to trade the notes on the secondary cat bond market should they choose to.

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