The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.
Dodeka V-2016 - At a glance:
- Issuer / SPV: Dodeka V-2016
- Cedent / Sponsor: Unknown
- Placement / structuring agent/s: ?
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. property catastrophe risks
- Size: $11.49m
- Trigger type: Industry loss index
- Ratings: NR
- Date of issue: Jul 2016
Dodeka V-2016 - Full details
The Dodeka V-2016 private cat bond transaction was issued using the Artex SAC Limited ILS Note Program II segregated accounts company vehicle. Dodeka V-2016 represents a single segregated account of the Artex SAC ILS note program, and it has been securitised into private cat bond form resulting in the issuance of $11.49m of notes.
The $11.49m of insurance-linked notes have a due date of the 5th January 2017, so likely reflect a seasonal reinsurance or retrocession contract covering the Atlantic hurricane season through 2016.
It’s assumed that the transaction is for a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger and so covering U.S. natural catastrophe perils, as has been typical of Twelve’s Dodeka private cat bonds to date. We can’t 100% confirm this though.
An ILW transaction provides a simpler structure, in terms of features, making them ripe for transformation into private cat bond notes and perhaps the most cost-effective way to transform risk into a liquid securitised form, for ILS fund managers such as Twelve Capital.
The $11.49m of Dodeka V-2016 notes have been listed on the Bermuda Stock Exchange, enhancing the liquidity of the notes which offers Twelve Capital improved options and transparency to trade the notes on the secondary cat bond market should it choose to.
The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.