Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Dodeka I

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Dodeka I – At a glance:

  • Issuer: Dodeka I
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Aon Benfield acted as advisor
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. multiple perils
  • Size: $25m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jan 2014
  • news coverage: Articles discussing Dodeka I from

Dodeka I – Full details:

Dodeka I is a private catastrophe bond transaction, issued by ILS investment manager Twelve Capital on behalf of an unnamed cedent as a way to acquire transformed risk for its more liquid investment strategies.

Dodeka I is a $25m (including the premium) zero-coupon private cat bond issued under a programme using a transformer vehicle. The notes are exposed to multi-peril U.S. risks and have a one-year term.

The Dodeka I private cat bond is a transformed industry loss warranty, so uses an industry loss trigger based on Property Claim Services (PCS) catastrophe report data.

For Twelve Capital this private cat bond serves a purpose of creating assets which qualify to be invested in by its more liquid securities vehicles and mandates. With the risk into listed securities it allows the risk to be more easily priced and makes it more accessible to a broader audience, including the potential for secondary liquidity.

Twelve Capital said that the Dodeka I notes will initially be held within its own ILS fund strategies, but in future it might seek to sell them on the secondary market.

Aon Benfield acted as advisor for the private cat bond transaction.

The risk is transformed and the Dodeka I notes issued using the Kane SAC Limited private cat bond platform, which is operated by global independent insurance manager Kane.

Artemis understands that this deal will incept in a few days (as at time of publishing, 15th Jan 2014) and the $25m of notes issued for this Dodeka I private cat bond will be listed on the Bermuda Stock Exchange (BSX) to enhance the notes liquidity.

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