Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Dodeka IX

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Dodeka IX – At a glance:

  • Issuer: Dodeka IX
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $14.55m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jul 2016

Dodeka IX – Full details:

The $14.55m Dodeka IX private cat bond transaction has been issued using the Artex SAC Limited ILS Note Program II segregated accounts company vehicle. Dodeka IX 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 $14.55m of ILS notes.

The $14.55m transaction of insurance-linked notes are due on the 20th January 2017, so likely reflect a singal seasonal reinsurance or retrocession contract, covering the north American hurricane season throughout 2016.

It’s assumed that this transaction transforms an industry-loss warranty (ILW) contract, using a PCS industry loss trigger and so covers U.S. natural catastrophe perils, as has been typical of Twelve’s Dodeka private cat bonds to date. We cannot 100% confirm this though.

Dodeka IX’s $14.55m 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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