Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Dodeka VII

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Dodeka VII – At a glance:

  • Issuer: Dodeka VII
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $18.899m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jul 2015

Dodeka VII – Full details:

Dodeka VII has, like the rest of the series, been issued using the Kane SAC Limited segregated accounts company vehicle. Dodeka VII represents a single segregated account of vehicle, which has been securitised into private cat bond form. The $18.899m of notes have a due date of the 20th July 2016, so represent an annual reinsurance contract.

Again, we’re assuming that this is a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger and so covering U.S. natural catastrophe perils. It’s impossible to 100% confirm this, but all the prior Dodeka’s have followed this model.

ILW’s offer a simpler transaction, in terms of features, making them ripe for transformation and perhaps the most cost-effective way to acquire risk in a liquid securitised form for ILS fund managers like Twelve Capital.

By listing the $18.899 of Dodeka VII notes on the Bermuda Stock Exchange, the liquidity of the notes can be enhanced. This provides Twelve Capital with improved options and additional transparency to trade the notes on the secondary cat bond market should it choose.

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