Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Dodeka XI

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Dodeka XI – At a glance:

  • Issuer: Dodeka XI
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $19.451m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jan 2017

Dodeka XI – Full details:

This near $19.5 million Dodeka XI is the thirteenth such deal from Twelve Capital, as the insurance-linked securities (ILS) fund manager demonstrates its continued commitment to sourcing risk in cat bond form for its investor clients.

Dodeka XI has been issued using the Artex SAC Limited ILS Note Program II vehicle, with Dodeka XI representing a single segregated account that has been transformed into private cat bond form resulting in the issuance of $19.451 million of tradable principal at risk ILS notes.

The $19.451 million of Dodeka XI insurance-linked notes are due on the 5th January 2018, so likely represent an annual reinsurance or retrocession contract, possibly covering U.S. property catastrophe risks (as other Dodeka’s have) over the next year.

The $19.451 million of Dodeka XI notes have been admitted to the BSX as Section V Insurance Related Securities with Estera Securities acting as sponsor, and placed with qualified investors.

As with all Dodeka’s so far, we assume that the Dodeka XI cat bond lite sees a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger, covering U.S. natural catastrophe perils, issued. However at this time we cannot 100% confirm this.

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