Swiss Re Insurance-Linked Fund Management

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Dodeka XIII

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Dodeka XIII – At a glance:

  • Issuer: Dodeka XIII
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: N/A
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $23.567m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: May 2018

Dodeka XIII – Full details:

This $23.567 million Dodeka XIII private catastrophe bond transaction is the sixteenth such transaction in the Dodeka series from ILS investment fund manager Twelve Capital, as the firm demonstrates an ongoing commitment to sourcing risk in securitised cat bond form for its ILS fund investors.

Dodeka XIII has been issued using the Artex SAC Limited ILS Note Program II vehicle, with Dodeka XIII representing a single segregated account of the issuance vehicle. The risks included in the account have been transformed into private ILS or cat bond form, resulting in the issuance of $23.567 million of tradable principal-at-risk ILS notes.

The $23.567 million of Dodeka XIII insurance-linked notes are due on the 9th May 2019, so will represent a one-year renewal reinsurance or retrocession contract.

The $23.567 million of Dodeka XIII notes have been admitted to the BSX as Section V Insurance Related Securities and the notes have been placed with qualified ILS investors, which will be a fund or account managed by Twelve Capital.

As with all of the Dodeka private ILS transactions, we assume that the Dodeka XIII cat bond lite features a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger and covering U.S. natural catastrophe risks.

The Dodeka private cat bond series is an efficient way for Twelve Capital to offer capital markets backed reinsurance coverage to reinsurance and retrocession counterparties while sourcing cat bond notes with potential liquidity for its investment funds.

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