Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Dodeka XIX

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Dodeka XIX – At a glance:

  • Issuer: Dodeka XIX
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: N/A
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $27.609m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jan 2019

Dodeka XIX – Full details:

This $27.609 million Dodeka XIX private catastrophe bond transaction is the 21st private cat bond ILS deal in the Dodeka series from ILS investment fund manager Twelve Capital, as the company persists in demonstrating its commitment to sourcing risk in securitised cat bond form for its ILS fund investors.

Including this new Dodeka private ILS transaction, Twelve Capital has now securitized roughly $437 million of reinsurance risk through this series of private cat bonds, or cat bond lites, since the first Dodeka in January 2014.

As with other recent Dodeka transactions, the Dodeka XIX private cat bond has been issued using Artex’s SAC Limited vehicle, managed by ILS facilitator Artex, with Dodeka XIX representing a single segregated account of this issuing vehicle.

The underlying catastrophic peril exposure in the segregated account has been transformed into private ILS or cat bond form, resulting in the issuance of the $27.609 million of tradable and listed principal-at-risk ILS notes.

This $27.609 million Dodeka XIX issuance, which saw the issuing vehicle, Artex SAC Limited, acting in respect of a Segregated Account named Dodeka XIX to issue the notes. The private cat bond covers a one-year term, with maturity due January 9th 2020.

Dodeka XIX’s $27.609 million of notes were admitted to the Bermuda Stock Exchange (BSX) as Section V Insurance Related Securities after the notes were sold to qualified ILS investors, which will be funds or managed accounts operated by Twelve Capital.

As with all of the Dodeka series of private ILS deals, we assume that this Dodeka XIX cat bond lite features a transformed industry-loss warranty (ILW) contract, using a PCS industry loss trigger and covering U.S. natural catastrophe risks (which is most likely U.S. wind because of the risk period).

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