Dodeka XXI

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Dodeka XXI – At a glance:

  • Issuer: Dodeka XXI
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: N/A
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $17.96m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Mar 2019

Dodeka XXI – Full details:

This is the 24th private catastrophe bond deal in the Dodeka series of issues from ILS investment fund manager Twelve Capital, who utilises these arrangements to securitise reinsurance or retrocessional risks into cat bond form for its more liquid ILS funds or private investor ILS mandates.

This deal was completed at roughly the same time as the $18.67 million Dodeka XXII issuance.

In total Twelve Capital has now issued almost $474 million of risk capital that has been securitized and issued through the program since its inception in January 2014. Details on every Dodeka private cat bond can be found in the Artemis Deal Directory.

This latest transaction saw the $17.96 million Dodeka XXI transaction listed on the Bermuda Stock Exchange (BSX), enhancing the liquidity of the resulting notes for investors.

The issuing vehicle is, as ever the Artex SAC Limited vehicle domiciled in Bermuda and managed by Artex. The vehicle acted in respect of a Segregated Account named Dodeka XXI to issue the $17.96 million of ILS notes.

As with other Dodeka private cat bonds this deal covers a one-year term, with maturity due March 18th 2020.

Details are scarce, as with all of these Dodeka ILS deals given their privately placed nature.

But we assume that they have likely featured a transformed industry-loss warranty (ILW) providing reinsurance or retrocession to an unamed ceding company, most likely securitizing U.S. property catastrophe risks.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.