Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Dodeka XXIII

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 XXIII – At a glance:

  • Issuer: Dodeka XXIII
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: N/A
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $9.33m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jun 2019

Dodeka XXIII – Full details:

Zurich headquartered insurance and reinsurance linked investment manager Twelve Capital has now issued its 25th private catastrophe bond deal in the Dodeka series of transactions.

The series of private cat bond or insurance-linked securities (ILS) provide Twelve Capital a mechanism to securitise underlying reinsurance or retrocessional risks into securitised cat bond form, to suit its more liquid ILS funds or private investor ILS mandates.

This latest Dodeka XXIII transaction saw $9.33 million of notes issued and then listed on the Bermuda Stock Exchange (BSX), which further enhances the liquidity of the resulting notes for investors or specific mandates.

The transformer and issuing vehicle is the Artex SAC Limited vehicle, which is domiciled in Bermuda and managed by Artex and has been involved in every Dodeka private cat bond arrangement to-date.

The vehicle acted in respect of a Segregated Account named Dodeka XXII to issue the $9.33 million of ILS notes.

The Dodeka XXIII private cat bond appears to only cover a six month term, with maturity of the notes due January 20th 2020.

So, while full details on these transactions are never available, given the private nature of the Dodeka ILS deals, we can make some assumptions.

We assume that these transactions have likely featured a transformed industry-loss warranty (ILW) providing reinsurance or retrocession to an unamed ceding company, given the ease with which they can be transformed, most likely securitizing U.S. property catastrophe risks.

In this case believe the transaction likely covers U.S. wind related risks, so tropical storms and hurricanes, given the risk period runs from June 1st to the end of the year, so covering one full hurricane season.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

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.