Swiss Re Insurance-Linked Fund Management

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$9.631m Dodeka XII private cat bond issued for Twelve Capital


Insurance and reinsurance linked investment manager Twelve Capital is back with its fourteenth Dodeka private or cat bond lite transaction, a $9.631 million Dodeka XII deal, as it securitizes another slice of reinsurance risk in order to add liquidity for its catastrophe bond investment mandates.

Insurance-linked securities (ILS) fund manager Twelve Capital continues to demonstrate its continued commitment to sourcing risk in cat bond form for its investor clients, using its Dodeka series as a way to add more risk in liquid form for its fund mandates.

Dodeka XII has been issued using the Artex SAC Limited ILS Note Program II vehicle, with Dodeka XII representing a single segregated account that has been transformed into private cat bond form resulting in the issuance of $9.631 million of tradable principal at risk ILS notes.

The $9.631 million of Dodeka XII insurance-linked notes are due on the 22nd December 2017, so represent a shorter term reinsurance or retrocession contract, possibly covering U.S. named storm risks as the term is across the entire U.S. hurricane season.

The $9.631 million of Dodeka XII 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 XII 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.

Previous Dodeka private cat bond transactions from Twelve Capital include: Dodeka I in January 2014, Dodeka II in February 2014, Dodeka IV in June 2014, Dodeka III in August 2014, Dodeka I – 2015 in February 2015, Dodeka V in May 2015, Dodeka VI in June 2015, Dodeka VII in July 2015, Dodeka VIII in June 2016, Dodeka V-2016, Dodeka IX and Dodeka X all in July 2016, and lastly Dodeka XI in January of 2017.

The Dodeka XII privately placed catastrophe bond has been added to the Artemis Catastrophe Bond Deal Directory and we will update the listing should any additional details on the underlying structure emerge.

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