Twelve Capital, the Swiss headquartered insurance-linked securities (ILS) and reinsurance funding supervisor, has efficiently accomplished its second non-public disaster bond issuance of the 12 months, bringing a $10 million Dodeka 2024-2 deal to market.
Simply over a month in the past, we reported that Twelve Capital had accomplished a $15 million Dodeka 2024-1 non-public disaster bond, which was the primary Dodeka non-public cat bond, or cat bond lite, that Twelve Capital had organized since July 2019.
Solely a month later, Twelve Capital has accomplished its second Dodeka non-public cat bond of 2024, with an additional $10 million of 2024-2 notes issued.
This new 2024-2 issuance is definitely the twenty eighth transaction from the Dodeka sequence of personal cat bonds, demonstrating Twelve Capital’s need to supply extra threat for its cat bond targeted portfolios, to the advantage of its traders.
We perceive that, as has been the case for many if not all of the Dodeka cat bond offers, this new 2024-2 issuance includes a securitized and remodeled industry-loss guarantee (ILW) association.
The Dodeka transactions are an efficient means for Twelve Capital to supply new threat in a liquid kind to suit its ILS fund portfolio wants, and also can add incremental threat funding alternatives at a time when the first cat bond market might lack the precise transaction kind and construction Twelve Capital seeks.
This newest Dodeka 2024-2 transaction noticed $10 million of notes issued, bought to certified traders in a non-public placement and listed on the Bermuda Inventory Trade (BSX), additional enhancing the liquidity of the ensuing notes for funds or particular funding mandates, presumably Twelve Capital’s personal.
The transformer and issuing car used is once more Artex Axcell Re (Bermuda) Restricted, which is identical construction managed by Artex Capital Options that has been concerned in each Dodeka non-public cat bond association.
The car acted in respect of a Segregated Account named Dodeka 2024-2 to concern the $10 million of ILS notes, below its ILS Be aware Program II.
The Dodeka 2024-2 non-public cat bond time period runs via the wind season, with maturity due December twenty seventh 2024. That’s the similar maturity date as the sooner $15 million 2024-1 issuance.
Twelve Capital’s now 28 Dodeka non-public cat bond transactions have resulted in over $500 million of threat capital sourced, remodeled and issued in disaster bond kind since 2014.
Particulars on each Dodeka non-public cat bond transaction will be discovered within the Artemis Catastrophe Bond Deal Directory. Use the filters to view solely non-public cat bonds (filter by kind).
Together with this newest non-public cat bond, issuance of these cat bond lite structures has now reached $374.7 million in 2024 so far.
We’ve added this $15 million Dodeka 2024-2 non-public cat bond transaction to the Artemis Deal Directory, and what knowledge factors we’ve on the association will probably be included in our catastrophe bond and ILS market statistics.
