Twelve Capital Group lead investor in USD 45.5m Private Debt transaction with Catalina General Insurance Ltd.

Twelve Capital Group was the majority investor in the note offering of Catalina General Insurance Ltd.

To read the whole press release, please click here.

Wednesday, 10 May 2017

Twelve Capital announces the hiring of Florian Steiger to the firm’s Zurich office.

Florian joins the company as a Director within the Portfolio Management team, with a principal concentration on Catastrophe Bond strategies.

Florian joins Twelve from Cape Capital, Zurich, where he set-up and managed the Cape Fixed Income Fund. Prior to this, he held roles in London and Zurich with ZAIS Group and Goldman Sachs. Florian’s focus throughout his career has been structured and illiquid credit, such as CLOs and credit derivatives, as well as subordinated bonds of European financials.

John Butler, Managing Partner & Head of Investment Management at Twelve Capital, said: “We are very happy to have Florian joining the firm. Florian’s deep experience in portfolio management will further enhance our ability to generate solid returns and serve clients across the firm’s portfolios. We are delighted to welcome him to the firm.”

Tuesday, 09 May 2017

Interview with Urs Ramseier in Institutional Money

Dr Urs Ramseier, Group CEO of Twelve Capital, talks to Institutional Money about the current situation in the ILS market. Please click here to read the whole interview (available in German).

Friday, 31 March 2017

Interview with John Butler in Insurance Day

John Butler, Managing Partner of Twelve Capital, talks to Insurance Day about Solvency II that has driven a steady interest in debt issuance among the biggest re/insurers in Europe over the last couple of years. Please click here to read the whole article (page 4).

Monday, 13 March 2017

Twelve Capital Perspectives - Investment Outlook for 2017

We are pleased to share the latest issue of Twelve Capital's Perspectives with you. To download your copy of the Investment Outlook for 2017, please click here.

Monday, 30 January 2017

Marcus Rivaldi on CNBC - Video

Marcus Rivaldi, Head of Credit & Equity Analytics at Twelve Capital, talks to the CNBC Squawk Box team after Intesa Sanpaolo confirmed that it was looking at a potential bid for Italy’s largest insurer, Assicurazioni Generali Spa. For an excerpt of the interview, please click here.

Wednesday, 25 January 2017

Twelve Capital Group acted as sole investor in debt issue by Bermudian insurance company

Randall & Quilter Investment Holdings Ltd. informs about their latest issue of subordinated notes. Please click here to read the whole press release.

Friday, 20 January 2017

Twelve Capital completes $19.5m Dodeka XI cat bond lite

Artemis writes about Twelve Capital's completion of a $19.5 million Dodeka XI private catastrophe bond issuance. Please click here to read the whole article.

Monday, 09 January 2017

  • Twelve Capital in USD 30m private debt deal for United, placed by BMS

    John Butler, Head of Investment Management at Twelve Capital, talks to Artemis and Insurance Day about their latest private debt deal. Please click on the respective links to read the articles.

    Tuesday, 06 December 2016

    Earthquake in New Zealand

    An earthquake of magnitude 7.8 struck New Zealand's South Island on Sunday, 13 November at 23:02 local time. The epicentre of the main shock lay about 100 km northeast of Christchurch and about 220 km southwest of the capital Wellington. Dozens of significant aftershocks have been registered since then, the strongest ones reaching a magnitude of 6.5. A Tsunami wave was triggered along the east coast of the South Island. It reached a maximum height of about two metres. There have also been a large number of landslides reported.

    According to government officials, at least two fatalities have been reported. The area affected by very strong to severe shaking is thinly populated. Most damage seems to be to infrastructure and residential buildings. There is no Cat Bond exposed to this event. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Tuesday, 15 November 2016

    Solvenzfinanzierung für Versicherungen über Private Debt

    Die grössten Versicherungen in Europa beschaffen sich Solvenzkapital über Tier-2-Anleihen. Für kleinere Versicherungen gibt es neuerdings Tier-2-Kapital auch in Form von Private Debt - Daniel Grieger und Vittorio Sangiorgio von Twelve Capital zeigen in der jüngsten Ausgabe von Absolut Research, wie diese Art der Finanzierung den Versicherern eine effizienztere Kapitalstruktur ermöglicht und Investoren ein interessantes Anlageuniversum mit attraktiven Renditen eröffnet.

    Please click here for further information (available in German). The full version is available upon request.

    Thursday, 10 November 2016

    Earthquake in Italy

    An earthquake of magnitude 6.5 has occurred in the Apennine mountains on Sunday, 30 October at 07:40 local time. The location is northeast of Rome and southeast of Perugia, near the small town of Norcia. The location is further to the north to Amatrice, where an earthquake of magnitude 6.2 had occurred on 24 August. Since the main shock on Sunday morning, a number of aftershocks with magnitude 4 and above have occurred.

    Most damage seems to be to residential buildings. The only Cat Bond exposed to Italy earthquake is Azzurro, which is not affected by today’s events according to our modelling analysis. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Monday, 31 October 2016

    Predicting the unpredictable in the catastrophe bond market

    Cat bond market participants held their collective breath last week as hurricane Matthew approached the eastern seaboard of the United States. Post that event, and in the latest ‘Friday View’ report published by Portfolio Institutional, Twelve Capital Managing Partner Sandro Kriesch and Head of ILS Analytics Jan Kleinn outline their views around the implications of hurricane Matthew for the cat bond market. To read the full article, please click here.

    Thursday, 20 October 2016

    Private Debt as subordinate capital for smaller insurers

    In the latest HEDGEWORK NEWS Edition, Daniel Grieger, Managing Partner at Twelve Capital, writes about Private Debt as subordinate capital for smaller insurers. Please click here to download the full article on page 14 (available in German).

    Hurricane Matthew - First Impressions

    Tropical storm Matthew formed near St. Lucia in the Antilles on 28 September, moved west over the Caribbean Sea and intensified to a hurricane on 29 September. Matthew then turned north and crossed the western tip of Haiti and the eastern tip of Cuba as a category 4 hurricane. The interaction with these two islands lead to a slight weakening, making Matthew a category 3 hurricane when moving towards the Bahamas. Matthew intensified to category 4 again over the Bahamas but was back to category 3 before approaching and moving along the Florida coast. Matthew moved along the Florida coast, weakened to category 2 when moving along the Georgia coast and finally to category 1 while moving along the coast of South Carolina and North Carolina. Matthew did not make landfall in Florida or Georgia, just crossed a bit of the South Carolina coast between Charleston and Georgetown.

    According to a preliminary wind field published by the National Hurricane Center of the US National Weather Service, only a small area over land was affected by hurricane force winds. The overall impact on losses is therefore expected to be limited.

    The last modelling updates from the modelling agencies indicate that cat bonds are most likely not affected by hurricane Matthew. It will take a few weeks though until the final loss estimates are available by the cat bond sponsors. During this time period, we expect to see some mark to market price effects in the cat bond market. Based on currently available information, we expect a mark to market performance effect on our cat bond funds and mandates between
    -0.5% and -2%.

    We will closely analyse further updates from the modelling agencies as they become available and issue further client reporting.

    Monday, 10 October 2016

    Hurricane Matthew

    At 5pm Zurich time, Hurricane Matthew was located just 40 km west of Nassau over the Bahamas with maximum sustained winds of about 220 km/h with higher gusts. This makes Matthew a category 4 hurricane according to the Saffir-Simpson hurricane scale. Hurricane force winds (starting at sustained winds of about 120 km/h) extend outward up to about 95 km from the centre and tropical storm force winds (starting at about 65 km/h) extend outward up to 260 km.

    Hurricane Matthew is expected to get close to the Florida coast tomorrow, Friday 7 October, and move along the coast from Melbourne and Palm Bay to Jacksonville. Track forecasts then take Matthew out to the sea, slowly moving away from the coasts of Georgia and South Carolina. No impact on North Carolina is expected according the current forecasts.

    We have evaluated the events provided by the modelling agencies and none seem to be an acceptably close fit to the range of forecast tracks. The suggested modelling events either make landfall or stay too far from the coast. The resulting loss estimates are therefore, in our opinion, not meaningful and give too varying and inaccurate range of possible underlying insured loss values. We therefore continue to observe and analyse the situation and will communicate estimates as soon as we feel confident that they have any material accuracy.

    Thursday, 06 October 2016

    Heightened M&A Activity in the Insurance Sector

    Just days into the fourth quarter, the insurance sector has experienced heightened M&A activity, supporting Twelve Capital’s recently launched M&A insurance equity focused portfolios. This week has seen three confirmed approaches, two involving listed (re)insurers, and one private name. The listed space has seen approaches by Sompo Japan Nipponkoa Insurance for Endurance Specialty Holdings, and NN Group for Delta Lloyd. Amongst private (re)insurers two Shenzen Government-owned investment companies have agreed to buy ACR Capital Holdings Pte Ltd, the owner of Singapore's biggest reinsurance firm.

    Aside from the three confirmed approaches, there has also been multiple media reports around additional M&A activity, including amongst listed names that Markel had been in discussions with Allied World regarding a takeover, and within the private space that Apollo Global Management is expected to acquire 50% of Lloyd's (re)insurer Ariel.

    William Hardcastle, Director, and Strategy Head of Twelve Capital’s liquid equity strategy added: “The share price benefit is not restricted to these stocks as investors look to own the next company that may be acquired at a premium to current share price. M&A activity is picking up, and we see no reason why this global trend won’t continue into 2017. The multitude of factors driving M&A remain, including subdued organic growth opportunities, increased importance of scale, cheap financing and currency dislocations.”

    Thursday, 06 October 2016

    A false dawn for restricted tier 1 debt?

    Twelve Capital discusses with InsuranceERM the market for restricted tier 1 debt. Please clicke here to read the whole article.

    Monday, 03 October 2016

    Catastrophe Bonds: Predicting the unpredictable

    On Wednesday 26 October, Sandro Kriesch, Head of Private ILS at specialist insurance investment manager Twelve Capital, will host this lunchtime webinar which aims to debunk many of the myths associated with Cat Bond investing and highlight the benefits of adding this uncorrelated asset class into a well-diversified investment portfolio. From an initial top down view of the asset class, Sandro Kriesch will then look to demonstrate the quantitative methods that can be used in order to ‘predict the unpredictable’ or, rather, ascribe a greater degree of certainty around the likelihood of default for a Catastrophe Bond than could be said to be the case for many corporate bonds in the market at this time.

    For further details, please click here.

    Wednesday, 21 September 2016

    Twelve Capital Group successfully launches insurance equity strategy

    Twelve Capital Group has successfully launched its insurance equity strategy. The portfolios launched to date have a focus on M&A activity in the insurance sector. This addition is a significant strategic milestone, as it progresses Twelve Capital’s vision to offer investors access to the attractive investment opportunities across the entire (re-)insurance balance sheet. It further complements Twelve’s existing strategies, Insurance-Linked Securities and Insurance Debt, which the firm has been running successfully for several years.

    To read more, please click here.

    Wednesday, 31 August 2016

    Italy quake unlikely to trigger EUR 200m cat-bond default

    Carolyn Cohn at Reuters talks to John Butler, Head of Investment Management at Twelve Capital, about whether the Azzurro Re cat bond will be triggered by the recent earthquake in Italy. Please click here to read the whole interview.

    Wednesday, 24 August 2016

    Earthquake in Italy - 24 August 2016

    An earthquake of magnitude 6.2 has occurred in the Apennine mountains at 1:30 UTC last night. The location is northeast of Rome and north of L’Aquila, where the last significant earthquake took place in 2009 (magnitude 6.3). Since the main shock, seven aftershocks of magnitude 4 and above have taken place, the most intense of magnitude 5.5.

    Most damage seems to be to residential buildings. The only Cat Bond exposed to Italy earthquake is Azzurro, which is not affected by today’s events according to our modelling analysis. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Wednesday, 24 August 2016

    Twelve Capital continues to see opportunities for more nimble mandates within the volatile equity markets

    Whilst there have been plenty of headlines in 2016 debating nervousness around the equity asset class, Twelve Capital has continued to see compelling opportunities within one of its specialist areas of focus – insurance stocks.  Reflecting on the first half of the year, Dani Grieger, Head of Investment Strategies at Twelve Capital, noted “the strong performance of our global equity allocations over the last few months reflects our conviction that the insurance sector offers investors attractive opportunities within today’s volatile markets.

    On 29 July, the FT noted that "the sprint out of European equity funds entered its 25th consecutive week, draining portfolios of $76bn since the year began".  Yet William Hardcastle, Equity Analyst at Twelve Capital, explained why these conditions can be beneficial to the right investment strategies: “The continued outflow is likely to be creating greater dislocations in prices. The added volatility, whilst negative for trackers, creates opportunities for more nimble mandates. Moreover, the insatiable hunt for yield in other asset classes has only intensified the value of an attractive and robust dividend yield – something that the insurance sector has long delivered.”

    Friday, 29 July 2016

    FT/Willis Towers Watson Global Alternatives Survey 2016

    In early July, Willis Towers Watson (a global investment consultancy firm) published their latest Global Alternatives Survey. The survey found that “alternative investments grow on flight from bonds and equities”, with continued high demand for private debt (“more specialist strategies will attract greater interest”), and with demand from institutional investors for ILS remaining regardless of premiums. The survey also noted that ILS funds targeting more remote and lower risk events are likely to continue to generate an attractive risk-reward ratio.

    Commenting on the findings, John Butler, Head of Investment Management at Twelve Capital, said, “The survey echoes our belief in the attractiveness of more specialist strategies within illiquid credit and insurance-linked investments.“

    Furthermore, the accompanying FT article notes that despite the rise in allocations to alternative investments, there are concerns that the accompanying risks should be understood and aligned appropriately. James Ray, Head of Consultant Relations at Twelve Capital added “Willis Towers Watson are right to flag up the need for investors to put alternative managers under greater scrutiny before making allocations. We believe there are still solutions for those who are searching for yield but who wish to retain liquidity and may be wary about exposure to riskier (and possibly costlier) alternative investments. Notably, fixed income mandates could look at the higher yields issued by European insurance companies compared to corporate bonds.”

    Monday, 11 July 2016

    Twelve Capital Perspectives - Investment Outlook for 2H 2016

    We are pleased to share with you the latest issue of Twelve Capital's Perspectives with you.

    To download your copy of the Investment Outlook for 2H 2016, please click here.

    Friday, 08 July 2016

    Twelve Capital Research Spotlight - Brexit - June 2016

    Twelve Capital’s ‘Research Spotlight’ report aims to highlight some of the most compelling investment opportunities currently available across the universe of insurance related investments, as evaluated by the firm’s analytics team. Post the UK’s referendum on its membership of the European Union, this note takes an initial look at the wider implications that such a decision may have for the insurance sector. To download your copy of the report, please click here.

    Friday, 24 June 2016

    Twelve Capital Research Spotlight - June 2016

    Twelve Capital hosted a roundtable meeting at its London offices on 14 April, and over breakfast debated the lessons learnt and outlook for the insurance sector flowing from the first round of financial results under the new Solvency II regime. Benefitting from a few week’s hindsight, this latest Twelve Capital Research Spotlight shares the key conclusions from the discussion. To read more, please click here.

    Thursday,  16 June 2016

    Twelve Capital Group anchor investor in EUR 50m Private Debt transaction with Adriatic Slovenica d.d.

    Twelve Capital Group was the anchor investor in Adriatic Slovenica d.d.’s note offering, providing the company with Solvency II compliant capital for a ten year period. To read the whole press release, please click here

    Tuesday, 07 June 2016

    Floods in Germany and France - 3 June 2016

    Heavy rainfall caused localised severe flooding in Baden-Württemberg and Bavaria this week. Both events were intense but localised, each affecting only a handful of towns. The risk of further heavy rainfall events is decreasing the next few days.

    Furthermore, flooding is ongoing in Paris and along the Seine upstream and downstream of Paris. The water level of the Seine in Paris is still more than 2 metres below the water level of the great flood in 1910 and should stay below the level in 1982. The flood is expected to peak today and flood levels to recede later today.

    It is too early to get an overview of insured losses. Currently, there is no impact on Cat Bonds expected. Twelve is monitoring the situation.

    Friday, 03 June 2016

    ILS: pricing, diversification and illiquidity premiums

    Roman Muraviev, Head of Catastrophe Bonds, and Sandro Kriesch, Head of Private ILS at Twelve Capital, discuss with Intelligent Insurer the current pricing, diversification and illiquidity premium dynamics across the ILS market. To read the full article, please click here.

    Wednesday, 27 April 2016

    Private ILS investments offer illiquidity premium

    Sandro Kriesch, Managing Partner and Head of Private ILS at Twelve Capital, discusses the Private ILS market with Artemis, a growing sub-sector of the overall ILS space. To read the full article, please click here.

    Friday, 18 March 2016

  • Private debt - attractive subordinated capital to insurers

    With the introduction of the Solvency II regulatory regime on 1 January 2016, Private Debt is one option for small- and medium-sized insurers to raise capital in order to meet their solvency requirements. B2B magazine discussed this asset class with Daniel Grieger, Managing Partner and Head Private Debt at Twelve Capital, and the related benefits and risks. The full article (German only) can be downloaded here.

    Source: Twelve Capital

    Tuesday, 15 December 2015

    MultiCat Mexico offers lessons in secondary trading

    Following Hurricane Patricia making landfall in Mexico in October, Roman Muraviev, Head of Catastrophe Bonds at Twelve Capital, talks to Intelligent Insurer about how the ILS investor community has recently been focused on the way some catastrophe bonds can be triggered and the tactical implications around portfolio management that this and other similar events have on the ILS market. Please click here to read the full article.

    Source: Twelve Capital

    Friday, 20 November 2015

    How big cities can use ILS to protect against weather risks

    John Butler, Managing Partner and Head of Sourcing at Twelve Capital, speaks to The Actuary to discuss how big cities can use insurance-linked securities to protect against weather risks. Please click here and turn to pages 31 and 32 to read the full article.

    Source: Twelve Capital

    Monday, 09 November 2015

    Successfully negotiating a challenging environment for fixed income

    Urs Ramseier, Twelve Capital Chairman & CIO, discusses with Investment Week the attractions of investing in insurance company bonds, portfolio positioning and potential M&A activity in the insurance bond sector. Please click here to see the full article.

    Source: Twelve Capital

    Monday, 02 November 2015

    Raising capital to reach new markets - Video

    Daniel Grieger, Managing Partner and Head of Private Debt at Twelve Capital, appears as a panellist at the ICMIF Biennial Conference in Minneapolis discussing the key challenges and potential solutions for cooperative/mutual businesses to raise capital for business growth and specific business projects. Please click here to see the full panel discussion.

    Source: Twelve Capital

    Monday, 26 October 2015

    Twelve Capital Award Win at 2015 Fund Awards

    Twelve Capital were selected as ‘Best Long Term Performing Credit Fund’ and ‘Recognised Leader in Cat Bonds and Private Insurance-linked Securities’ at Wealth & Finance magazine’s 2015 Fund Awards.

    When announcing the award recipients, Nathan Angell, Awards Co-ordinator, said: “With the global economy continuing to go from strength to strength, the continually exceptional performance from the global fund industry has been a key factor in this upward trajectory. With so many professionals and individuals achieving stellar results in this industry, it is an honour to recognise Twelve Capital for their success.”.

    An online version of the Fund Awards 2015 Winners Guide is available here.

    Source: Twelve Capital

    Wednesday, 21 October 2015

    ILS investors seek specific line margins

     

    John Butler, Head of Sourcing at Twelve Capital, spoke to Reactions about the growth of the ILS market and investor interest in how returns from such investments fit within a broadly diversified investment portfolio. For a copy of the full article, please refer to Reactions' latest publication.

    Source: Twelve Capital

    Wednesday, 21 October 2015

    Private cat bonds attract new counterparties

    John Butler, Head of Sourcing at Twelve Capital, speaks to  Intelligent Insurer’s ‘Baden-Baden Today’ about the growth of private cat bonds, ahead of this year’s annual Reinsurance Meeting in the region. For a link to the full article, please turn to page 22 of Baden-Baden Today.

    Source: Twelve Capital

    Monday, 19 October 2015

    Daniel Grieger on Mutuals Finding New Ways to Raise Capital - Video

    Daniel Grieger, Managing Partner and Head of Private Debt at Twelve Capital, discusses the new regulatory environment in Europe which is stifling bank lending to insurers to some degree, forcing them to explore new sources of lending and reinsurance arrangements. Please click here to see the full interview.

    Source: Twelve Capital

    Friday, 09 October 2015

    Twelve Capital Insurance Investment Forum London

    On Tuesday 03 November, Twelve Capital will be hosting a half day event entitled “Insurance investment opportunities in a low-yield environment”. On the agenda will be a broad range of topics related to financing options and corresponding investment approaches across the insurance sector, combining high-level strategic insight with the opportunity for face to face meetings and peer discussion groups.

    This conference is designed to foster dialogue between investors, (re)insurance companies and other market participants to highlight insurance investment opportunities in the current low-yield market environment. Please contact us if you wish to attend.

    Source: Twelve Capital

    Thursday, 24 September 2015

    Marcus Rivaldi on CNBC - Video

    Marcus Rivaldi, Executive Director at Twelve Capital, talks to the CNBC Squawk Box team about Zurich Insurance ending its takeover talks with RSA. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Monday, 21 September 2015

    Insurance-Linked Products: Investments with Potential

    Since 2013, certain parts of the ILS market have been overbought and yields have been decreasing. There are, however, signs that this trend will slow down.

    B2B magazine discussed the sector with Sandro Kriesch, Managing Partner and Head Private ILS at Twelve Capital, alongside the criteria for successful investing and how risks can be avoided. The full article (German only) can be downloaded here.

    Source: Twelve Capital

    Thursday, 17 September 2015

    Growth in private cat bonds brings new faces to ILS

    John Butler, Head of Sourcing at Twelve Capital, speaks to  Intelligent Insurer’s ‘Monte Carlo Today’ about the growth of private cat bonds, which allow counterparties not previously active in the ILS space to now access this method of risk transfer. For a link to the full article, please turn to page 12 of Monte Carlo Today.

    Source: Twelve Capital

    Wednesday, 16 September 2015

    The evolution of alternative capital

    Dr. Urs Ramseier, Chairman and CIO of Twelve Capital, speaks at an Intelligent Insurer roundtable discussion about the evolution of alternative capital. For a link to the full article, please turn to page 14 of Monte Carlo Today.

    Source: Twelve Capital

    Wednesday, 16 September 2015

    Twelve Capital presents ILS at the Swiss Federal Institute of Technology’s annual Risk Day in Zurich

    Dr. Roman Muraviev, Executive Director and Head of Catastrophe Bonds at Twelve Capital, presented the Insurance-Linked Securities asset class to a forum of industry experts and academicians at the annual Risk Day conference held and organized by the Swiss Federal Institute of Technology in Zurich (ETH Zurich). The event strived to facilitate an intellectual exchange between recognized industry experts in the sectors of Insurance, Risk Management and Finance, alongside academicians working in those fields. Further information around the event can be found here.

    Source: Twelve Capital

    Monday, 14 September 2015

    PRA rules Prudential bond ineligible for Solvency II tier 2

    InsuranceERM interview Marcus Rivaldi, Executive Director for credit and equity analytics at Twelve Capital, around Prudential’s change of conditions on a USD 700m perpetual debt issue, after the regulator ruled that it would not qualify as tier 2 debt under Solvency II. For a link to the full article, please click here.

    Source: Twelve Capital

    Friday, 11 September 2015

    Private catastrophe bonds offer enhanced returns in the ILS market

    John Butler, a Managing Partner and Head of Sourcing at Twelve Capital, discusses with AlphaQ how private catastrophe bonds offer enhanced returns in the insurance-linked securities market. Click here for the August 2015 edition of AlphaQ and turn to page 19 onwards for the full article.

    Source: Twelve Capital

    Tuesday, 01 September 2015

    William Hardcastle on CNBC - Video

    William Hardcastle, Director at Twelve Capital, talks to the CNBC Squawk Box team about how the low rate environment is impacting insurers' earnings and solvency ratios. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Monday, 24 August 2015

    ILS Puts Reinsurance Market on a New Course

    John Butler, a Managing Partner and Head of Sourcing at Twelve Capital, discusses with Insurance Journal how the company has played its role in expediting the formation and management of funds and specialized vehicles that utilize ILS products primarily as investments. Please click here for the full article.

    Source: Twelve Capital

    Thursday, 20 August 2015

    Twelve Capital awarded “Insurance Fund of the Year” and “Outstanding Excellence in Insurance Investments” at the Global Fund Awards 2015

    Twelve Capital has been awarded the Corporate LiveWire 2015 Global Fund Award for “Insurance Fund of the Year – Twelve Insurance Bond Fund” and the award for “Outstanding Excellence in Insurance Investments”.

    When announcing the award recipients, Corporate LiveWire’s Leah Jones, said: “With such an exciting and growing industry we anticipated that the level of competition would be tough. Not only do the winning firms represent the pinnacle of success, but also continued hard work and dedication....”.

    An online version of the 2015 Global Fund Award Winners Guide is available here.

    Source: Twelve Capital

    Tuesday, 18 August 2015

    Monte Carlo Annual Insurance Conference Preview

    Ahead of this year’s annual Monte Carlo Rendez-Vous conference, Managing Partner and Head of Sourcing John Butler explains that, while a solution to Greece’s sovereign debt travails has dominated financial media, Twelve Capital believes this is largely a non-relevant solvency issue for European insurers and their investors. For the full article, please click here.

    Source: Twelve Capital

    Friday, 14 August 2015

    Twelve Capital shares insights on potential RSA / Zurich transaction

    Twelve Capital analysts Marcus Rivaldi and William Hardcastle speak to Intelligent Insurer about the potential for UK-based insurer RSA to be acquired by Zurich Insurance Group. Please click here for the full article.

    Source: Twelve Capital

    Tuesday, 11 August 2015

    Twelve Capital “UK Niche Investment Manager of the Year (Insurance)” award win

    Twelve Capital has been awarded the ACQ5 Global Award for “UK Niche Investment Manager of the Year (Insurance)” as part of this year’s 10th Annual awards programme.

    When announcing the award recipients, Group Editor of ACQ5, Jake Robson, said: “Every year, we seek the assistance of our readers, the industry itself, in recognising industry leaders, eminent individuals, exemplary teams and distinguished businesses, which we believe represent the benchmark of achievement and best practice...”.

    An online version of the ACQ5 magazine award supplement is available here.

    Source: Twelve Capital

    Tuesday, 11 August 2015

    Twelve Capital shares insights on Solvency II for mutual and cooperative insurers

    Twelve Capital Managing Partner, John Butler, speaks to the International Cooperative and Mutual Insurance Federation (ICMIF) about Solvency II and its implications for mutual and cooperative insurers. To read the whole article, please click here.

    Source: Twelve Capital

    Friday, 07 August 2015

    Marcus Rivaldi on CNBC - Video

    Marcus Rivaldi, Executive Director at Twelve Capital, talks to the CNBC Squawk Box team about Solvency II, the recent discussions around a potential Zurich/RSA transaction, current levels of emerging market insurance penetration and the impact of an anticipated Fed rate increase on the insurance sector. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Tuesday, 04 August 2015

    John Butler, Managing Partner and Head of Sourcing, talks to Intelligent Insurer

    John Butler, Managing Partner and Head of Sourcing at Twelve Capital, talks to Intelligent Insurer about the increase in cat bond lites and how to use the cat cycle to maximise returns. To read the whole article, please click here.

    Source: Twelve Capital

    22 July 2015

    Twelve Market Perspectives - Investment Outlook for 2H 2015

    To download the Investment Outlook for 2H 2015, please click here.

    Twelve Capital Chairman and CIO, Urs Ramseier, presents at the launch of the OECD Business and Finance Outlook

    On 24 June 2015, the OECD hosted a presentation and high-level roundtable for the launch of its Business and Finance Outlook in Paris.

    Speakers at the roundtable discussions included Ignazio Visco (Governor of the Banca d’Italia), Klaas Knot (President of De Nederlandshe Bank), Larry Zimpleman (Chairman of the Principal Financial Group) and Antoine Lissowski (CFO of CNP Assurances). Twelve Capital’s Chairman and CIO, Urs Ramseier, participated as a panellist on the OECD’s roundtable discussing the challenges and risks that pension funds and life insurers are facing in the current economic environment.

    Panellists discussed the potential implications of persistent low interest rates on insurers’ financial strength, particularly when assurances of guaranteed returns may have previously been made to policyholders. While acknowledging the headwinds that the sector will face, panellists highlighted possible solutions that insurers could look to in the current economic climate. Amongst them, a shift of product offering to defined contributions versus defined benefit plans and a push towards lower capital consuming products, where the investment risks are borne by policyholders, were highlighted.

    It was also noted that low yields will impact insurers differently, depending both on where they are located and on the type of products commercially available. More generally, it became clear that the sector will need to increase the level of risk within investment portfolios, as government bonds will no longer be sufficient to generate the required levels of yield. Insurers will therefore need to develop an internal expertise in more illiquid and higher-yielding asset classes, or alternatively leverage the skills of specialist external investment managers.

    Source: Twelve Capital

    Friday, 26 June 2015

    Twelve Capital Managing Partner and Head of Private ILS, Sandro Kriesch, presents at the CFA UK Fixed Income Conference

    On 23 June 2015, Twelve Capital Managing Partner and Head of Private ILS, Sandro Kriesch, presented at the CFA UK Fixed Income Conference, speaking on the event’s Illiquids and Alternatives panel.

    Sandro presented alongside David Dahan (Managing Director for Secure Income Alternatives at Aviva Investors) and Jerome Jacques (Global Co-Head of Asset Backed Products at Societe Generale).

    The panel discussed a broad range of illiquid/alternative investment opportunities, including Catastrophe Bonds and Private ILS, alongside the skill sets required to invest in such an asset class. Given the search for yield in the current low interest rate environment and increased need for diversification within investment portfolios, the panellists then focused on the most attractive investment opportunities within the illiquids/alternatives space over the coming years.

    For CFA UK Society members, a webcast of the panel session can be accessed here using your normal CFA member login details.

    Source: Twelve Capital

    Tuesday, 23 June 2015

    Twelve Capital announces three new hires to the firm's London office

    Twelve Capital announces three new hires joining the firm's London office: Marcus Rivaldi, William Hardcastle and Ulrich Beck. For further details, please click here.

    Source: Twelve Capital

    Friday, 05 June 2015

    Alternative Investment Award Winners Announced

    Twelve Capital have been awarded the 2015 Alternative Investment Awards for "Innovation in Insurance-Linked Securities" as well as "Independent Insurance Investment Manager of the Year – Switzerland". An online version of the AIA magazine supplement is available here...

    Source: Twelve Capital

    Monday, 01 June 2015

    London's ILS challenge

    “London would have inherent advantages as a centre for insurance-linked securities, but significant obstacles would stand in its way, not least concerns over taxation and the prospect of a U.K. exit from the EU”. Twelve Capital deputy CEO, Christoph Buerer, comments in the following article by SNL Financial. Read more...

    Source: Twelve Capital

    Friday, 29 May 2015

    Risk bundling driven by traditional reinsurance market

    The recent discussion of risk bundling has been wrongly aimed at the insurance-linked securities (ILS) market, according to Zurich headquartered ILS manager Twelve Capital, which points out that self-regulation is actually very strong in ILS. Read more...

    Source: Twelve Capital

    Friday, 22 May 2015

    How small mutual and cooperative insurers can access regulatory capital

    Raising the additional solvency capital required for Solvency II compliance or financing growth is especially difficult for smaller insurers with limited access to capital markets. Private debt placements have recently become an attractive solution to that problem. Read more...

    Source: Twelve Capital

    Wednesday, 20 May 2015

    Asset Management: Darum verliert die Schweiz weiter an Bedeutung

    Die Schweiz will sich als internationales Asset-Management-Zentrum profilieren. Doch schon jetzt habe London die besseren Karten, behauptet Urs Ramseier von der Schweizer Investmentgesellschaft Twelve Capital. Bitte lesen Sie hier weiter...

    Source: Twelve Capital

    Wednesday, 06 May 2015

    Urs Ramseier on CNBC - Video

    Urs Ramseier, Chairman of Twelve Capital, is interviewed by CNBC Squawk Box about investing in a falling interest rate environment and whether insurance companies are being forced to take on too much risk.

    To watch the interview, please click here.

    Source: Twelve Capital

    Wednesday, 22 April 2015

    Media Release - Annual Insurance Investment Forum in Rueschlikon

    Institutional Investors should look to insurance for investment opportunities in a low-yield environment, says Twelve Capital at its annual Insurance Investment Forum

    To read the whole press release please click here.

    Source: Twelve Capital

    Tuesday, 21 April 2015

    Sandro Kriesch on CNBC - Video

    Sandro Kriesch, Partner at Twelve Capital, is interviewed by CNBC Squawk Box Presenter Karen Tso about "Catastrophe Bonds".

    To watch the interview, please click here or read it here.

    Source: Twelve Capital

    Wednesday, 08 April 2015

    Twelve Capital win at the Investors Choice Awards 2015 EMEA

    Twelve Capital is proud to announce that they have won the Investors Choice Awards 2015 EMEA, in the "Credit Fund - Long Term Performance" category for the Twelve Insurance Bond Fund.

    To read the whole press release in English, please click here.The German version is available here.

    Source: Twelve Capital

    Tuesday, 31 March 2015

    InsuranceERM Interview

    Insurers looking to better manage their capital requirements should in most cases issue subordinated (sub) debt rather than buying quota share reinsurance. This has been the conclusion of a study done by Towers Watson. Markus Stricker, a partner responsible for risk management at Twelve Capital, said the report's conclusion - that debt is more of a capital management tool and reinsurance is more of a risk management tool - might have been obvious to some, but it has not stopped many insurers from using reinsurance in this manner.

    To read the whole interview, please click here.

    Source: Twelve Capital

    Tuesday, 03 March 2015

    The Trading Floor Interview

    John Butler, Partner and Head of Sourcing of Twelve Capital, recently shared his views on current market developments, M&A activities and the future role of the reinsurance market, with Trading Risk magazine.

    If you want to find out why he thinks reinsurance needs to get closer to the finance world, please click here.

    Source: Twelve Capital

    Friday, 27 February 2015

    Investment Outlook 2015

    Twelve Capital shares its view on the Insurance Market 2015. To read the whole Invesment Outlook, please click here.

    Source: Twelve Capital

    Thursday, 29 January 2015

    Twelve Market Perspectives 2015

    Capital management is vital for insurance companies, as their capacity to write business depends on their ability to maintain a level of capital that satisfies their most important stakeholders: regulators, rating agencies, policyholders and intermediaries.
    To read the whole issue, please click here.

    Source: Twelve Capital

    Thursday, 08 January 2015

  • Clive O’Connell joins the Board of Directors of Twelve Capital (UK) Ltd.

    Twelve Capital is pleased to announce that Clive O’Connell was appointed a member of the Board of Directors of Twelve Capital (UK) Ltd. To see more information, please click here.

    Source: Twelve Capital

    Friday, 19 December 2014

    Twelve Capital closes Private Debt Transaction

    Twelve Capital has just closed the latest transaction in its insurance investing business operation: A EUR 20m private debt transaction for Alpha Insurance A/S of Denmark, providing Solvency II / Tier 2 compliant capital. The transaction was facilitated by JLT Advisory Ltd.

    For more details, please click here.

    Source: Twelve Capital

    Monday, 20 October 2014

    Twelve Capital opens London office

    Twelve Capital opens an office in London. On 1 October Twelve Capital (UK) Limited was authorised by the Financial Conduct Authority (FCA) as a MiFID investment firm. 

    To read more, please click here.

    Source: Twelve Capital

    Tuesday, 07 October 2014

    Twelve Capital reinforces ILS Anaytics

    Twelve Capital has engaged in an initiative to strengthen the firm’s analytics capacities. In July 2014 Dr. Jan Kleinn joined Twelve Capital’s ILS team as their Head of ILS Analytics. He will build up a team of analysts covering natural and man-made catastrophes. Twelve Capital is convinced that this is a core expertise and that analytics will remain one of the major alpha generators in the future.

    To read more, click here.

    Source: Twelve Capital

    Monday, 06 October 2014

    Twelve Capital issues the private Catastrophe Bond “Dodeka III”

    Zurich-based independent investment manager Twelve Capital announces the issuance of the private Cat Bond “Dodeka III”. Dodeka III is a USD denominated 10m zero-coupon Cat Bond that expires on 31 July 2015, and covers multi-peril risk in the United States of America. Dodeka III has a well-diversified and balanced structure. In order for the bond to trigger, at least 3 independent events have to reach a predefined loss level.

    Please click here to read the entire media release.

    Source: Twelve Capital

    Tuesday, 12 August 2014

    Artemis writes on Dodeka III launch

    Zurich-based insurance-linked securities (ILS) and reinsurance-linked investment management firm Twelve Capital has announced the completion of its fourth privately placed catastrophe bond transaction, Dodeka III a $10m U.S. multi-peril deal.

    Please click here to read the whole article

    Source: Twelve Capital

    Tuesday, 05 August 2014

    Urs Ramseier on CNBC - Video

    Urs Ramseier, Twelve Capital Chairman and CIO, is interviewed by CNBC journalist on "Alternative Investing" programm on CNBC network.

    To listen to the interview, please click here.

    Source: Twelve Capital

    Wednesday, 02 July 2014

    Twelve Capital and Urs Ramseier in Trading Risk - 25 June 2014

    Urs Ramseier chairman and co-founder of ILS fund manager Twelve Capital has predicted that catastrophe bond index trackers or exchange-traded funds (ETF) will soon be released to the market as part of a natural evolution of the asset class.

    Please click here to read the full article.

    Source: Twelve Capital

    Thursday, 26 June 2014

    Twelve Capital publication in the May 2014 Clear Path Analysis White Paper

    Exploring the evolution of the insurance-linked securities market (ILS) and examining the role of specific instruments in an investor’s portfolio.
    "Insurance-linked securities capital: reinsurance industry threat or saviour?" from Dr. Urs Ramseier, Chaiman and CIO and John Butler, Head of Sourcing and Underwriting. Click here to read the White Paper.

    Source: Twelve Capital

    Tuesday, 20 May 2014

    Dr. Urs Ramseier NZZ: Schlechte Aussichten für institutionelle Vermögensverwalter

    Dr. Urs Ramseier über die Bedeutung des Zutritts von Asset-Managern zu den EU-Ländern. Um mehr zu erfahren, klicken Sie hier.

    Source: Twelve Capital

    Wednesday, 23 April 2014

    Artemis: Twelve Capital issues $25m Dodeka II, its second private cat bond

    Specialist Swiss-based insurance-linked securities (ILS) and reinsurance-linked investment manager Twelve Capital has completed the issuance of its second private catastrophe bond, the $25m Dodeka II.

    Source: Twelve Capital

    Tuesday, 18 March 2014

    Twelve Market Perspectives - January 2014

    The performance of all our portfolios in 2013 was excellent. Our Insurance Bond funds and mandates returned between 11.9% and 13.6%, ILS mandates between 8.5% and 10.1%, and Cat Bond funds between 4.3% and 6.7%. We anticipate a challenging investment environment in 2014. Investors will continue to look for uncorrelated investments and will want to keep the duration of portfolios as short as possible. We see most value in more illiquid assets, as illiquidity premiums are still high compared to levels seen prior to the financial market crisis.

    Please click on the link Twelve Market Perspectives to read details of our 2014 Investment Outlook including our extended offering with all our new products.

    Do not hesitate to contact us directly for further information on info@twelvecapital.com

    Source: Twelve Capital

    Tuesday, 21 January 2014

    High Barriers for Institutional Asset Managers (NZZ on Twelve Capital)

    The outlook for Private Banking is still in doubt. Therefore, the main focus is currently on the asset management industry.

    However, the regulatory environment and limited specialist resources available make it a difficult case.Please read the NZZ article (in German) starting with a paragraph on Twelve Capital.

    Source: Twelve Capital

    Tuesday, 21 January 2014

    Twelve Capital to issue Dodeka I, a USD 25m Private Cat Bond – News on Artemis

    Specialist Swiss-based Insurance-linked Securities (ILS) and Reinsurance-linked Investment manager Twelve Capital is issuing its first Private Catastrophe Bond, named Dodeka I, as a way to acquire transformed risk for its more liquid investment strategies.

    http://www.artemis.bm/blog/2014/01/15/twelve-capital-to-issue-dodeka-i-a-25m-private-cat-bond/

    Do not hesitate to contact us directly for further information on info@twelvecapital.com.

    Source: Twelve Capital

    Tuesday, 21 January 2014

    First Private Cat Bond by Twelve Capital (Dodeka I) - News on Trading Risk

    Twelve Capital is set to launch its first Private Cat Bond, Dodeka I, a USD 25m US multi-peril deal that is expected to generate double-digit returns.

    http://www.trading-risk.com/twelve-to-launch-first-25mn-cat-bond-lite 

    Do not hesitate to contact us directly for further information on info@twelvecapital.com

    Source: Twelve Capital

    Tuesday, 21 January 2014