Twelve Capital closes €20m debt transaction

ILS fund manager Twelve Capital has closed a €20 million private debt transaction for Alpha Insurance A/S of Denmark.

The transaction, which is a listed, unrated note, provides Solvency II / Tier 2 compliant capital and was facilitated by JLT Advisory. It has a 10-year maturity.

John Butler, partner and head of sourcing for Twelve Capital said: “We are pleased that our private debt product is clearly meeting the capital needs of good quality smaller and mid-sized re/insurers in our target markets of both Europe and the US. In addition we were pleased to be introduced to Alpha via JLT, who, along with many other major intermediaries, work closely with us in distributing our Debt and ILS and other products. This is a good illustration of the unique added value Twelve can bring through providing solutions across the capital structure.”

Leif Corinth-Hansen, CEO, Alpha Insurance A/S added: “Alpha Insurance has for some time been looking around the financial markets to find a way to strengthen its balance sheet, not only to prepare for Solvency II regime, but also to support the continued growth of the company. In Twelve Capital we found a partner, which not only had the sufficient funds, but even more important a team of dedicated highly qualified employees, who knew insurance business in and out, making the process both quick and efficient. We are very pleased that we chose Twelve Capital.”