9 .junior subordinated debt securities payable in accordance with the provisions of the junior subordinated debt securities which were issued on march 29 , 2004 , holdings elected to redeem the $ 329897 thousand of 6.2% ( 6.2 % ) junior subordinated debt securities outstanding on may 24 , 2013 .as a result of the early redemption , the company incurred pre-tax expense of $ 7282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities .interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: .
[['( dollars in thousands )', 'years ended december 31 , 2014', 'years ended december 31 , 2013', 'years ended december 31 , 2012'], ['interest expense incurred', '$ -', '$ 8181', '$ 20454']]
holdings considered the mechanisms and obligations relating to the trust preferred securities , taken together , constituted a full and unconditional guarantee by holdings of capital trust ii 2019s payment obligations with respect to their trust preferred securities .10 .reinsurance and trust agreements certain subsidiaries of group have established trust agreements , which effectively use the company 2019s investments as collateral , as security for assumed losses payable to certain non-affiliated ceding companies .at december 31 , 2014 , the total amount on deposit in trust accounts was $ 322285 thousand .on april 24 , 2014 , the company entered into two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ) , a bermuda based special purpose reinsurer , to provide the company with catastrophe reinsurance coverage .these agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events .the first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of the southeastern united states .the second agreement provides up to $ 200000 thousand of reinsurance coverage from named storms in specified states of the southeast , mid-atlantic and northeast regions of the united states and puerto rico as well as reinsurance coverage from earthquakes in specified states of the southeast , mid-atlantic , northeast and west regions of the united states , puerto rico and british columbia .on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro re to provide the company with catastrophe reinsurance coverage .this agreement is a multi-year reinsurance contract which covers specified earthquake events .the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated , external investors .on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of variable rate notes ( 201cseries 2014-1 notes 201d ) .on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of variable rate notes ( 201cseries 2014-2 notes 201d ) .the proceeds from the issuance of the series 2014-1 notes and the series 2014-2 notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s. .

Question: what is the percentage change in interest expense from 2012 to 2013?
Answer: -60.0%