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: .

Table:
( 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%
Calculation: subtract(8181, 20454), divide(#0, 20454)