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Willis designs, places parametric climate cover for Belize


Willis Towers Watson PLC said Monday it has designed and placed a parametric cover to support the government of Belize’s debt-restructuring for marine conservation.

Underwritten by Munich Re, the coverage enabled Belize to refinance its sovereign debt under The Nature Conservancy’s Blue Bonds for Conservation program, Willis said.

The Nature Conservancy’s $364 million transaction with Belize was structured and financed by Credit Suisse, while political risk insurance was provided by the U.S. International Development Finance Corp.

The catastrophe wrapper around the 20-year sovereign debt restructure covers Belize’s loan repayments after hurricane events. Climate shocks have previously triggered credit rating downgrades and disrupted economic development.

Belize repurchased an international bond with the capital arranged by the Nature Conservancy, enabling it to restructure approximately $553 million of external commercial debt.

The parametric insurance covers the first 31 months of the bond term and was marketed and placed by Willis Towers Watson’s alternative risk transfer team.