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Willis designs, places parametric climate protection for Belize



Willis Towers Watson PLC said on Monday that they have designed and placed a parametric protection to support the government in Belize's debt restructuring for marine conservation.

Signed by Munich Re, the coverage enabled Belize to refinance its sovereign debt under The The Nature Conservancy & # 39 ;s Blue Bonds for Conservation Program, Willis said.

The $ 364 million conservation project with Belize was structured and funded by Credit Suisse, while political risk insurance was provided by the US International Development Finance Corp.

The disaster around around the 20-year restructuring of the government debt, Belize covers repayments of loans after hurricane events. Climate shocks have previously triggered downgrades of credit ratings and disrupted economic development.

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

The parametric insurance covers the first 31

months of the bond's maturity and was marketed and placed by Willis Towers Watson's team for alternative risk transfers.


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