Willis and Munich Re provide parametric cat ‘wrapper’ for Belize sovereign debt
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Willis and Munich Re provide parametric cat ‘wrapper’ for Belize sovereign debt

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Willis Towers Watson and Munich Re have struck a “world-first” parametric deal, which will provide insurance protection to aid the Belize government in servicing its sovereign debt in the event of a hurricane.

Willis described the placement as a sovereign debt “catastrophe wrapper” and said it played a crucial role in enabling Belize to refinance its sovereign debt under The Nature Conservancy’s (TNC) Blue Bonds for Ocean Conservation program.

The

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