Chubb reinsured US$300 million of the US DFC’s political-risk insurance on the 2021 Belize Blue Bond, the largest disclosed private insurance share in any debt-for-nature deal [MS].
Right of reply
This page describes Chubb only through its published statements and the public records of the deals listed. Chubb has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| Belize Blue Bond | 2021 | Debt-for-nature conversion | Reinsurer of US DFC political-risk cover | US$300m | [MS] |
| Gabon Blue Bond | 2023 | Debt-for-nature conversion | Reinsurer of US DFC political-risk cover (Chubb Global Markets) | Share of about US$250m private panel | [MS] |
On Belize, about half of DFC’s exposure was reinsured privately; on Gabon, DFC kept 50% and shared 50% with eight carriers [MS]. The Center for Global Development names Chubb, with Lloyd’s and AIG, among general participants in the political-risk market [MS].
What it has said
Chubb’s Belize release quotes Price Lowenstein, President of Sovereign Risk Insurance: the deal is “an excellent example of public-private partnership that can serve as a template for future ‘blue’ debt financing” [MS].
Open questions
The relationship between Chubb and Sovereign Risk Insurance is not documented in the sources found [TBV]. Sources disagree on who led the Belize reinsurance panel.
Related
- Nature Performance Bond Investor Register
- AXA
- Sovereign Risk Insurance
- Fidelis
- US International Development Finance Corporation
- Credit Suisse
References
- Chubb, support for the Belize debt-for-nature restructuring (20 December 2021)
- The Nature Conservancy, Belize debt conversion case study
- DFC, political risk insurance for Gabon blue bond (2023)
- Center for Global Development, DFC political risk insurance and debt swaps
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.