{"id":87669,"date":"2026-08-12T14:57:52","date_gmt":"2026-08-12T13:57:52","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=case-study&#038;p=87669"},"modified":"2026-08-13T12:00:12","modified_gmt":"2026-08-13T11:00:12","slug":"political-risk-insurance-to-support-a-marine-conservation-linked-bond-in-galapagos","status":"publish","type":"case-study","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/case-studies\/political-risk-insurance-to-support-a-marine-conservation-linked-bond-in-galapagos\/","title":{"rendered":"Political Risk Insurance to Support a marine conservation-linked bond in Galapagos"},"featured_media":0,"template":"","spatial-scale":[5298],"insurance-trigger-type":[5299],"insured-risk":[5300],"insurance-scheme-target":[5303],"insurance-scheme-developer":[5301],"insurance-product-type":[5302],"location":[5320],"realm":[5304],"class_list":["post-87669","case-study","type-case-study","status-publish","hentry","spatial-scale-national","insurance-trigger-type-indemnity","insured-risk-political-and-sovereign-credit-risk","insurance-scheme-target-private-investors","insurance-scheme-developer-public-private-partnership","insurance-product-type-insurance-to-de-risk-enable-investment-in-nature","location-latin-america-and-caribbean","realm-marine"],"acf":{"world_map_coordinates":{"ref_value":"field_6a4e7380d1e2f","value":"-1.490667, -78.241707","type":false,"post_type":""},"world_map_position_pc":{"ref_value":"field_6a4e73812c3d4","value":"50.317083299854,28.2661925","type":false,"post_type":""},"world_map_position_px":{"ref_value":"field_6a4e73823d4e5","value":"160.51149572654,176.3810412","type":false,"post_type":""},"ireland_county":{"ref_value":"field_6a4e73834e5f6","value":"Ecuador","type":false,"post_type":""},"area":{"ref_value":"field_6a4e73845f6a7","value":"","type":false,"post_type":""},"description":{"ref_value":"field_6a1ca0010002","value":"This is a US$ 656 million Gal\u00e1pagos marine conservation-linked bond (Gal\u00e1pagos Marine Bond), arranged and structured by Credit Suisse in partnership with the Government of Ecuador, the U.S. International Development Finance Corporation (DFC), Inter-American Development Bank (IDB), Oceans Finance Company (OFC), and Pew Bertarelli Ocean Legacy. The bond financed a debt conversion for Ecuador, exchanging US$ 1.628 billion of the country's international bonds for a US$ 656 million loan, with DFC providing US$ 656 million in political risk insurance and IDB supplying an US$ 85 million guarantee. A consortium of 11 private insurers, including Swiss Re, provides over fifty percent reinsurance to support the transaction. Ecuador stands to realize more than US$ 1.126 billion in lifetime savings through reduced debt service costs.\r\n\r\nThe conversion is estimated to channel US$ 323 million toward marine conservation in the Gal\u00e1pagos Islands over 18.5 years, comprising roughly US$ 12.05 million in new annual funding and approximately US$ 5.41 million per year on average to capitalize an endowment for the Galapagos Life Fund (GLF). This endowment is projected to exceed US$ 227 million by 2041, serving as a permanent funding source for marine conservation beyond the transaction's term \u2014 bringing the total endowment to US$ 450 million for marine conservation.","type":false,"post_type":""},"case_study_date":{"ref_value":"field_6a1ca0010003","value":"2023-ongoing","type":false,"post_type":""},"partner_names":{"ref_value":"field_6a1ca0010005","value":"Government of Ecuador, the U.S. International Development Finance Corporation (DFC), Inter-American Development Bank (IDB), Credit Suisse, Oceans Finance Company (OFC), Pew Bertarelli Ocean Legacy, AXA XL, Fidelis MGU, Chubb Global Markets, Sovereign Risk Insurance Ltd, Mosaic, Coface, Swiss Re, MSAmlin","type":false,"post_type":""},"referrer_org_name":{"ref_value":"field_6a1ca0010006","value":"UNEP","type":false,"post_type":""},"sources":{"ref_value":"field_6a1ca0010007","value":[{"source":{"title":"Financial Close Reached in Largest Debt Conversion for Marine Conservation to Protect the Gal\u00e1pagos | DFC","url":"https:\/\/www.dfc.gov\/media\/press-releases\/financial-close-reached-largest-debt-conversion-marine-conservation-protect","target":""}},{"source":{"title":"Innovative Financing Tool Helps Protect Gal\u00e1pagos Islands | Pew Bertarelli Ocean Legacy","url":"https:\/\/www.pew-bertarelli-ocean-legacy.org\/en\/research-and-analysis\/issue-briefs\/2024\/12\/innovative-financing-tool-helps-protect-galapagos-islands","target":""}}],"type":"repeater","post_type":""},"status":{"ref_value":"field_6a1ca001000a","value":"active","type":false,"post_type":""}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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