# Billionaire investor Yuri Milner relinquishes Russian citizenship
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-02-08
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Billionaire Yuri Milner renounces Russian citizenship after
Meta Description: Israeli-Russian billionaire Yuri Milner renounces Russian citizenship after leaving country in 2014. Founder of DST Global, made fortune betting on Chinese
Tags: featured
Tag URLs: featured (https://financedigest.com/tag/featured)
URL: https://financedigest.com/billionaire-investor-yuri-milner-relinquishes-russian-citizenship-2html

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**Largest ever sovereign risk transfer protects World Bank against natural hazard exposure in four countries**

Aon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, has assisted the World Bank in structuring the largest ever catastrophe bond covering earthquake, providing the organization with USD1.36 billion of capital markets protection.

![Aon Securities ](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/aon-1737287622084-compressed.jpg)

The bond, which mitigates balance sheet risk for the World Bank in Chile, Colombia, Mexico and Peru by offering protection against earthquake risk on a parametric basis, is the second largest catastrophe bond on record, and represents the largest sovereign risk transfer in the history of the insurance-linked securities sector.

The issuance was made across five tranches of notes – one for each of Chile, Colombia and Peru, and two for Mexico. Under the issuance, Chile will receive USD500 million, Colombia USD400 million, Mexico USD260 million and Peru USD200 million in earthquake risk protection.

The [bond’s parametric trigger](https://www.financedigest.com/credit-suisse-bond-wipe-out-will-not-trigger-credit-insurance-payout.html "Credit Suisse bond wipe-out will not trigger credit insurance payout") is based on U.S. Geological Survey data. Coverage is provided on a three-year basis for the Chile, Colombia and Peru notes, and on a two-year basis for the Mexico notes.

The transaction brings the total amount of risk transfer facilitated by the World Bank to USD3.6 billion, and is part of the organization’s broader work to support Chile, Colombia, Mexico and Peru – all member countries of the Pacific Alliance – in [managing risk](https://www.financedigest.com/extended-reality-applications-in-risk-management.html "Extended Reality Applications in Risk Management") from natural disasters.

Paul Schultz, CEO of Aon Securities, said: “We are honored to support the Pacific Alliance members and [World Bank](https://www.financedigest.com/fund-nature-protection-now-or-face-huge-losses-says-world-bank.html "Fund nature protection now or face huge losses, says World Bank") in bringing this pioneering transaction to the market. This record-breaking issuance highlights the strategic partnership between nations seeking efficient sources of capital to [fund emergency](https://www.financedigest.com/where-can-you-start-building-your-emergency-funds.html "Where Can You Start Building Your Emergency Funds?") costs and investors seeking to invest in diversifying risks and support sustainable development initiatives. We are optimistic that this transaction will [pave the way](https://www.financedigest.com/soft-lending-and-inflation-data-pave-way-for-smaller-ecb-hike.html "Soft lending and inflation data pave way for smaller ECB hike") for other governments to develop more resilient risk management programs for their uninsured exposures.


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