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Zurich leaves Russia by selling business to the local team



(Reuters) – Zurich Insurance Group Ltd. has agreed to sell its Russian operations to members of the local team, it said on Friday, when the Swiss insurance company became the latest Western company to leave Russia.

It joins a list of companies that have left the market in response to Russia’s invasion of Ukraine, and some hand over these companies to local partners.

Finding a suitable exit plan has been a challenge, with some companies saying they are maintaining their Russian companies to keep assets out of the hands of the state.

Zurich said the sale, which remains subject to regulatory approval, will hand over its renamed Russian operations – which account for a fraction of its total operations ̵

1; to 11 members of the unit’s team.

“Under its new owners, the business will operate independently under another brand, while Zurich will no longer conduct business in Russia,” it said.

“The transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue to serve the Russian market,” said Zurich Insurance.

The Swiss insurance company, which provides property / accident insurance in Russia primarily for international customers, said it held about 0.3% of Russia’s non-life insurance market.

Zurich, which has removed its Z logo from social media after the letter became a symbol of support in Russia for Moscow’s invasion of Ukraine, said in March that it is no longer accepting new domestic customers in Russia and will not renew existing local ones. business.

It said when it released data for the first quarter of this month that its direct exposure to Russia and Ukraine through its real estate / accident operations and investment portfolio was expected to be “insignificant”.

It had gross written premiums of about $ 34 million in Russia in 2021, it said on Friday, which is less than 0.1% of the $ 40.1 billion in gross written premiums recorded by its real estate / accident business for the year.

The vast majority of these came from international customers, it was said, with only $ 3 million related to domestic Russian customers.


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