Generali is to close its Moscow office, resign its positions on the board of Ingosstrakh, and wind down its Europ Assistance business due to Russia’s invasion of Ukraine.
In addition, the company said it was reviewing all its investment and insurance business in Russia and will comply fully with all applicable sanctions.
The company said that it will be donating €3m to refugee programmes and is also undertaking an employee donation campaign for UNICEF, which it said it will match the donations of.
According to a statement from Generali, it holds a 38.5% investment in insurer Ingosstrakh.
This marks the third time in recent days that Ingosstrakh has seen negative news. A few days ago, AM Best placed it under review with negative implications the Financial Strength Rating (FSR) and the Long-Term Issuer Credit Rating, along with a handful of other insurers. Meanwhile, S&P Global Ratings Lowered the ratings on Ingosstrakh Insurance to BBB-