Global reinsurance giant Swiss Re has reportedly decided to cease taking on new business with clients in both Russia and Belarus amid the ongoing invasion of Ukraine, according to Reuters.
Citing a statement sent via email, Reuters says that Swiss Re, one of Europe’s big four reinsurers, is also not renewing existing business with Russian clients.
The statement notes that the company is in the process of reviewing its current business relationships in both Russia and Belarus, which is something many firms around the world are doing as they look to cut ties with the country as its unprovoked attack continues.
Swiss Re is the latest to join a growing list of insurers, reinsurers, and brokers that have taken steps to withdraw from Russia.
Hannover Re, another of Europe’s big four, said last week that it had placed new and renewal business on hold in Russia and Belarus, while Italian insurer Generali was one of the first to sever ties with the country.
Last week also saw French reinsurer SCOR reveal that it has postponed its Investor Day as a result of the geopolitical situation, humanitarian and global impacts of the war in Ukraine.
Reuters also reports that a spokesperson for large insurer Zurich told the publication it no longer takes on new clients and will not be renewing existing business in Russia.
The moves come as NGOs and groups around the world are calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties with these companies.
At the same time, rating agencies have started to downgrade some carriers in the country as Western nations impose tough economic sanctions on Russia, including measures designed to prevent Russian businesses from accessing international insurance and reinsurance services.