Global insurer Zurich has agreed to sell its business in Russia to eleven of the unit’s team.
The firm said that under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia.
The transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market.
According to Zurich, Zurich Russia is a property and casualty insurer with about 0.3% of the Russian non-life insurance market. Its main business has been supporting the activities in Russia of Zurich’s international customers. In 2021, Zurich Russia had gross written premiums of approximately $34m, including $3m from domestic customers.
Zurich offloading its assets in Russia comes a few weeks after Swiss Re announced it was ceasing all new and renewal business in the country, along with Belarus, after the invasion of Ukraine. This came after a coalition of NGOs and groups called in March for top insurers to end trade with Russian companies.
The sale is subject to approval by the relevant regulatory approvals.