Zurich Insurance will sell its Russian operations, exit market

By Ed Frankl

Zurich Insurance Group AG said Friday it has agreed to sell its Russian operations to 11 members of its local team and will exit the market.

Under the new owners, the business will operate independently under a different brand, the Swiss insurer said.

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

The sale is subject to approval of the relevant regulatory authorities, the company added. It didn’t provide financial details of the sale.

Zurich said in March that it wouldn’t take on new domestic customers in Russia and would suspend renewing existing local business.

The company said its operations in Russia are in property and casualty insurance, with about 0.3% of the country’s nonlife insurance market, and mainly serving international customers in Russia.

In 2021, it had gross written premiums there of around $34 million, compared with P&C premiums of $40.12 billion for the company as a whole.

Write to Ed Frankl at edward.frankl@dowjones.com

This article was originally published by Marketwatch.com. Read the original article here.

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