It’s the turn of Swiss giant Zurich Insurance Group to empty its undertakings in Russia, selling the unit to 11 partners of the local committee.
Subject to regulatory permission, the sale of Zurich Russia will see the business operate independently under various brands while at the same time allowing the new entity to retain an experienced skilled roster.
The company, which did not divulge the financial terms of the divestment, noted: “Zurich Russia is an estate and casualty insurer with about 0.3% of the Russian non-life insurance demand. Its main business has been supporting the activities in Russia of Zurich’s international consumers.
“In 2021, Zurich Russia had entire written premiums of approximately US$34 million, including US$3 million from trained customers.”
Earlier this year, Zurich eliminated the use of the letter ‘Z’ in its branding on social fora, after the letter became compatible with support for Russian President Vladimir Putin and his incursion of Ukraine.