Zurich Insurance withdraws from the Russian market and sells its activities to the local team | Photo credits: Zurich Insurance Company Ltd
ZURICH, May 20 (Reuters) – Swiss insurer Zurich Insurance has announced the sale of its Russian business to members of its local team, it said on Friday.
A slew of companies, from McDonalds and Dutch brewer AB Inbev to automaker Renault and French bank Société Générale, left the Russian market in response to Russia’s invasion of Ukraine, with some transferring their activities to local partners.
Other companies, on the other hand, have decided to stay in Russia, in order to avoid, according to them, that their assets fall into the hands of the regime.
This operation, which remains subject to the approval of the regulatory authorities, plans to sell these activities to 11 members of the current team in Russia, said the Swiss insurer.
“With these new owners, the business will operate independently, while Zurich will no longer conduct business operations in Russia,” it said in a statement. “The transaction will allow the new company to retain a professional team with accumulated insurance expertise and continue to serve the Russian market.”
Zurich Insurance, which carries out non-life insurance business in Russia mainly for international clients, said it controls about 0.3% of the Russian non-life insurance market. (Report Brenna Hughes Neghaiwi; French version Federica Mileo, edited by Jean-Michel Bélot)