Zurich to sell Russian business to local team and exit market

Exit

Zurich Insurance Group has agreed to sell its Russian business to 11 members of the unit’s team.

Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia.

Zurich said in February that it planned to pull out of the Russian market as a response to the attack on Ukraine. It also stopped taking on new customers or renewing existing business in the region.

The transaction will allow the new company to retain a professional team and to continue to serve the Russian market, Zurich stated.

Zurich

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