Zurich Insurance Group Sells Business, Suspends All Operations In Russia

MOSCOW (UrduPoint News / Sputnik - 20th May, 2022) Swiss insurance company Zurich Insurance Group on Friday announced the sale of its subsidiary Zurich Russia and the suspension of all operations in the country.

"Zurich Insurance Group (Zurich) has agreed to sell its business in Russia 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," the group said in a statement.

The sale will allow the new company "to retain a professional team with accumulated insurance expertise" to continue providing services in Russia.

Zurich Russia was mainly busy providing services to Zurich's international clients in Russia, while inside Russia its share of non-life insurance market amounted to only 0.3%.

The sale has yet to be approved by relevant regulatory authorities.