Zurich Insurance to Exit Russia
May 20 2022 - 2:22AM
Dow Jones News
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
(END) Dow Jones Newswires
May 20, 2022 02:07 ET (06:07 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Zurich Insurance (QX) (USOTC:ZURVY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Zurich Insurance (QX) (USOTC:ZURVY)
Historical Stock Chart
From Apr 2023 to Apr 2024