20 May 2022 10:29

Zurich Insurance leaving Russia, selling business to local mgmt

MOSCOW. May 20 (Interfax) - Zurich Insurance Group is leaving the Russian market and selling JSC Zurich Insurance Company to a group of 11 of the Russian subsidiary's managers, the Swiss group said in a statement.

The Russian company will change its brand.

Zurich's business in Russia was focused mainly on serving the group's global customers on the local market. Insurance premiums in the country totaled $34 million in 2021, of which only $3 million came from Russian clients.