Zurich Insurance Group 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 transaction will allow the company to retain a team to continue serving the Russian market.
Zurich Russia is a property and casualty insurer with about 0.3% of the Russian non-life insurance market.
Its main business has been supporting the activities in Russia of Zurich’s international customers. In 2021, Zurich Russia had gross written premiums of approximately $34m (£27m, €32m), including $3m from domestic customers.
The deal is subject to approval of the relevant regulatory authorities.
Logo issue
The sale comes several months after Zurich removed its “Z” logo from all social media platforms to support Ukraine in its fight against Russia’s invasion.
The firm removed the logo – a white Z on a blue background – as it did not want its meaning to be misconstrued.
The letter Z has been used as a mark on Russian military vehicles in Ukraine to symbolise support for the war.
