Tuesday, December 6, 2022

Zurich Group leaves Russia

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Zurich is withdrawing from the Russian market and selling the unit to eleven members of the business unit in Russia, the group announced on Friday. Under the new owners, the company will operate independently under a different brand.

The entity sold is small: in Russia, Zurich’s property and casualty insurance (P&C) market only accounts for around 0.3 percent of the entire Russian non-life insurance market. In 2021, the Russian entity generated approximately $34 million in gross written premiums.

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