ZURICH, May 20 — Zurich Insurance said today it was selling its business in Russia to 11 members of the local team, joining a foreign corporate exodus from the country following Moscow’s invasion of Ukraine.

“Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia,” the Swiss insurer said in a statement.

Zurich did not reveal the financial details of the transaction.

The sale is subject to approval of regulatory authorities.

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Since Russia invaded Ukraine on February 24, international businesses have been scaling back their activities in Russia, under a barrage of sanctions.

Zurich says it has about 56,000 employees and more than 55 million customers worldwide in more than 210 territories.

Zurich Russia is a property and casualty insurer with about 0.3 per cent of the Russian non-life insurance market, the company said, adding that its main business had been supporting the activities in Russia of Zurich’s international customers.

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In 2021, Zurich Russia had gross written premiums of approximately US$34 million (RM149 million), including US$3 million from domestic customers, said the firm. — AFP