The insurer Zurich Insurance Group is withdrawing from Russia. The group is selling the business to eleven employees, as Zurich announced on Friday. Under the new ownership, the company will operate independently of Zurich and under a different brand. Zurich Russia is a property and casualty insurer with gross premiums of around 34 million dollars (32 million euros).
The main business consists of supporting Zurich’s international customers and their activities in Russia. The sale of Zurich Russia still has to be approved by the supervisory authorities. Zurich gave neither a reason for the sale nor a price.