Zurich Insurance to Sell Russia Business and Exit the Region

Zurich Insurance Group AG agreed to sell its Russia business to 11 members of the unit’s team, as the company decides to exit the heavily sanctioned nation.

The insurer said that the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia, according to a statement on Friday.

The firm previously said that its direct exposure to Russia and Ukraine through its property & casualty operations and investment portfolio was expected to be immaterial.

Last month, French bank Societe Generale SA, also agreed to sell its entire stake in Rosbank and ...