Zurich Insurance to sell Russian property and casualty insurance business
Zurich Insurance Group said that it has reached a deal to divest its Zurich Russia, its property and casualty business in Russia, to 11 members of the unit’s team.
According to the Swiss insurance giant, its Russian business will independently operate under a different brand under its new owners.
Zurich Insurance will no longer carry out business operations in Russia.
The Swiss insurer said that the deal will let the new company retain a professional team having insurance expertise and continue catering to the Russian market.
Zurich Russia is said to have a share of nearly 0.3% of the Russian non-life insurance market. Its primary business has been underpinning the activities in Russia of Zurich Insurance international customers.
Last year, Zurich Russia registered gross written premiums of around $34 million, which includes $3 million from domestic customers.
The sale of Zurich Russia is contingent on the approval of the relevant regulatory authorities.