Zurich Insurance Group has announced that it has agreed to sell its Russian operations to 11 members of its group there, and will leave the market.
According to the new owners, the activities will operate independently, with a different brand, stressed the Swiss insurance group.
“The transaction will allow the new company to retain a professional team with accumulated insurance experience and will continue to serve the Russian market,” he added.
The sale is subject to regulatory approval, the company added, without giving financial details of the sale.
Zurich said in March it would not take on new customers in Russia and would suspend renewal of existing local operations.
The company said that its activities in the country are related to property and accident insurance, with about 0.3% of the loss insurance market in Russia, while it serves mainly foreign customers in the country.