zurich_istock_momorad
iStock/ Momorad
20 May 2022Insurance

Zurich sells $34m GWP business, exits Russian market

Zurich Insurance Group has agreed to sell its business in Russia to 11 members of the unit’s team.

Under its new owners, the business will operate independently under a different brand, while  Zurich will no longer conduct business operations in Russia.

Zurich said the transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market.

The sale of Joint Stock Company Insurance Company " Zurich" ( Zurich Russia) is subject to approval of the relevant regulatory authorities.

Zurich Russia is a property and casualty insurer with about 0.3% of the Russian non-life insurance market. Its main business has been supporting the activities in Russia of  Zurich’s international customers.

In 2021,  Zurich Russia had gross written premiums of approximately $34 million, including $3 million from domestic customers.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
1 June 2022   The executive joins Zurich from Liberty Mutual, where he worked for nearly four years.
Insurance
1 June 2022   The transaction will enable Monument Re to secure its first footprint into the Asian market.
Insurance
18 May 2022   The carrier has hired a new chief financial officer of commercial insurance.