The Swiss insurer Zurich Insurance will sell its activities in Russia to its local team in order to withdraw from the market, it announced on Friday without revealing the financial details of the transaction. The group has signed an agreement with eleven members of its team in Russia to resell its activities in the country to them, which will change their name once the sale is effective, said a press release: the new team will no longer use the Zurich Insurance brand. The transaction will have to be approved by the regulatory authorities.
In Russia, Zurich Insurance focuses on non-life insurance, with a market share of 0.3% of the insurance market, excluding life insurance. In 2021, the amount of gross premiums was around $34 million, the group says. At 7:21 GMT, the action fell by 0.08% to 433.55 Swiss francs, against the trend of the SMI, the benchmark index of the Swiss Stock Exchange, which rebounded by 0.66%.