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Zurich Insurance to exit Russian market, sell business to local team

May 20, 2022

Zurich Insurance has agreed to sell its Russian business to members of the local team, it said on Friday, as the Swiss insurer became the latest company to announce its exit from the Russian market.

A slew of companies — from McDonalds and Dutch brewer AB Inbev to carmaker Renault (EPA:RENA) and French lender Societe General — have quit the market in response to Russia’s invasion of Ukraine, with some handing these businesses over to local partners.

However, finding suitable solutions has been a challenge, with some businesses arguing they are maintaining their Russian businesses in order to keep assets outside the hands of the regime.