Zurich Insurance Group has said it will sell its Russian operation to members of the incumbent team who will then operate the business independently and under a new brand.

Zurich Russia is a property and casualty insurer with about 0.3% of the Russian non-life insurance market and was focused on supporting the Russian activities of Zurich’s international customers. In 2021, it had gross written premiums of approximately £27m, including £2.4m from domestic customers.

The sale of the business is subject to regulatory approval.

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