Italy's insurer Assicurazioni Generali has decided to close its Moscow representative office, resign from positions held on the board of the Russian insurer Ingosstrakh, and wind down its Europ Assistance business following the invasion of Ukraine.

The following was released by Generali here:

"Since the start of the war in Ukraine, Generali has been closely monitoring the situation and implications for operations and financial markets. As a result, Generali can confirm:

• it will close its Moscow representative office;
• it has decided to resign from positions held on the board of the Russian insurer Ingosstrakh, in which it holds a minority investment stake of 38.5%. Generali, as a result, has no influence on its operations;
• Europ Assistance, which operates in the country, will wind down its business.

Generali's minor exposure to the Russian market in terms of investments and insurance business is also under constant evaluation and fully compliant with all applicable sanctions.

The Group has also decided to donate EUR 3 million to support refugee programs, including a donation to UNHCR, which is currently at the forefront of the humanitarian response in Ukraine. An employee donation campaign is also underway, with donations matched 1:1 by Generali, which will be given to Unicef in support of the work that it will carry out to help impacted families".