Zurich Insurance Group announced it has agreed to sell its business in Russia to 11 members of the unit's team. The sale is subject to approval of the relevant regulatory authorities.

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

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

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 USD 34 million, including USD 3 million from domestic customers.