Zurich: Russian subsidiary sold to management team
(CercleFinance.com) - Swiss insurance group Zurich said on Friday that it has reached an agreement to sell its Russian subsidiary to the entity's current management team.
Under the terms of the agreement, the company will now operate independently under a new brand name, thus confirming Zurich's withdrawal from the Russian market.
In a brief statement, the insurer says that its Zurich Russia branch specialised in non-life insurance, with a market share of around 0.3% in the Russian non-life insurance market.
In 2021, the company generated gross premiums of some 34 million dollars, of which 3 million dollars was from domestic customers.
Zurich shares were virtually unchanged on Friday morning on the Swiss stock exchange index SMI following this announcement.
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Under the terms of the agreement, the company will now operate independently under a new brand name, thus confirming Zurich's withdrawal from the Russian market.
In a brief statement, the insurer says that its Zurich Russia branch specialised in non-life insurance, with a market share of around 0.3% in the Russian non-life insurance market.
In 2021, the company generated gross premiums of some 34 million dollars, of which 3 million dollars was from domestic customers.
Zurich shares were virtually unchanged on Friday morning on the Swiss stock exchange index SMI following this announcement.
Copyright (c) 2022 CercleFinance.com. All rights reserved.