It’s the turn of Swiss giant Zurich Insurance Group to offload its operations in Russia, selling the unit to 11 members of the local team.

Subject to regulatory approval, the sale of Zurich Russia will see the business operate independently under a different brand while at the same time allowing the new entity to retain an experienced professional roster.

The company, which did not disclose financial terms of the divestment, noted: “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 US$34 million, including US$3 million from domestic customers.”

Earlier this year, Zurich removed the use of the letter ‘Z’ in its branding on social media, after the letter became synonymous with support for Russian president Vladimir Putin and his invasion of Ukraine.