"Dismayed" WTW reveals plan to exit Russia

"Dismayed" WTW reveals plan to exit Russia | Insurance Business Canada

"Dismayed" WTW reveals plan to exit Russia

WTW has followed suit, announcing its plan to shift ownership of the company’s Russian businesses to local management whose operations will be independent from that of the group – the exact same thing rival Marsh McLennan had said it would do.

“We continue to be dismayed by the crisis in Ukraine,” asserted WTW chief executive Carl Hess in a statement. “WTW remains steadfast in our support for all our colleagues and their families in the region who have been affected. We wholeheartedly wish for a peaceful solution.

“WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”

In Russia, WTW has offices in Moscow and St. Petersburg.

A few days ago, Marsh McLennan president and CEO Dan Glaser announced: “We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

Aon, meanwhile, continues to monitor the situation and has suspended its operational activity in Russia for the time being. Employees based there are currently on paid leave.