Marsh McLennan, parent company of the world’s largest insurance broker, has announced it will exit all of its businesses in Russia, following the “unprovoked attack by the Russian government against the people of Ukraine”.

Dan Glaser, Marsh McLennan president and CEO, said the company was “compelled to take this action” after “having watched with horror the tragic human toll in Ukraine”.

Marsh McLennan has four main brands: insurance brokerage Marsh, reinsurance brokerage Guy Carpenter, asset manager Mercer, and management consulting firm Oliver Wyman. It has annual revenue of nearly US$20 billion, and has 83,000 employees advising clients in 130 countries.

Following the decision on Thursday (March 10) to exit all of its businesses in Russia, Marsh McLennan intends to transfer ownership of its Russian businesses to local management, whom Glaser said will operate independently in the Russian market.

“This is not a decision that we have taken lightly,” the CEO added. “We join all those calling for a swift and peaceful resolution to this deadly conflict.”