Zurich Insurance Group (Zurich) has agreed to sell its business in Russia to 11 members of the unit's team, it said in a statement on 20 May.
Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia, it said.
Zurich said "the transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market".
The sale of Joint Stock Company Insurance Company "Zurich" (Zurich Russia) is subject to approval of the relevant regulatory authorities.
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 $34m including $3m from domestic customers.
