MAJOR re/insurers Allianz and Swiss Re, who write marine business among many other lines, have joined the list of companies exiting from the Russian market in the wake of Vladimir Putin’s invasion of Ukraine.

Allianz retains a substantial presence in London hull, although Swiss Re switched its hull book from London to Genoa in 2019.

The moves from the two firms follow similar recent decisions from brokers Marsh, Aon and Willis, all active in the marine market.

Allianz said in a statement that it will not insure new business or making new investments in Russia. Russia and Ukraine account for 0.3% of its investment portfolio of about $885bn.

Swiss Re said that it would comply with the sanctions applied to Russia and will neither renew business in the country nor close new contracts.