Marine re/insurers and brokers head for Russia exit
Allianz and Swiss Re announce withdrawal in light of Ukraine invasion
Moves follow similar decisions by host of big-name brokers
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 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.