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Marsh & McLennan Cos. Inc. said Thursday it would exit the Russian insurance market, and its largest rival, Aon PLC, said it will suspend its operations in the country in response to Russia’s invasion of Ukraine.
In a statement, Marsh McLennan CEO Dan Glaser said the world’s largest brokerage would exit all its business in Russia and intends “to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market.”
Aon said it will suspend its operations in Russia and put its staff there on paid leave.
“We will continue to monitor the situation to determine if we will take further actions,” CEO Greg Case said in a statement.
Willis Towers Watson PLC, the world’s third-largest brokerage, which like Marsh and Aon has offices in Moscow and St. Petersburg, announced Sunday that it will withdraw from its Russian business and transfer ownership to local management.
The moves follow the decision earlier this month by Italian insurer Assicurazioni Generali SpA to wind down its operations in Russia.
Other large Western commercial insurers with operations in Russia include Allianz SE, Zurich Insurance Group Ltd., American International Group Inc. and Chubb Ltd.
In a statement, Allianz, which has about 1,250 employees in Russia, said it is “prepared for all operational and financial outcomes, including market reactions, business continuity and adaptability, and readiness to comply with emerging sanctions and regulations. The situation and its implications are changing rapidly, and we continue to monitor them.”
Zurich said in a statement: “Zurich strongly condemns the Russian government’s aggression in Ukraine, is fully complying with applicable sanctions and has stopped renewing contracts or underwriting new business with domestic customers in Russia.”
AIG declined to comment. Chubb did not immediately respond to requests for comment.
Meanwhile, trade credit insurers have pulled back from Russia, marine war risk rates have soared, aviation insurers are canceling coverage for aircraft in Russia and the political risk insurance market has pulled back from exposures in Eastern Europe.