Willis to exit Russian business

Willis Towers Watson PLC said Sunday it will withdraw from its Russian business.

In a statement, Willis CEO Carl Hess said the brokerage will transfer the ownership of its Russian operations to the businesses’ local management.

The announcement by the world’s third-largest brokerage follows a similar decision by Marsh & McLennan Cos. Inc. last week and an announcement by Aon PLC that it had suspended its operations in Russia, following Russia’s invasion of Ukraine.