BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
FM Global and Allianz SE on Wednesday were dealt an F and D grade, respectively, by the Yale School of Management for how they have reacted to Russia’s invasion of Ukraine.
Several brokers and insurers, including Marsh & McLennan Cos. Inc. and Italian insurer Assicurazioni Generali SpA, received an A grade.
In its one-line explanation of the F grade for FM Global, the Yale School of Management’s Chief Executive Leadership Institute noted the company’s “continuing Russian relationships” and “deep relationship” with Russian insurer Ingosstrakh.
In response to a request for comment FM Global said it is currently reviewing its business relationship with Ingosstrakh.
“No premium flow is coming out of Russia and we are exploring what our options are to best be able to support our mutual clients,” an FM Global spokesman wrote in an email.
In an updated statement posted to its website Wednesday, FM Global said it is scaling back its engineering and claims adjustment services in Russia.
While the insurer has clients with locations in Russia, it does not and will not insure Russian-owned companies and is not a licensed insurer in the country, according to the statement.
For multinational clients with foreign-owned assets in Russia, FM Global reinsures their locations there, the Johnston, Rhode Island-based insurer said.
Allianz was among 69 companies graded D for “buying time” or holding off new investments/development. Yale noted the insurer’s action to “meaningfully reduce exposure to Russia.”
A spokesperson referred to a March 14 statement in which Allianz confirmed it is neither insuring new business nor making new investments on behalf of its investment portfolio in Russia.
In another statement issued March 18, Allianz Global Corporate and Specialty SE, the insurer’s corporate insurance unit, said it had stopped underwriting new insurance business in Russia and put all renewal business there on hold.
Both FM Global and Allianz underscored in their statements that they continue to abide by the international sanctions and laws related to the ongoing conflict.
The Yale list, which was compiled by Yale School of Management professor Jeffrey Sonnenfeld after the Feb. 24 invasion, comprises five categories, grading companies from A to F based on their level of withdrawal from Russia.
As of Wednesday, the list comprised: 178 companies graded A that have completely exited Russia; 192 companies graded B that have temporarily curtailed operations while keeping return options open; 31 graded C for reducing current operations or scaling back; 69 companies graded D — “Buying Time” — that have postponed future planned investment or development while continuing substantive business; and 38 companies graded F — “Digging In” — for continuing business-as-usual in Russia.
Willis Towers Watson PLC, which recently said it would exit its Russian business, and Aon PLC, which announced it had suspended operations in the country, are not mentioned in the list.