Zurich Insurance to sell Russian business to local team

Zurich Insurance has agreed to sell its Russian business to members of the local team, it said today, as the Swiss insurer became the latest company to announce its exit from the Russian market.

A slew of companies - from McDonald's and Dutch brewer AB Inbev to carmaker Renault and French lender Societe General - have quit the market in response to Russia's invasion of Ukraine.

Some of these companies have handing the businesses over to local partners.