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Zurich to Sell Russian Business to Local Team and Exit Market
Zurich Insurance Group (Zurich) has agreed to sell its business in Russia to 11 members of the unit’s team.
Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia. The transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market. The sale of Joint Stock Company Insurance Company “Zurich” (Zurich Russia) is subject to approval of the relevant regulatory authorities.
Zurich Russia is a property and casualty insurer with about 0.3% of the Russian non-life insurance market. Its main business has been supporting the activities in Russia of Zurich’s international customers. In 2021, Zurich Russia had gross written premiums of approximately USD 34 million, including USD 3 million from domestic customers.
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Cytora, the digital risk processing platform, has announced a strategic partnership with Altitude Intelligence, a provider of specialized intelligence-as-a-service capabilities. This collaboration integrates Altitude Intelligence’s advanced geospatial (GEOINT) and multi-source fusion data directly into the Cytora platform, allowing commercial insurers to automatically enrich submissions with granular climate and location-based insights at the point of underwriting.
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