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Swiss Zurich Insurance to sell business in Russia, says statement

Under its new owners, the business will operate independently under a different brand

MOSCOW, May 20. /TASS/. The Swiss insurance company Zurich Insurance has agreed to sell its business in Russia to a group of Russian entrepreneurs and to stop conducting business operations in the country, according to a statement published on its website on Friday.

"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 statement said.

The sale transaction is subject to approval of relevant regulatory authorities.