Big three brokers exit Russia

Marsh, WTW and Aon have announced they will immediately cease all business activities in Russia, following the country’s invasion of Ukraine. 

Greg Case, Aon CEO, said: “The escalation of the conflict in Ukraine continues to cause the senseless loss of life to innocent civilians, and the intentional destruction of schools, civilian property and infrastructure.

“It is why we have made the decision to suspend operational activity in Russia, including putting our colleagues in Russia on paid leave.

“Right now, our primary focus is on the safety and well-being of our colleagues in Ukraine and our colleagues’ families, and those in Russia who might be adversely impacted. And we will continue to monitor the situation to determine if we will take further actions.”

Dan Glaser, president and CEO, said, “We condemn the unprovoked attack by the Russian government against the people of Ukraine. Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action.  

”We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

And Carl Hess, WTW’s CEO, said, “We continue to be dismayed by the crisis in Ukraine. WTW remains steadfast in our support for all our colleagues and their families in the region who have been affected. We wholeheartedly wish for a peaceful solution.

”WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”

Meanwhile, commenting on behalf of the Association of British Insurers, director general, Hannah Gurga said: 

”We stand united with the people of Ukraine in the face of the Russian invasion, and our thoughts are with them and their families.

“Our members fully support sanctions imposed by the UK Government, and are committed to enforcing their implementation. We are engaging regularly with the Government and the FCA as the disturbing events unfold.

“We are also discussing with Lloyd’s and Insurance Europe, the European insurance and reinsurance federation, the direct and indirect impact of the events in Ukraine on the insurance and long-term savings industry, as well as exploring and sharing ideas of how we can support Ukrainian citizens in this humanitarian disaster.”