Marsh McLennan, the world’s largest insurance broker, said on Thursday it would exit all of its businesses in Russia, while its rival Aon suspended operations in the country.
“We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market,” said Dan Glaser, Marsh’s chief executive officer, in a statement.
Marsh has about 100 employees in Russia, a source told Reuters.
Aon and Marsh put together insurance contracts for clients that involve a number of insurance providers, for anything from airlines to large sporting events.
Meanwhile, Aon said it would put its staff in Russia on paid leave.
“We will continue to monitor the situation to determine if we will take further actions,” said Greg Case, CEO of Aon, in a statement.
The moves come as operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia.
(Reporting by Noor Zainab Hussain in Bengaluru; editing by Shailesh Kuber and Amy Caren Daniel)