Munich Re is joining other insurers, reinsurers and brokers that have withdrawn from business with Russia.

Condemning Russia’s attack on Ukraine and supporting the sanctions, Munich Re said it will not renew existing contracts in Russia and Belarus, and new business has been suspended. The group will do the same with its investments in the region.

“The events of the last few days have shaken us all deeply. Especially at this moment, it is the task of all peace-loving people to show unity and support,” said Munich Re CEO Joachim Wenning.

“Our full solidarity goes out to the people affected in Ukraine and their families. Munich Re stands for a peaceful and democratic world. Russia’s invasion is an act contrary to international law,” he added.

“The attempt to place the law of the strongest above international law is completely unacceptable. We expressly support the sanctions initiated by the Western community of shared values—also in the knowledge that they will not remain without consequences for our economies.”

Munich Re said it will only make exceptions to this rule—sanctions regulations permitting—if the suspension of business negatively affects persons or companies in need of protection.

Munich Re has joined the growing ranks of companies that are withdrawing from Russia: insurers Swiss Re and Allianz, brokers Marsh, Aon and Willis Towers Watson as well as banks and ship classification societies, such as Lloyd’s Register, which certify that ships are seaworthy for securing insurance.

Munich Re said it is making a contribution to alleviate the hardship of the hundreds of thousands of war refugees. The group donates to the international aid organizations Save the Children, Red Cross and SOS Kinderdörfer so that particularly vulnerable groups such as families and children can be quickly provided with essentials such as shelter.

As people are now primarily fleeing the battle zone via the Polish border, Munich Re is currently concentrating its aid on this region.

Source: Munich Re