Marsh McLennan to exit Russia in wake of ‘unprovoked attack’ on Ukraine

Global insurance broker Marsh McLennan (MMC) will exit all of its businesses in Russia in the wake of the conflict in Ukraine, the company announced late Thursday (March 10).

Marsh president and chief executive officer Dan Glaser (pictured) revealed its intention to transfer the ownership of its Russian businesses to local management who will operate independently in the Russian market.

Glaser condemned the “unprovoked attack” on Ukraine by the Russian government. “Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action,” he said in a company statement.

“This is not a decision that we have taken lightly,” Glaser said, “and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

Earlier this week, Dutch insurance group Aegon and Europe’s third-largest insurer Generali joined a rundown of companies that are cutting investments and pulling out of Russia.

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