French insurer AXA said on Friday that it has stopped all new investments in Russian assets and would no longer underwrite reinsurance of the country’s insurance companies.
It said it had stopped underwriting new insurance business and all renewals concerning Russian-owned assets located in the country.
AXA added it had “no operational or management control” over RESO-GARANTIA, a Russian firm in which it bought a stake in 2008, and that it would remove its directors from the group’s board.
(Reporting by Sarah Morland; editing by Sudip Kar-Gupta)
Topics Carriers Russia Reinsurance France AXA XL
Was this article valuable?
Here are more articles you may enjoy.
High-Powered Dads Are Spending Less Time at Work, More on Childcare 
US Efforts to End Iran War Stumble as Ship Seized Near UAE 
Safepoint Exec Pay, Slide’s Stock Sell-Offs Getting Attention in Florida 
Uber and FedEx Get Green Light for Racketeering Suit Against Lawyers, Doctors 
