French insurer AXA mentioned on Friday that it has stopped all new investments in Russian belongings and would not underwrite reinsurance of the nation’s insurance coverage firms.
It mentioned it had stopped underwriting new insurance coverage enterprise and all renewals regarding Russian-owned belongings situated within the nation.
AXA added it had “no operational or administration management” over RESO-GARANTIA, a Russian agency by which it purchased a stake in 2008, and that it could take away its administrators from the group’s board.
(Reporting by Sarah Morland; modifying by Sudip Kar-Gupta)
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