Munich Re Plans to Suspend Its Business in Russia and Belarus
- German reinsurer says it will halt investments in the region
- Allianz said earlier it was stopping new business in Russia
Munich Re headquarters in Munich, Germany.
Photographer: Krisztian Bocsi/Bloomberg
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Munich Re said it won’t renew existing contracts in Russia and Belarus and has suspended new business in those countries.
The German reinsurer is adding its name to the growing number of companies withdrawing from the countries in the wake of Russia’s invasion of Ukraine. Munich Re also said it would stop investments in the region, according to a statement on its website Wednesday.