Leading insurance brokers Marsh McLennan and Aon are shutting their operations in Russia because of the invasion of Ukraine.
Marsh McLennan, which includes speciality broker Marsh, said it plans to exit Russian business in response to the unprovoked attack.
Its Russian business will be transferred to local management that will act independently.
Chief executive Dan Glaser said: “This is not a decision we have taken lightly,” and called for a swift resolution to the conflict.
Rival Aon said it had suspended its business in Russia.
Chief executive Greg Case said: “The escalation of the conflict in Ukraine continues to cause the senseless loss of life to innocent civilians and the intentional destruction of schools, civilian property and infrastructure.
“It is why we have made the decision to suspend operational activity in Russia, including putting our colleagues in Russia on paid leave.”
Aon has outlets in Moscow and St Petersburg.
Insurance seems set to be the next financial services sector to respond to Russia’s invasion.
The UK government has already said Russian aviation and space companies may no longer access insurance services. There is a feeling in the London market that the ban may be extended to marine insurance.
