France’s AXA Stops Re/insuring Russian Insurers, Assets

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)