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Global insurance firm Marsh McLennan has announced plans to pull out of all its businesses in Russia, while its peer Aon will suspend its operations in the country.

The announcement follows Russia’s invasion of Ukraine last month, and retaliatory sanctions imposed on Russia by the US and its NATO allies.

Marsh McLennan president and CEO Dan Glaser said: “We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. 

“This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

With revenue of nearly $20bn, US-based Marsh McLennan employs 83,000 people who advise its clients in 130 nations across the globe.

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It operates four brands that include insurance broker Marsh, reinsurance broker Guy Carpenter, asset manager Mercer and consulting firm Oliver Wyman.

Aon, on the other hand, plans to send its Russian employees on paid leave.

“Right now, our primary focus is on the safety and well-being of our colleagues in Ukraine and our colleagues’ families, and those in Russia who might be adversely impacted. And we will continue to monitor the situation to determine if we will take further actions,” Aon CEO Greg Case said in a statement.

Meanwhile, as per media reports, German reinsurance firm Hannover Re has stopped underwriting new business in Russia and Belarus.

The reinsurer stated that its Russian exposure is small and comes from government bonds. In Belarus, it has no business.