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March 16, 2022updated 23 Mar 2022 11:33am

Russia bans re/insurance dealings with “unfriendly states”

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

Russian President Vladimir Putin has signed a law prohibiting the country’s insurers from completing transactions with insurers, reinsurers and brokers of “unfriendly states”.

The new law also gives the Bank of Russia board of directors the authority to decide on the risks that are not subject to transfer by an insurer to a Russian national reinsurance company for reinsurance.

The board is also authorised to determine the data that financial entities can disclose to the public at large to prevent the information from being used by “unfriendly states” to impose sanctions.

Among the countries deemed “unfriendly” by Russia are the US, UK, EU states, Canada, Japan, South Korea, Australia, New Zealand, Singapore, and Taiwan, among others, reported TASS.

“The Federal Law is aimed at ensuring the financial stability of the Russian Federation due to the hostile moves by foreign states and international organisations and introduces a special regulation of relations in the financial market and corporate relations for the period until 31 December 2022,” the Russian government said.

The US and its NATO allies have targeted Russia with unprecedented sanctions after Moscow invaded Ukraine by land, sea, and air.

The war has pushed several Western insurers and reinsurers to abandon their operations in Russia.

Most recently, Swiss Re, Allianz and Zurich Insurance decided to stop onboarding new customers in Russia and paused their existing businesses.

Italy’s Generali, Willis Towers Watson and its peer Marsh McLennan have announced plans to shutter their Russian operations, while Aon paused its operations there.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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