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Global reinsurance firm SCOR has decided to postpone its investor day, initially scheduled for 29 March 2022, citing the fallout from Russia’s invasion of Ukraine.

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“In light of the geopolitical situation and the humanitarian and global impacts of the war in Ukraine, SCOR has decided to postpone its investor day,” the French reinsurer’s statement read.

Last month, Russian President Vladimir Putin recognised the independence of Donetsk and Luhansk in eastern Ukraine. This was followed by the launch of Ukraine’s invasion by land, sea, and air.

In response to Russia’s military aggression, the US and its allies have imposed severe sanctions targeting the Russian economy.

SCOR said it is keeping a close watch on the situation, which has wide macro-economic repercussions on areas including economic growth, interest rate, inflation, and energy prices.

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With operations in 160 countries across the globe, SCOR plans to organise the investor day by the end of July 2022 and will announce a date when the situation becomes clearer.

SCOR also noted that its overall exposure to Russia and Ukraine is ‘limited’. Therefore, the firm expects the direct consequences of the conflict to be limited, which will not affect its fundamentals.

The reinsurer, which generated €17.5bn in premiums in 2021, stated that it will go ahead with its strategic plan “Quantum Leap”.

Last week, Marsh McLennan announced plans to shutter all its Russian operations by transferring the ownership to local management who will operate independently in the country.

Aon too decided to suspend its operations in Russia.