(Bloomberg) -- Munich Re said it won't renew existing contracts in Russia and Belarus and has suspended new business in those countries.
The German reinsurer is adding its name to the growing number of companies withdrawing from the countries in the wake of Russia's invasion of Ukraine. Munich Re also said it would stop investments in the region, according to a statement on its website Wednesday.
Munich Re stopped short of saying it would fully exit all business in the region, saying it is prepared to make exceptions so long as it's not in breach of sanctions.
“Munich Re will only make exceptions to this rule – sanctions regulations permitting – if the suspension of business negatively affects persons or companies in need of protection,” the company said in the statement.
Allianz SE said earlier this week it had stopped insuring new business nor making new investments in Russia on behalf of its own investment portfolio, according to a statement on its website.
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