ZURICH (Reuters -Zurich Insurance announced on Friday that it had agreed to sell the Russian operations to local employees. This was the latest announcement by the Swiss insurance company about its exit from Russia.

A slew companies — including McDonalds, AB Inbev, and carmaker Renault (EPA:) And Societe General, a French lender — Russia invaded Ukraine and some have left the market. Some are now handing over these businesses to their local counterparts.

Finding the right solutions was difficult, however, as some companies claim they want to maintain their Russian business in order not to lose assets.

Zurich Insurance announced that it would sell its Russian business, subject to regulatory approval. It will also hand over 11 employees to the unit.

According to a statement, “Under its new ownership, the business will operate independent under a separate brand, and Zurich won’t longer be conducting business operations in Russia.” The transaction will enable the company to keep a team of professionals with insurance experience and continue to serve the Russian market.

According to the Swiss insurance firm, it holds 0.3% of Russia’s non-life market.

In 2021, it had gross written premiums in the country of $34 millions. The vast majority of these were for international clients.

According to it, only $3 Million of these were domestic Russian customers.