Zurich Insurance said it was selling its business in Russia to 11 members of the local team, joining a foreign corporate exodus from the country following Moscow's invasion of Ukraine

"Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia," the Swiss insurer said in a statement.

Zurich did not reveal the financial details of the transaction.

The sale is subject to approval of regulatory authorities.

Since Russia invaded Ukraine on February 24, international businesses have been scaling back their activities in Russia, under a barrage of sanctions.

Zurich says it has about 56,000 employees and more than 55 million customers worldwide in more than 210 territories.

Zurich Russia is a property and casualty insurer with about 0.3 percent of the Russian non-life insurance market, the company said, adding that its main business had been supporting the activities in Russia of Zurich's international customers.

In 2021, Zurich Russia had gross written premiums of approximately $34 million, including $3 million from domestic customers, said the firm.