WTW latest broker to pull out of Russia

WTW has become the latest broker to pull out of Russia. WTW’s CEO Carl Hess said on Sunday that the broker was “dismayed by the crisis in Ukraine” and would transfer ownership of its Russian businesses to local management to operate independently.

“WTW remains steadfast in our support for all our colleagues and their families in the region who have been affected. We wholeheartedly wish for a peaceful solution,” he said. “While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”

It follows a similar move by Marsh announced last week. With Aon also having suspended its operations, WTW’s action completes the exit of the big three brokers from Russia.