Swiss insurance company Zurich Insurance announced on Friday that it will sell its Russian operations to its local team to exit the country’s market, without disclosing financial details of the transaction.

Zurich Insurance said in a statement that the group has signed an agreement with 11 members of its team in Russia to sell its operations in the country.

The insurer said it will change the name of the new company after the transaction is complete.

Authorities must approve the sale.

In Russia, Zurich Insurance’s activity is focused on property insurance, with a market share of 0.3% in the insurance sector (not taking into account life insurance).