Last week, Marsh McLennan, the world's largest insurance broker, announced it plans to exit all its businesses in Russia. The decision arrives as various businesses cut ties with the country in the wake of the invasion of Ukraine.

“We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market," said Dan Glaser, Marsh's chief executive officer, in a brief statement.

“We condemn the unprovoked attack by the Russian government against the people of Ukraine. Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action," Glaser said. “This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict."

Marsh, which has about 100 employees in Russia, has annual revenue of nearly $20 billion, and has 83,000 employees advising clients in 130 countries.

Meanwhile, Aon suspended its operations in the country. “We will continue to monitor the situation to determine if we will take further actions," said Greg Case, CEO of Aon, in a statement.

“The escalation of the conflict in Ukraine continues to cause the senseless loss of life to innocent civilians, and the intentional destruction of schools, civilian property and infrastructure," he said. “It is why we have made the decision to suspend operational activity in Russia, including putting our colleagues in Russia on paid leave."

“Right now, our primary focus is on the safety and well-being of our colleagues in Ukraine and our colleagues' families, and those in Russia who might be adversely impacted," he added.

On Sunday, Willis Towers Watson, the world's third-largest insurance broker behind Marsh McLennan and Aon, also announced that it will withdraw from all of its businesses in Russia in response to the war against Ukraine.

“We continue to be dismayed by the crisis in Ukraine," said Carl Hess, WTW's CEO. "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."

"WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market," he added. "While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues."

Will Jones is IA editor-in-chief.