Mango Techsurance, a Russian insurance startup, has shut down according to reports.
A report by Coverager has revealed that the company closed down due to the current situation in Russia.
Mango provided the following comment in a message that was taken from their website and loosely translated: ‘Mango says goodbye… From September 1, the entire insurance portfolio will be managed by our partner AlfaStrakhovanie. Don’t worry, all annual subscriptions will work as usual until the end of the paid period.’
The report also revealed that Mango shared it is a project financed by Russia’s Alfa Group, and in the current situation, its investors decided to stop any further work and to unite the entire business under the AlfaStrakhovanie brand.
Mango was first launched a couple years ago, when co-owners of Alfa Group wanted to break into the InsurTech sector, and according to this FinTech Futures report, “move away from the model of a traditional insurance company and create an insurer that will work only online – without offices”.
The company’s target customers were people between the ages of 20 and 40.
The InsurTech also recently expanded to accident insurance, in addition to its existing home, renters and pet insurance products.
Earlier this year, Global insurer Zurich Insurance Group agreed to sell its business in Russia to 11 members of the unit’s team following mounting pressure on financial institutions and insurers to cut ties with the region.
Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia
Earlier this year, a coalition of NGOs and groups around the world called on financial institutions and insurers to cut ties with Russia following its invasion of Ukraine.
In March, according to a report from Reinsurance News, more than 75 organisations wrote to insurers, which include AIG, Allianz, Atradius Re, AXA, Chubb, General Re, Hannover Re, Lloyd’s, Munich Re, Partner Re, SCOR, Swiss Re, Tokio Marine, Travelers, and Zurich, asking them to stop insuring Russian companies.
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