(by Fiona Mitchell)
The largest reinsurer over the globe Munich Re announced Monday it received a €550m ($713m) battering from the US hurricane season.
“After the series of windstorms we now see €1.8bn as the lower limit of the target range if business experience remains normal,” said Jörg Schneider, the company’s board member.
The company also decreased the probability of hitting €2 billion full-year target. The combined ratio in reinsurance was up at 105.8% in the third quarter against 95.5% in the first half.
The net profit for the third quarter rose to €365 million as compared wit the same period of 2003.