Munich Re results are hit in Q3 but it is ‘on the right path’

By Herbert Fromme, Cologne

GERMAN reinsurer Munich Re suffered a loss of E859m in the third quarter, due to high write-downs on shares and the need to strengthen the reserves of its US subsidiary American Re. This compares with a E1.21bn loss in the corresponding 2001 period, when the WTC loss hit the global market. The company said also that it was "on the right path" in its reinsurance operation and was hardening its stance further in the current renewals.