Company news round-up

• Munich Re turns away business at July renewals • Scor regains coveted A rating • Axa buys Portuguese insurer

Company news round-up

Munich Re saw a 7.8% reduction in the approximately €1bn (US$1.2bn) of reinsurance business in the US, Latin America and Australia that was up for renewal on 1 July. Munich Re said that it insisted on risk-adequate prices and noted that market conditions were generally stable, but that the US market has shown signs of increased competition.