Munich RE CEO mulls niche insurance buys, no big tie-ups |
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Sun, 08 Jul 2007 20:22
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FRANKFURT (Thomson Financial) - Muenchener Rueckversicherungs AG may purchase specialized niche insurance companies to bolster its primary insurance business, but will be very selective due to the current high prices, chief executive Nikolaus von Bomhard told WirtschaftsWoche.Von Bomhard told the magazine that his company wants to be active in niches where the 'insurer needs to have very specialized knowledge.'He said professional indemnity insurance or IT policies, which protect customers from the effects of computer virus attacks, are two of the fields the insurer is examining.Bomhard also told the magazine that he does not see Munich Re tying up with another reinsurer in the near future.He denied speculation that Munich Re might be eyeing a tie-up with Chinese reinsurer Chinese Re.Additional size would only bring limited value, he said.'That is also a reason, why we think that Munich Re will only in a very limited scope, play a role in the consolidation of the reinsurance market.'Tyler.Sitte@thomson.comts/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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STOCKWATCH Munich Re up on report it may pay shareholders more than 8 bln eur 