Munich Re rules out significant acquisitions in the reinsurance sector |
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Published
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Thu, 31 May 2007 08:15
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FRANKFURT (Thomson Financial) - Muenchener Rueckversicherungs AG is not planning to make any significant acquisitions in the reinsurance sector, management board member Torsten Jeworrek told daily Handelsblatt.'It is very hard for us to imagine large takeovers in reinsurance,' he said.As Munich Re already provides cover for many major clients, the overlap would be too big, he said.In the case of Munich Re acquiring another large reinsurer, clients would cancel some contracts to avoid the risk of getting all their cover from one company, he added.'We have looked into it but it just does not make any sense,' Jeworrek said.Munich Re recently launched its 'Changing Gear' growth programme to increase efficiency and develop new business fields in its reinsurance operations.By 2010, Munich Re is planning to derive 250 mln eur in additional profit through the programme.judith.csaba@thomson.comjcs/jsaCOPYRIGHTCopyright 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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Munich Re denies plans to cut 5-10 pct of reinsurance ops jobs 