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News - Munich Re results hit by American Re drain.
(From Reinsurance)
Munich Re's results for the first half of 2005 have been hit by the continuing need to strengthen the reserves of its subsidiary, American Re.
The company posted a profit for the first half of the year of EUR870m, down on the EUR1192m it made over the same period in 2004. It said that this included the reserve strengthening of American Re, which came in at EUR388m before tax and EUR750m after tax.
American Re has been paying the price for liability business assumed by the company many years ago. As a result, Munich Re has been forced to bolster its reserves to pay for this.
Despite this, ...
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