ProgramBusiness
 
  


Loading LiveCycle Banners.
  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

Munich Re Expects First-Quarter Losses As a Result of Japan Quake, Tsunami

Source: AP

Back | A- | A+
 Email This     Print     Subscribe


Posted on 21 Apr 2011

Reinsurer Munich Re has warned investors that it will see a first-quarter loss due to the earthquake and tsunami in Japan. Additionally, claims from an earthquake in New Zealand and a cyclone in Australia will also contribute to the loss.

CEO Nikolaus von Bomhard said Wednesday that the combined disaster losses were euro2.7 billion ($3.9 billion) for the quarter, or 10 times what the company pays out in an average quarter.

He says Munich Re "will show a loss for the group in the first quarter of 2011," but should make a profit for the full year.

The company, based in Munich, announces its earnings May 9.

 


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000