Reinsurer Munich Re eyes stable book in January renewal
FRANKFURT, Sept 8
FRANKFURT, Sept 8 (Reuters) - Munich Re said it expected its portfolio of reinsurance risks would remain largely stable when it renews contracts with insurance clients for Jan. 1, 2014.
The world's biggest reinsurer said it was seeing increasing price competition from investors such as pension funds, which are buying into the securitisation of insurance risks such as hurricane damage in the United States.
"The prices for reinsurance protection in these segments were already under pressure in the 2013 renewal seasons, albeit less than originally anticipated," Munich Re said in a statement on Sunday.
"Munich Re's portfolio is only moderately affected by this," it added. (Reporting by Jonathan Gould; Editing by Christoph Steitz)