Key Developments: Muenchener Rueckversicherungs Gesellschaft AG in Muenchen (MUVGn.DE)
148.10EUR
11:35am EDT
€-1.10 (-0.74%)
€149.00
€149.90
€149.90
€147.05
399,427
769,236
€158.65
€95.85
Latest Key Developments (Source: Significant Developments)
Assicurazioni Generali SpA Picks Two Bidders Including Scor SE For US Life Unit; Munich Re Group AG, Swiss Re AG, And Others Also Interested To Buy Generali US-Reuters
Reuters reported that Assicurazioni Generali SpA has moved closer to selling its U.S. life reinsurance unit as it shortlisted two among a large number of bidders. The selected bidders are Scor SE and a U.S. rival. Financial Italian daily Sole 24 Ore earlier reported that Scor and a U.S. player were in pole position to acquire Generali US. Munich Re Group AG, Zurich Insurance, Swiss Re AG, Hannover Rueckversicherung AG, Reinsurance Group Of America Inc and a bunch of Bermuda-incorporated reinsurers such as Everest Re were also interested to buy Generali US. Generali's new Chief executive Mario Greco aims to raise EUR4 billion from non-core asset sales to shore up capital and restore value after long-standing CEO Giovanni Perissinotti was ousted by disappointed investors led by Mediobanca. The insurer is hoping to secure $800 million to $1 billion for Generali US and about EUR2 billion ($2.60 billion) for its private bank BSI, which it is also selling. Full Article
Munich Re Group AG Issues FY 2013 Net Profit Guidance In Line With Analysts' Estimates; Comments On FY 2014 Net Profit Guidance-Reuters
Reuters reported that Munich Re Group AG is targeting net profit of close to EUR3 billion ($3.9 billion) in fiscal 2013. The Company expected a further rise in net profit in fiscal 2014. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report net profit of EUR3 billion for fiscal 2013; net profit of EUR3 billion for fiscal 2014. Full Article
Iberdrola SA To Sell French Wind Parks To Consortium of General Electric Co, Munich Re Group AG and Electricite de France SA -Reuters
Reuters reported that Iberdrola SA is selling its French wind park unit to a consortium including General Electric Co for about EUR400 million ($529 million) in its drive to cut debt and keep an investment grade credit rating. Once the deal is completed, General Electric will own 40% of the unit and MEAG, the asset manager of German insurer Munich Re Group AG another 40% . EDF Energies Nouvelles, the renewable unit of Electricite de France SA will own the remaining 20%. The total installed capacity of the French onshore wind farms is 321.4 megawatts. Iberdrola said the deal involved an initial payment of EUR350 million and an additional payment of EUR50 million. Full Article
Munich Re sees no need to bolster capital in life units
FRANKFURT, May 7 - Munich Re does not expect persistent low interest rates to eventually force it to shore up capital in its life insurance business, Munich Re's chief financial officer said.
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