FRANKFURT, June 15 (Reuters) - Munich Re is planning to divest its primary insurer Great Lakes Australia as it seeks to focus on its reinsurance business in Australia and New Zealand, the company said on Wednesday.
Great Lakes Australia currently has gross written premiums of only around 500 Australian dollars ($369) and Munich Re has come to the conclusion the insurer may thrive better under a different owner.
“To be successful in the competitive and consolidated Australian market environment, a critical size is indispensable,” Munich Re said in a statement.
$1 = 1.3556 Australian dollars Reporting by Arno Schuetze; Editing by Tina Bellon
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