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Munich Re open to purchases, but prices too high - CFO in paper

The company logo of German reinsurer Munich Re is seen before the company's annual news conference in Munich, Germany, March 16, 2016. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - German reinsurer Munich Re MUVGn.DE is open to larger acquisitions, but the price of possible targets is currently too high, finance chief Joerg Schneider told Handelsblatt daily.

“Possible targets are so far simply too expensive - and I am afraid that won’t change anytime soon,” the paper quoted him as saying in an interview published on Thursday.

If the company were to make an acquisition, it would likely not be in traditional reinsurance as Munich Re’s customers preferred diversifying their exposure rather than insuring their risks with just one big company, he said.

“Primary insurers with a specialisation that complements our know-how and for whom we offer a bigger platform would be ideal takeover targets,” Schneider was quoted as saying.

Reporting by Maria Sheahan; Editing by Gopakumar Warrier

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