Munich Re News
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Munich Re, the biggest re-insurer, is buying three wind farms in Sweden with a combined capacity of 30 megawatts as it earmarks 2.5 billion euros ($3.2 billion) to invest in renewable-energy assets.
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Munich Re, the world’s biggest reinsurer, said it expects global primary insurance premiums to rise 3 percent this year and 3.5 percent in 2014, driven by higher life sales.
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German stocks advanced, as the benchmark DAX Index extended its record high and headed for its third weekly gain, after a report showed exports from the country increased in March.
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Munich Re, the world’s biggest reinsurer, said first-quarter profit jumped 25 percent, beating estimates, after reinsurance revenue rose and it reported no major losses from natural catastrophes.
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The decision by Deutsche Lufthansa AG’s supervisory board to back Wolfgang Mayrhuber’s aspirations to become chairman against investor opposition shows the hurdles in dismantling the chief executive-to-chairman German model.
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Deutsche Lufthansa AG was forced into an ad-hoc search for a new candidate to head its supervisory board after former Chief Executive Officer Wolfgang Mayrhuber surprisingly pulled out one day before he was due to be elected.
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Munich Re, the world’s biggest reinsurer, said profit in the first quarter was “close to 1 billion euros” ($1.3 billion) after a slight increase in prices and no major natural catastrophes.
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German stocks rose to their highest in more than two weeks as Italy formed a new government and investor optimism grew that central banks will maintain economic stimulus measures at meetings this week.
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Swiss Re Ltd., the world’s second- biggest reinsurer, posted a 21 percent increase in first-quarter profit as higher premiums and lower-than-expected catastrophe claims boosted property and casualty earnings.
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German stocks advanced for a second day as falling yields on European government bonds offset data showing the manufacturing and service industries in Europe’s largest economy unexpectedly dropped in April.
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