Muenchener Rueckversicherungs-Gesellschaft AG — Share Issue/Capital Change 2001

Nov 14, 2001

News Details

Ad-hoc | 14 November 2001 22:29

Münchener Rückvers. english

Additional capital for the US reinsurers in the Munich Re Group Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– After the catastrophe of 11th September and in the midst of a market turnaround: additional capital for the US reinsurers in the Munich Re Group in order to exploit business opportunities American Re Corp., Princeton, a Munich Re subsidiary and holding corporation for a range of companies with annual premium income totalling over US$ 3.2bn (2000), reports a loss of US$ 506.5m (US GAAP basis) in the figures published today in its report for the 3rd quarter 2001. This was expected and inevitable in view of the events of 11th September 2001. On an after-tax basis, more than half the loss is attributable to claims costs from the terrorist attacks; a substantial amount has also been used to strengthen underwriting reserves in several sectors. In order to take advantage of the major turn of the market in the US and to exploit the related business opportunities for American Re-Insurance on the basis of its top ratings, the holding company American Re Corp. is to get a capital injection of over US$ 1bn from Munich Re. At the same time the significantly smaller Munich American Reassurance Co., Atlanta, which operates in the more stable sector of life reinsurance, will be given a capital increase of US$ 80m. Munich, 14th November 2001 Münchener Rückversicherungs-Gesellschaft Board of Management end of ad-hoc-announcement (c)DGAP 14.11.2001 ——————————————————————————– WKN: 843002; Index: DAX, EURO STOXX 50 Listed: Amtlicher Handel in Frankfurt und München; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, Stuttgart; EUREX 142229 Nov 01