Cats hit Munich’s 3Q reinsurance results
Munich re has unveiled third-quarter 2007 results showing it wrote €5,476m for a combined ratio of 97.1% against premiums of €5,504m and a combined ratio of 92% in same period a year earlier.
Analysts at Keefe Bruyette and Woods (KBW) saw the 97.1% combined ratio well above their estimate of 94.3%, noting that natural catastrophes contributed 5.6 percentage points to produce a combined
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