Am Re Profit Down Sharply, Hurt By CAT Losses
NU Online News Service, Nov. 8, 4:23 p.m. EST? American Re Corporation, a Princeton, N.J.-based unit of Munich Re, posted sharply lower third-quarter profit, which dropped to $6.8 million from $55 million reported during the year-ago quarter.[@@]
The company blamed unusually high catastrophe losses and prior-period loss developments for its lackluster results.
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