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Cats Responsible For Munich Re 1Q Net Loss Of Over $1B

Natural catastrophes took a toll on Munich Re’s first-quarter earnings as the company reports a net loss of $1.36 billion, compared to net income of $695 million for the same period last year.

By Mark E. Ruquet | Updated on May 09, 2011
FILE - In this March 14, 2006 file photo the sculpture "Man Walking" by U.S. artist Jonathan Borofsky stands in front of the headquarters of Munich Re AG, the world's largest reinsurer by gross premiums, in Munich, southern Germany. Munich Re said it lost nearly $1.45 billion in the first quarter after natural disasters in Japan, New Zealand and Australia took their toll. (AP Photo/Diether Endlicher, file)

NU Online News Service, May 9, 2:55 p.m. EDT

Natural catastrophes took a toll on Munich Re’s first-quarter earnings as the company reports a net loss of €948 million (U.S. $1.36 billion at current exchange rate) compared to net income of €485 million ($695 million) for the same period last year.

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