Hannover Re said it sold its entire stock portfolio, worth about $1.1 billion, to help pay for claims from hurricanes and earthquakes. (Photo: Bloomberg)

(Bloomberg) – For Hannover Re, the world’s third-biggest reinsurer, it’s time to take profits in the stock market.

The German company said on Wednesday that it sold its entire stock portfolio, worth about 953 million euros ($1.1 billion), to help pay for claims from hurricanes and earthquakes.

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