Munich Re interested in direct insurers

Munich ReJoachim Wenning, CEO of Munich Re, has affirmed the reinsurer's interest in acquiring direct insurers. The group's strategy would be focused on developing its portfolio particularly in the markets where its subsidiary Ergo is active rather than on geographical expansion.

Ergo reported a profit of 119 million EUR (131 million USD) in the third quarter of 2019, that is 53 million EUR (59 million USD) less than that reported during the same period in 2018. The German giant's subsidiary sold several European units in 2019.

Regarding the group's results, Munich Re is likely to exceed its profit forecast of 2.5 billion EUR (2.76 billion USD) for the current year. The group is targeting 2.8 billion EUR (3.09 billion USD) in 2020.

Read also | Munich Re to exceed its 2019 targets

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