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Member, Beacon International Group, Ltd.
MUNICH, Germany--Munich Re Group's sale of shareholdings in several companies, including Allianz A.G. Holding, sent Munich Re's first-quarter 2002 profits soaring to 4.5 billion euros ($4.14 billion) compared to 225 million euros ($207.3 million) in the first three months of 2001.
Even without the one-time 3.8 billion euro ($3.50 billion) gain from the sale of the shares, Munich Re's underlying profits rose to 700 million euros ($644.8 million).
Munich Re said that gross premium income for the first quarter of 2002 was 10.7 billion euros ($9.86 billion), a 20.2% increase over the same period in 2001.
Separately, Munich Re announced it is merging its alternative risk transfer units to form a new unit--Munich-American Capital Markets. The ART units of Munich Re and Princeton, N.J.-based American Reinsurance Corp. will merge into MACM, which will be based in New York. Kenneth Bock will be managing director of the unit, and Munich Re board member Clement Booth will be chairman.