Advertise
Resources
Member, Beacon International Group, Ltd.
(Reuters) — German reinsurer Munich Reinsurance Co. said it had agreed to buy a business that helps manage weather risks for the energy sector from reinsurer RenaissanceRe Holdings Ltd.
The world's biggest reinsurer would pay a mid-two-digit million dollar amount for the business, a Munich Re spokesman said Tuesday.
The business, known as Real, has clients that are mainly U.S. energy companies seeking cover against swings in their income due to adverse weather conditions.
The acquisition will allow Munich Re to improve its ability to insure investors in renewable energies against the lack of wind or sunshine, Munich Re said.