Munich Re likely to miss profit target due to losses from hurricanes

Munich Reinsurance Co. said that it is likely to miss its profit target of between $2.4 billion to $2.9 billion for this year due to losses from hurricanes Harvey and Irma, Reuters reported. "These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment," the reinsurer said. Munich Re said that it would probably report a loss for the third quarter.

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