Munich Re’s profits soar 166% despite heavy losses

Germany-based Munich Reinsurance Co.’s profits increased by more than 166% year-on-year to €589 million ($708.3 million) despite heavy losses especially from the U.S. winter storms, Artemis reported. The reinsurer reported €646 million in natural catastrophe losses, including €450 million in losses from the Texas deep freeze and U.S. winter storm Uri. Munich Re’s COVID-19 pandemic-related losses reached €167 million, most of which were accounted by its reinsurance segment.

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