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Munich Re says hurricanes could mean it misses profit target
September 13, 2017 / 7:26 PM / in 2 months

Munich Re says hurricanes could mean it misses profit target

BERLIN, Sept 13 (Reuters) - German reinsurer Munich Re said losses from hurricanes Harvey and Irma could result in it missing its profit target of between 2 billion and 2.4 billion euros ($2.4 bln-$2.9 bln) this year.

“These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment,” it said in a statement late on Wednesday.

The company said it would probably report a third-quarter loss. ($1 = 0.8420 euros) (Reporting by Victoria Bryan; Editing by Susan Fenton)

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