Munich Re, the world's largest reinsurer, is organising its second capital raising operation of the year with the aim of finding €4bn (£2.6bn) to boost its balance sheet and protect its credit rating.

The group's AA-minus credit rating will be reviewed by ratings agencies in October. The company is expected to reveal its plans on Thursday when its second quarter results are revealed, the Financial Times has reported.

A spokesperson for the company said: "According to our calculations, our capital position is fundamentally strong. But we are professional enough to raise fresh capital if and when we need to."

In April, the reinsurer raised €3.4bn from euro and sterling subordinated bond issues but analysts say the company may still suffer from last year's rough treatment of equity holdings in the stock market.

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