Munich Re says capital base remains strong despite big hit from hurricanes
Munich Re has quashed talk of cutting the dividend amid a €1.4 billionn loss and profit warning.
The reinsurance giant has been hit by Hurricanes Harvey, Irma and Maria leading to the €1.4 billion third quarter loss.
“From today’s perspective and depending on the further course of the year, a dividend cut is not to be expected,” a spokesman said according to Reuters.
Munich Re now expects only a ‘small profit’ for 2017.
Jörg Schneider, chief financial officer of Munich Re: “High losses from severe natural catastrophes are part and parcel of our business; that is why we are here. Our capital base remains very strong.”