Reinsurance giant suffers first loss in 97 years

Munich Re, the world’s biggest reinsurer, lost £293m (€433m) last year because of the stock market’s prolonged weakness – its first annual net loss in 97 years.

“We are drawing a line under three difficult years impacted above all by the bear market on the stock exchanges,” said Joerg Schneider, a member of Munich Re’s management board.