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Munich Re To Post First Loss in 93 Years

Munich Re, the world’s largest reinsurer, said Tuesday it is expecting its first loss in nearly 100 years despite a €152 million ($179 million) profit during the third quarter. The company has been saddled with enormous tax bills that have led to a €452 million loss during the first nine months of the year. The last time the company posted an annual loss was in 1906, when it was hit by huge losses relating to the great San Francisco earthquake. Total Munich Re revenues for the year are expected to stagnate at €40 billion.