Munich Re Sells Insurance Unit
October 10, 2005Advertisement
Munich Re, the world's biggest reinsurer, said Monday it was selling its insurance unit Karlsruher Versicherung. Munich Re would pocket around 130 million euros ($157 million) from the transaction before tax, a company spokeswoman said. Munich Re held just over 90 percent of Karlsruher Versicherung, but had agreed to sell the stake to financial services group Württembergische Leben, it said in a statement. Karlsruher Versicherung booked premium income of 1.3 billion euros in 2004.