Munich Re reduces stake in Cardiff-based Admiral
01 June, 2009
Munich Re, a leading global reinsurer, has significantly reduced its equity stake in Cardiff-based insurer Admiral. The group, in an effort to reduce concentration in its investment portfolio, realised a healthy gain of E107m by selling 13 million shares, or 4.9%, of Admiral’s equity. Munich Re’s holding in Admiral dates back to 2002, when the sale totalled 15.1%.
Munich Re has partnered Admiral’s successful development since 2002 as both shareholder and reinsurer. “We expect business performance to be positive in the future. It is our intention to continue sharing in Admiral’s profitable growth,” said Georg Daschner, the board member responsible for Munich Re’s UK reinsurance business.
