Reinsurer Munich Re took slight third quarter losses on bets on the U.S. subprime mortgage market while lowering its exposure to the sector during the period. The company’s loss of approximately €115 million ($166.46 million) on U.S. subprime in the latest quarter brought the company’s subprime related losses to €150 million ($217.12 million) for the year so far. “The burdens are thus within the range of the expectations announced after the second quarter,” the company said in a press statement. Munich Re has under €400 million ($579.04 million) of subprime exposure remaining, or approximately 0.2% of its overall investment portfolio.
Munich Re Takes Slight Q3 Subprime Loss