Nov. 16 (Bloomberg) -- Germany's benchmark stock index slipped, paced by insurers. Munich Re fell after it said one of its units got subpoenas from regulators in connection with an industry bid-rigging probe in the U.S.

Fresenius Medical Care AG, the world's biggest provider of kidney dialysis, advanced after it was upgraded by Landesbank Rheinland Pfalz.

The DAX Index shed 3.69, or 0.1 percent, to 4130.65 as of 12:36 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies fell 0.1 percent to 2109.06.

Munich Re shares fell 1.02 euros, or 1.2 percent, to 81.44 euros. Munich America Risk Partners, a unit of American Re which is owned by Munich Re, received the two subpoenas, Munich Re spokeswoman Regine Kaiser said today in a telephone interview. She declined to say when the company received them.

New York Attorney General Eliot Spitzer on Oct. 14 named Munich Re as one of the companies that colluded with Marsh & McLennan Cos. in a bid-rigging lawsuit.

Allianz, Europe's biggest insurer, fell after it was downgraded by Credit Suisse First Boston.

Insurance stocks were the worst performers among the 18 industry groups on Germany's Prime All Share Performance Index, which tracks 377 companies listed on Deutsche Boerse AG's main Prime Standard market. The sub-index fell 1.2 percent, outpacing the 0.2 percent decline on the broader measure.

The following stocks are making gains or losses today. Stock symbols are in parentheses after the company names.

AMB Generali Holding AG (AMB2 GY), Germany's No. 3 insurance company and a unit of Italy's Assicurazioni Generali SpA, fell 64 cents, or 1.1 percent, to 57.18 euros. The company was cut to ``neutral'' from ``outperform'' by WestLB Equity Markets.

Allianz AG (ALV GY), Europe's largest insurer, dropped 1.09 euros, or 1.2 percent, to 91.61 euros. The company was cut to ``neutral'' from ``outperform'' by analyst Robin Mitra at Credit Suisse First Boston.

Fresenius Medical Care AG (FME GY), the world's biggest provider of kidney dialysis, rose 42 cents, or 0.7 percent, to 61.93 euros. Alexander Groschke, an analyst at Landesbank Rheinland Pfalz, raised his recommendation on the shares to ``outperform'' from ``market perform.'' His share-price target is 75 euros.

KarstadtQuelle AG (KAR GY), Germany's largest department- store operator, fell 24 cents, or 2.3 percent, to 10.13 euros. Goldman, Sachs & Co. cut its recommendation on the stock, saying planned asset sales are less likely to take place this year.

K+S AG (SDF GY), the world's No. 3 maker of potash used in fertilizers, added 41 cents, or 1.2 percent, to 34.86 euros, extending yesterday's 3.1 percent gain. Andreas Heine, an analyst at HypoVereinsbank, raised the shares to ``buy'' from ``outperform''.

Volkswagen AG (VOW GY), Europe's largest automaker, fell 16 cents, or 0.5 percent, to 35.19 euros. The European Automobile Manufacturers Association said Western European car sales slipped 3.5 percent last month, as slowing growth and rising unemployment discouraged consumers from making large purchases.

To contact the reporter on this story: Christopher Fournier in Frankfurt at Cfournier3@bloomberg.net

Last Updated: November 16, 2004 06:56 EST