Munich Re Slashes Stock Holdings Amid Debt Crisis, FAZ Reports

Munich Re has almost halved its holdings in stocks in recent weeks because of the debt crisis, Frankfurter Allgemeine Zeitung reported, citing an interview with Chief Financial Officer Joerg Schneider.

The reinsurer reduced equities to 2 percent of its portfolio from 3.5 percent at the end of June, or to about 4 billion euros ($5.7 billion) from 6 billion euros. Munich Re has no plan to sell U.S. bonds, even after the country’s credit rating downgrade, Schneider told the newspaper. Munich Re has increased its bond holdings in Scandinavia and in emerging markets, he was quoted as saying.

To contact the reporter on this story: Julie Cruz in Frankfurt at

To contact the editor responsible for this story: Andrew Rummer at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.