Munich Re said today that its continued sale of stakes to reduce the concentration of risk in German financial services has offset the damage inflicted on claims by this year's hurricanes.

The German insurer has gained €1.15bn ($1.36bn) by exchanging its stake in German bank HVB into UniCredit shares and €563m cutting its stake in Allianz by almost 3% to just under 5%.

Munich Re's share sales offset hurricane damage

Renée Schultes

Munich Re

Commerzbank

UniCredit

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