Munich Re's Profits Swept Away by Storms

The recent spate of deadly hurricanes in the United States will make it harder for Munich Re, the world's largest reinsurance company, to reach its profit targets for this year, a company spokesman said on Friday. The hurricanes could cost Munich Re around €500 million ($614 million). "It will now be a lot more difficult to reach our profit target of €2 billion," the spokesman said. Nevertheless, the group was still expecting to be able to attain that goal, he insisted.