Munich Re Sells Insurance Unit

Munich Re, the world's biggest reinsurer, said Monday it was selling its insurance unit Karlsruher Versicherung. Munich Re would pocket around 130 million euros ($157 million) from the transaction before tax, a company spokeswoman said. Munich Re held just over 90 percent of Karlsruher Versicherung, but had agreed to sell the stake to financial services group Württembergische Leben, it said in a statement. Karlsruher Versicherung booked premium income of 1.3 billion euros in 2004.