Munich Re resolves share buy-back
In the period commencing after the 2020 Annual General Meeting and extending up to the 2021 Annual General Meeting, Munich Re intends to buy back shares for a maximum purchase price of €1bn
On the basis of the authorisation granted by the Annual General Meeting on 25 April 2018, or a future authorisation, the Board of Management of Munich Reinsurance Company, with the approval of the Supervisory Board acting through its Standing Committee, has resolved to buy back shares for a maximum total purchase price of €1bn (excluding incidental expenses) in the period between 30 April 2020 and, at the latest, the Annual General Meeting on 28 April 2021. On the basis of the current share price (as at 25 February 2020), this would amount to around 2.7% of the share capital and would correspond to around 3.9 million shares.
The own shares acquired under the 2019/2020 share buy-back programme in the period from 2 May 2019 to no later than the Company's Annual General Meeting on 29 April 2020 are to be retired.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.