Munich Re in 1bn share buyback
Munich Re, the world’s largest insurance company, yesterday said it would resume its suspended share buyback programme and aims to buy up to €1bn (£913,000) worth of its stock by April 2010. On the basis of the current share price, this would amount to 9.2m shares or 4.7 per cent of its share capital, it said in a statement. “Our capitalisation is such that it enables us to continue taking selective advantage of opportunities for profitable growth despite the share buy-back,” chief executive Nikolaus von Bomhard said.