Munich Re issues Q1 warning

Munich Re CEO Nikolaus von Bomhard has warned attendees at the
reinsurer's annual general meeting (AGM) today (27 April) that
first quarter profits would be "well below" its
expectations.
The carrier benefited from low major losses in the period, but
von Bomhard explained that volatile capital markets had caused
equities in particular to lose value. "We will be posting
writedowns," he added.
Keefe Bruyette & Woods (KBW) analyst William Hawkins said he
thought the carrier's first quarter prof