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MarketScreener Homepage  >  Equities  >  Xetra  >  Muenchener Rueckversicherung AG    MUV2   DE0008430026

MUENCHENER RUECKVERSICHERUNG AG

(MUV2)
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Munich Re targets growing global energy weather hedges

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02/14/2020 | 05:48am EDT
The logo of reinsurance company Munich Re Group

ESSEN, Germany (Reuters) - Munich Re is seeing growing demand for weather exposure protection from energy companies and their customers as they roll out more renewable energy installations, which are prone to fluctuations.

Munich Re estimates the annual market at $3-4 billion in the U.S., significantly lower in Australia, more than 1 billion euros in Europe, and $200-$400 million in Latin America, said Rupert Wimmer, senior originator at its Swiss subsidiary New Re.

"The insured risk volume in the weather market for reinsurers increases by around 5% to 10% each year," he told Reuters during this week's E-World trade fair.

"The main drivers are the rise of renewable energy in the electricity generation mix, and thus the necessity to take cover against volatile production and volatile power prices," he said, adding that New Re expects new customers to come from Britain, continental Europe, Australia and Latin America.

Munich Re competes with Swiss Re, Allianz and Japan's Sompo in a market where policy prices are individualised and there is little public data.

Typical products are call or put options and weather swaps, which allow commodities sales or purchases volumes at relatively fixed margins.

Operators can use these products to limit the impact of the vagaries of wind, speeds, heat, cold, solar intensity and precipitation.

Using Europe's stormy weather as an example, Wimmer said a utility might have produced and sold a lot of power from its turbines, but its thermal plants might have suffered from low power prices resulting from oversupply, while gas sales could also be curbed by mild weather.

Customers still taking 30-40 year averages as guidance might overlook global warming data from the more recent past, he added.

Meteorological data had become more reliable and inexpensive in recent years, giving contract parties independent knowledge on which to base deals.

Wimmer said transactions sometimes needed two to four years to be set up, adding: "We'd like to do more business with Germany's local utilities."

(Editing by Alexander Smith)

By Vera Eckert

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -2.62% 153.82 Delayed Quote.-29.57%
E.ON SE -0.94% 9.166 Delayed Quote.-3.76%
ENBW ENERGIE BADEN-WÜRTTEMBERG AG 1.83% 44.6 Delayed Quote.-11.68%
MUENCHENER RUECKVERSICHERUNG AG -2.30% 182.5 Delayed Quote.-30.61%
RWE AG -3.51% 23.12 Delayed Quote.-15.47%
SOMPO HOLDINGS, INC. 5.99% 3024 End-of-day quote.5.37%
SWISS RE -1.01% 70.68 Delayed Quote.-34.31%
UNIPER SE -4.64% 23.43 Delayed Quote.-20.60%
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Financials (EUR)
Sales 2020 52 516 M
EBIT 2020 4 202 M
Net income 2020 2 806 M
Debt 2020 297 M
Yield 2020 5,59%
P/E ratio 2020 9,13x
P/E ratio 2021 8,65x
EV / Sales2020 0,49x
EV / Sales2021 0,48x
Capitalization 25 568 M
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Technical analysis trends MUENCHENER RUECKVERSICHERU
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Mean consensus HOLD
Number of Analysts 25
Average target price 243,69  €
Last Close Price 182,50  €
Spread / Highest target 80,3%
Spread / Average Target 33,5%
Spread / Lowest Target -0,27%
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Managers
NameTitle
Joachim Wenning Chief Executive Officer
Nikolaus von Bomhard Chairman-Supervisory Board
Christoph Jurecka Chief Financial Officer
Frank Fassin Independent Member-Supervisory Board
Benita Ferrero-Waldner Independent Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
MUENCHENER RUECKVERSICHERUNG AG-30.61%28 349
HANNOVER RÜCKVERSICHERUNG-24.55%17 383
EVEREST RE GROUP, LTD-31.62%7 726
RENAISSANCERE HOLDINGS LTD.-24.02%6 587
IRB - BRASIL RESSEGUROS S.A.-74.51%1 896
WATFORD HOLDINGS LTD.-38.55%308