By Pietro Lombardi
Munich Re AG expects claims losses in the "mid triple-digit million euro range" stemming from the extreme cold snap that hit Texas last month.
"As there is still a very high degree of uncertainty at this stage, precise claims forecasts are not yet possible," the German reinsurance giant said in its annual report on Wednesday.
"In consideration of the great uncertainty, Munich Re currently expects claims expenditure in the mid triple-digit million euro range."
For this year, the company is targeting profits of roughly 2.8 billion euros ($3.33 billion) and gross premiums written of EUR55 billion.
Write to Pietro Lombardi at firstname.lastname@example.org; @pietrolombard10
(END) Dow Jones Newswires
March 17, 2021 12:47 ET (16:47 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.