The FINANCIAL — According to Dow Jones, Munich Re AG's (MUV2.XE) efficiency-enhancing initiatives aimed to boost earnings around EUR250 million by 2010 are on track, management board member Torsten Jeworrek said on September 7.
The initiatives dubbed Changing Gear, which Munich Re launched last year, are "in good shape," Jeworrek said.
According to Dow Jones, Jeworrek was speaking at a press briefing on the sidelines of the annual gathering of reinsurers and primary insurers in Monte Carlo this week.
He said the planned merger of insurance brokers Benfield Group Ltd. (BFD.LN) and Aon Corp. (AOC) was "neutral" for Munich Re's business.
Jeworrek reiterated that Munich Re continues to look for possible smaller acquisitions in niche and specialty insurance and in the managing-general-agent segment.
