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Munich Re, the worlds second-largest reinsurer, rose the most since November 2011 after announcing a dividend that beat expectations.

Costs from natural catastrophes fell last year to the lowest level since 2009.

Warren Buffetts Berkshire Hathaway Inc. further reduced its stake in Munich Re as the billionaire investor re-evaluates the attractiveness of the reinsurance market.

Munich Re and Marsh & McLennan Cos. introduced a product to insure U.S. pharmaceutical companies against regulatory actions that could cause them to suspend manufacturing.

Munich Re, the worlds biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose.

Munich Re took an $800 million loss on derivatives contracts in the first quarter, caught off guard by a rally in stock markets.

Munich Re will continue buying back shares as declining prices and lower investment income undermine earnings.

Munich Re plans to raise its dividend even after fourth-quarter profit declined 42% on investments and goodwill impairments.