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German-based reinsurer Munich Re took a first step in its previously disclosed mission to grow in the U.S. property-casualty market when it announced its intention to acquire The Midland Company for $1.3 billion last week.

Peter R?der, management board member for Munich Re who will be responsible for overseeing the U.S. market, said, “We intend to grow profitably in the world’s most important insurance market.”

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