European reinsurers in total have billions of dollars invested in the troubled Fannie Mae and Freddie Mac mortgage finance companies, according to a study by Highline Data.

Highline–a unit of Summit Business Media, the parent of National Underwriter–reported that Munich American Holding Group, as of the first quarter, had combined Fannie Mae and Freddie Mac investments of some $4.9 billion, according to filings with the National Association of Insurance Commissioners by Munich America entities.

Highline also noted that PartnerRe Group, with European headquarters in Dublin, has Fannie/Freddie investments of $911 million.

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