NU Online News Service, March 22, 3:12 p.m. EDT
Due to the earthquake and tsunami in Japan, Munich Re says it will not reach its profit target for 2011 after reporting an expected loss of more $2 billion from the event.
The Munich, Germany-based company says its estimated loss of around €1.5 billion (U.S. $2.1 billion at the current exchange rate) is after retrocession and before tax.
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