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CEO of Munich Re, Nikolaus von Bomhard, attends a press conference in Munich, southern Germany, Tuesday, March 12, 2013. (AP Photo/Matthias Schrader)

(Bloomberg) – Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany.

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