Munich Re, Hannover Re each report big losses from LA wildfires - MarketWatch
1. Munich Re's Q1 profit fell 48% to €1.09 billion. 2. Claims from LA wildfires reached around €800 million for Munich Re. 3. Hannover Re reported a 14% drop in profit, totaling €480 million. 4. Total wildfires claims estimated at €1.1 billion by Munich Re. 5. Both reinsurers reiterated financial guidance despite losses.