European reinsurers rise as hurricane losses appear less than feared
** Shares in European reinsurers rise as insured losses from hurricanes Helene and Milton in the U.S. may not be as high as originally feared
** "The latest update signals a more southernly direction, and our best guess for insured losses is now around the $50bn mark," Citi says in a note
** "We moved away from the most catastrophic scenarios. The cost, though still important, should be less high than what was feared a few days ago," says Benoit Valleaux, analyst at ODDO BHF on hurricane Milton
** Citi adds that as things stand, it expects losses to absorb Q4 loss budgets for the European reinsurers
** Shares of Germany's Munich Re MUVGn.DE rise around 4%, hitting a new record high of 501 euros, and making it the best performer of German blue-chip index DAX .GDAXI
** Hannover Re HNRGn.DE, Swiss Re SRENH.S are both up around 3%, France's Scor SCOR.PA rises 4.5%
Reporting by Chiara Holzhaeuser and Alban Kacher
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