In the United States, the German reinsurance firm MUNICH RE has bought CAN RE ($198 million turnover in 1999), the life-reinsurance business of the group CAN FINANCIAL CORPORATION, for an undisclosed amount. The operation, through its American subsidiary MARC - MUNICH AMERICAN REASSURANCE COMPANY ($302 million turnover in 1999), will make of MUNICH RE the United States' number five life-reinsurance company, with a market share of close to 10%.