Reinsurer Munich Re AG (MUV2.XE) is "cautiously optimistic" regarding contracts that are due for renewal in July, management board member Torsten Jeworrek said Wednesday.

There are signs that Munich Re will be able to demand further rate rises from its customers, the primary insurers, in the contracts renewal round in July, Jeworrek said.

In July, reinsurance contracts in the U.S., Australia and Latin America come up for renewal. These account for about 8% of Munich Re\'s overall property-casualty premium income.