FRANKFURT (Bloomberg) — Allianz SE, Europe's biggest insurer, lowered its stake to below five percent in Munich Re, the world's second-biggest reinsurer.Munich-based Allianz informed Munich Re that its holding fell below the threshold on March 9, and now amounts to 4.9 percent, the reinsurer said in a statement last week.

Stakeholders of German companies are obliged to declare share purchases or sales that bring their investment above or below certain thresholds.