Utilize the input text as a context reference, choose the right relationship between Munich Re and reinsurance from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Munich Re said that while the pressure on reinsurance prices had lessened, it had not ended.
product_or_material_produced