Munich Re has announced that life reinsurance specialist Joachim Wenning will be succeeding the outgoing Nikolaus von Bomhard at the company’s helm, starting on April 27, 2017.
Von Bomhard, 59, has been CEO since 2004 and will not be renewing his contract as chief executive of the reinsurance company. He will be stepping down on at the annual shareholders’ meeting.
Wenning, 51, has been part of Munich Re since 1991 and has been part of the board for the past seven years. He is in charge of life reinsurance, which consists around 20% of the company’s €56bn in annual premiums.
On an interview published on the company’s website, Wenning was asked how he would spend the next 13 months until he becomes CEO. He said, “I will quickly assimilate myself with those areas where I need expertise, and seek to profit from the experience of Nikolaus von Bomhard. He will make decisions as CEO until April 2017. After that, I will take over. He has my full support, as I have his. That strengthens us both.”
