Wenning will replace Nikolaus von Bomhard, who will step down on 26 April

Dr Nikolaus von Bomhard

Munich Re has appointed Joachim Wenning as its new chief executive, replacing Nikolaus von Bomhard (pictured).

Von Bomhard has run the reinsurer since 2000, but will be stepping down on 26 April this year.

Wenning, currently head of the reinsurer’s international life reinsurance business, joined Munich Re in 1991 as a treaty specialist with technical responsibility for life reinsurance clients in Germany. In 2005 he was appointed CEO of subsidiary New Re in Geneva.

The company also announced it is targeting a profit of between €2.3bn and €2.8bn for 2016. This is lower than the €3.1bn profit the global reinsurer made in 2015, which it described as a “pleasing result”.

Von Bomhard said: “On account of continuing low interest rates and intensive competition in reinsurance, this is an ambitious target – especially because we cannot expect to see a repeat of the below-average expenditure for natural catastrophe claims that we had in 2015.”

Munich Re also announced that is to buy back €1bn of its own shares by next year’s AGM on 26 April 2017. Based on the current share price, this equates to 5.4 million shares, or 3.2% of the reinsurer’s share capital.

The company has an existing share buy-back programme, which will run up until the 2016 AGM on 27 April. The reinsurer has bought back 5.2 million shares worth around €890m under this programme.