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Bloomberg) — Munich Re, the world’s second-biggest reinsurer, named Joachim Wenning to succeed Chief Executive Officer Nikolaus von Bomhard as the industry struggles to maintain earnings amid low interest rates and falling prices.

Wenning, 51, will take over the top post on April 27 next year, the Munich-based company said in a statement Tuesday. Von Bomhard, who turns 60 in July, will step down as CEO and a member of the management board the day before. Wenning is currently a board member with responsibility for life reinsurance and human resources.

Wenning will assume leadership after prices for reinsurance declined in eight of the past 10 years, according to the Guy Carpenter World Property Catastrophe Rate on Line Index. While losses from natural catastrophes were the lowest since 2009 last year, earnings are being squeezed by record-low interest rates as well as declining reserve releases from potential claims payments set aside in the past.

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