Bloomberg) -- Munich Re, the world’s second-biggest reinsurer, namedJoachim Wenning to succeed Chief Executive Officer Nikolausvon Bomhard as the industry struggles to maintain earnings amid lowinterest 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 themanagement board the day before. Wenning is currently a boardmember with responsibility for life reinsurance and humanresources.

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

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