Munich Re announces new CEO

Munich Re has announced Andrew Rear as its new chief executive responsible for UK, Irish, African and Australian life reinsurance markets.

Rear will also become chairman of Ellipse, Munich Re's group risk operation and underwriting software supplier Allfinanz .

The incumbent, Jonathan Ludbrook, is to retire after almost 29 years with the reinsurer.

Rear currently leads the EMEA insurance practice at consultants Oliver Wyman, and is a UK actuary. He begins his new role at Munich Re in November 2010 and, after a handover, will assume overall responsibility towards the end of the year.

Munich Re board member Dr Joachim Wenning says: "Andrew brings with him a wealth of experience in areas such as pricing, risk management, product development and strategy.Jonathan Ludbrook is a very hard act to follow.

"Andrew is a fantastic successor and has ambitious plans for the life reinsurance markets he will oversee."