Hans-Jurgen Schinzler, the Chairman of Munich Re, is calling it quits. He will be replaced by Nicholas von Bomhard, who manages the giant reinsurer’s operations in Europe and Latin America.

Mr Schinzler’s decision to quit at the end of the year after 11 years in the top job had been expected, although European media reports suggest that Munich Re’s tempestuous year of falling profits finally tipped his hand.

The 62-year-old, who has a huge reputation for the way he has steered the business to become the undisputed No 1 global reinsurer, has been with the company for 35 years. 

In the past year the group has lost its AAA rating from Standard & Poor’s (it’s now AA-) and was forced to inject about $3.6 billion into its US operations for asbestos claims reserves. It also had to raise $5.6 billion to shore up its capital base.