Munich Re expects profit to decline this year as falling prices for its products and low interest rates weigh on investment earnings.

Wenning, 51, is currently a board member with responsibility for life reinsurance and human resources.

Hannover Re, the worlds fourth-largest reinsurer, may increase the proportion of profit distributed to shareholders after full-year earnings increased by 17%.

Allianz paid 738 million euros for natural catastrophe losses last year, compared to a year-earlier bill of 400 million euros.

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz.

Munich Re, the worlds second-largest reinsurer, rose the most since November 2011 after announcing a dividend that beat expectations.

Zurich will cut costs by more than planned as it seeks to reverse a drop in earnings.

Zurich Insurance Group said first-quarter profit fell 4% on lower earnings from general insurance and higher tax payments.