Munich Re CRO to depart company

MUNICH, Germany—Munich Reinsurance Co. said Wednesday its chief risk officer, Charlie Shamieh, will be leaving the company shortly for "family reasons."

He will be replaced by Joachim Oechslin, who is currently Deputy CRO of the AXA Group in Paris and was previously CRO of the Winterthur Group.

Mr. Shamieh's depature is by "amicable agreement in order to continue his career in the United States," according to a statement.

Nikolaus von Bomhard, chairman of Munich Re's Board of Management, said in a statement: "We fully understand Charlie Shamieh's decision, but regret his departure. He has done a great job, energetically advancing our Group's integrated risk management with his team. In Joachim Oechslin, we are delighted to have found a successor who will maintain the high standard already achieved in this area."