Munich Re Names New Senior Vice President, Innovation, and New Senior Vice President, Reinsurance
Mary Forrest, President and CEO of Munich Re, Canada (Life), has announced changes within her executive team in support of the company’s focus on the future of the insurance industry. “These are exciting changes that position us to not only partner with our clients in their existing business, but also in the development of innovative solutions for the road ahead,” said Ms. Forrest.
Richard Letarte has been appointed Senior Vice President, Innovation, for the Canadian Life business. In this role, Mr. Letarte will be responsible for the development of new products and services to expand the company’s scope of value-added solutions. “Richard’s connection with the industry makes him the obvious choice to lead the development of innovative solutions beyond traditional reinsurance. This streamlined focus allows him to work closely with our clients to ensure they are positioned for success in this ever-changing market,” said Ms. Forrest.
Bernard Naumann has been appointed Senior Vice President, Reinsurance. In this role, Mr. Naumann will be responsible for all Group and Individual reinsurance business in Canada and the Caribbean. “Bernard is an expert in the reinsurance business, having been responsible for our Individual business for many years. The importance we place on our existing business has never wavered, and bringing the Individual and Group business together under Bernard’s leadership will undoubtedly serve our clients well,” adds Forrest.
Munich Re (Life) is a market leader in Canada in Life and Health reinsurance with premium volumes of CDN $9.2 billion, and assets of $5.8 billion. It operates from offices in Toronto and Montreal.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn.
It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.