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Munich Reinsurance Co. Canada has appointed a new chief financial officer to lead its North American life business.
Simon Curtis, the former chief actuary for Manulife Financial Corp. and a partner at Deloitte & Touche LLP, will be taking over as CFO in September.
He will replace long-time CFO Doug Tozer, who is staying on with the executive team until his retirement in the spring.
Mr. Curtis is joining the company at a time when many pension plans and life insurance companies are working to readjust their business models to an aging and longer lived population.
Reinsurance is essentially insurance that direct insurance companies take out to mitigate losses from claims.
It's certainly not as dramatic as the property and casualty insurance side of the business, which took a hit this summer with the flooding in Alberta and Toronto. The life and health side of Munich's business operates as a separate division and is insulated from the turmoil, he said.
"When you're working in a role in a direct insurance company there's a lot of elements that are more complex, such as investment risk," said Mr. Curtis.
In Canada, Munich Re holds life and health premium volumes of $10-billion, and assets of $6-billion.