BMO Wealth Management has made two leadership appointments in its insurance business.

Effective March 27, Peter McCarthy will take on the role of vice chair, insurance, while Rohit Thomas will become president of BMO Insurance.

McCarthy joined BMO as president and CEO of its insurance business in 2009, following the bank’s acquisition of AIG Life Canada. During his leadership, BMO Insurance achieved tremendous growth and progress in business partnerships and innovation, including digital and integrated service offerings.

As vice chair, insurance, he will continue to support the bank’s strategic growth plans and enhance critical partnerships.

Thomas, meanwhile, is rejoining BMO and will lead the development of products and services. His previous tenure at the company saw him at the head of its pensions business.

He is expected to build on the business’ digitization strategy, while expanding distribution, and advancing integration opportunities within the organization.

Both McCarthy and Thomas will report to Deland Kamanga, group head of BMO Wealth Management.

“We are excited to welcome Rohit back to BMO and are delighted to celebrate Peter’s next chapter with BMO Wealth Management’s leadership team,” Kamanga said. “Their deep understanding of the insurance industry and collective vision for innovation and partnerships will help drive the bank’s progress in offering comprehensive solutions for clients to help grow and protect their wealth and distinguish BMO’s position in the market.”

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