Munich Re has named Michael Correa president and CEO of its Canada (Life) business, effective September 1, 2026, with responsibility for its life business in Canada and the Caribbean. Correa currently serves as senior vice president, reinsurance solutions, for Munich Re Canada (Life) - an internal promotion that signals continuity of leadership in a market where Munich Re holds a strong and long-established position.
Munich Re and RGA together account for roughly 90% of Canada's group life reinsurance market. Munich Re ranked second among individual life reinsurers in Canada in the Society of Actuaries' 2024 Life Reinsurance Survey, with C$61 billion in recurring new business volume, a 16% increase over 2023, trailing only RGA. Munich Re first entered the Canadian market in 1957 and serves clients across Canada and the Caribbean from offices in Toronto and Montreal.
That dominant position is the platform Correa inherits - but the competitive landscape around it is shifting. Great-West Lifeco's Canada Life Re has climbed the global reinsurer rankings through consolidation in recent years, emerging as a growing midtier competitor to the traditional big three of RGA, Munich Re and PartnerRe in the life and health space. Its ascent introduces a more credible third option for Canadian carriers in a market historically shaped by two dominant players, with implications for pricing dynamics and the competitive terms on which group and longevity solutions are structured.
The structural competitive pressure arrives alongside expanding demand. Canadian carriers are increasingly seeking reinsurance solutions tied to group coverage, longevity risk and financially motivated structures, driven by an aging population and evolving retirement income needs. That demand environment gives Munich Re room to grow its Canadian book while defending its market position against a more competitive midtier - which is precisely the combination of challenges and opportunities Correa's internal track record positions him to manage.
Correa succeeds Bernard Naumann, who has been appointed to lead Munich Re's Life & Health business in Europe and Latin America beginning January 1, 2027. He will be based in Toronto, reporting to Mari-Lizette Malherbe, member of the board of management.
Malherbe said: "Mike's appointment reflects both his strong track record of delivering profitable growth and the respect he has earned from clients and colleagues across the industry. Since joining Munich Re, he has been instrumental in strengthening our position in the Canadian market and expanding into new areas of opportunity."
