Rebecca Rycroft is returning to Munich Re, Canada (Life) as chief financial officer (CFO), a role she previously held at the same organisation from 2018 to 2021. The appointment, announced November 10, 2026, takes effect January 4, 2027. She will report to Michael Correa, president and CEO of Munich Re, Canada (Life), based in Toronto.
For brokers placing group and individual life business, the CFO’s role at a major life reinsurer carries direct commercial weight. The solvency position and capital planning decisions of a reinsurer influence how treaties are structured and priced, which in turn shapes what carriers can offer at the product level, including coverage terms and premiums.
As the Office of the Superintendent of Financial Institutions (OSFI) has tightened capital and reinsurance governance requirements in Canada, the financial credentials of a reinsurer’s finance leadership have become more directly relevant to carriers – and to the brokers who rely on them.
Rycroft joined Empire Life Insurance Company of Canada in September 2021 as senior vice president, corporate finance, before being formally named CFO of Empire Life in December 2021 – a role she held for approximately five years. That carrier-side experience adds direct knowledge of how life and health insurers manage capital, assess reinsurance counterparties under updated regulatory guidelines, and report under the International Financial Reporting Standard (IFRS) 17 framework. Before her first Munich Re appointment in April 2018, she spent more than a decade at Oliver Wyman advising life insurers on actuarial and strategic matters.
She holds fellowships with the Society of Actuaries and the Canadian Institute of Actuaries, and is a member of the American Academy of Actuaries. She also participated in the Canadian Life and Health Insurance Association (CLHIA) LICAT working group, a credential directly relevant to the capital framework Canadian life reinsurers now operate under.
Read more: Securian Canada appoints Marc Peliel as CFO
OSFI updated its Sound Reinsurance Practices and Procedures Guideline – Guideline B-3 – which came into effect on January 1, 2025. The revised guideline sets strengthened expectations for counterparty due diligence, reinsurance risk management frameworks, and concentration risk management across all federally regulated insurers. Full details are available on OSFI’s Guideline B-3 page.
Alongside that, OSFI updated the Life Insurance Capital Adequacy Test (LICAT) for 2025, refining capital treatment for segregated fund guarantees and stop-loss reinsurance arrangements. Under LICAT, a carrier’s ability to take reinsurance credit – and the capital relief that comes with it – depends partly on the financial strength and registered status of the reinsurer. Those are decisions that sit directly in the CFO’s remit.
Correa said Rycroft brings “a unique combination of deep actuarial and financial expertise, strategic perspective and firsthand knowledge leading finance teams within the Canadian life insurance and reinsurance markets.” Both quotes are sourced from Munich Re’s official November 10, 2026, announcement.
Rycroft added: “I’m excited to return to Munich Re at such an important point in the company’s journey. I look forward to bringing the experience and perspective I’ve gained over the past several years back to Munich Re and working with the team to support the company’s continued growth and long-term ambitions.”
Read more: Munich Re promotes from within to lead Canadian life reinsurance business as landscape shifts
Canada’s individual life reinsurance market has grown for 10 consecutive years. According to the Society of Actuaries’ (SOA) 2024 Life Reinsurance Survey, recurring new business in Canada reached C$225 billion in 2024, up from C$217 billion in 2023. Munich Re ranked second among individual life reinsurers in Canada in that survey, with C$61 billion in recurring new business volume, a 16% increase over 2023. The top three reinsurers in the Canadian individual life market – RGA, Munich Re, and PartnerRe – together held a 76% market share in 2024, according to the SOA survey.
The market is becoming more competitive. Carriers are increasingly seeking reinsurance solutions tied to longevity risk, group coverage, and capital-efficient structures, driven by an ageing population and evolving retirement income needs.
Rycroft’s appointment follows Correa’s elevation to president and CEO, effective September 1, 2026 – announced in July. Munich Re has renewed both its top executive roles at the Canada (Life) business within four months.
