Former Travelers Canada president and CEO Heather Masterson (pictured) is set to take the helm of Équité Association this fall, moving from carrier leadership to the front line of Canada’s industry-backed fight against insurance crime.
Masterson, who spent a decade leading Travelers Canada and most recently supported the transition of its operations to Definity Financial Corporation, will become president and CEO of Équité in September.
In the meantime, she plans to take the summer to focus on family before stepping into the new role.
“It has been a true privilege to work alongside one of the best teams in our industry,” she said of her time at Travelers Canada. “Together, we built a high-performing organization grounded in a strong culture of care, accountability, and excellence. I am deeply proud of what we accomplished and confident in the team’s continued success at Definity.”
Following Definity’s $3.3 billion acquisition of most of Travelers’ Canadian operations, which closed on Jan. 2, 2026 and lifted Definity’s pro forma annual gross written premiums to about $6.3 billion, Masterson stayed on in a short-term advisory role to support the transition.
“Following the transaction, I took on a short-term advisory role to support the transition and ensure my team was well positioned. With that work now complete, the timing feels right to step forward,” she said.
Masterson will shift from running a national P&C operation to leading the sector’s primary anti-fraud body.
Équité Association, formed in 2021 from the former investigative services arm of the Insurance Bureau of Canada and CANATICS, is the industry’s national authority on insurance crime and fraud prevention, funded by Canadian P&C insurers and working closely with police, border agencies and other partners.
“In September, I’m honored to step into the role of President & CEO of Équité Association, where I look forward to contributing to the important work of combatting insurance fraud,” Masterson said. She also recognized outgoing CEO Terri O’Brien for her “outstanding leadership and contributions to our industry.”
Équité has become a central player in tackling Canada’s auto theft crisis. Its latest Auto Theft Trend Report showed an 18% year-over-year drop in private passenger vehicle thefts in 2025, to 46,999 incidents nationally, following coordinated efforts by insurers, law enforcement and governments. However, the association warned that organized crime remains highly active and that claim costs still approached an estimated C$900 million in 2025, with a sharp rise in vehicle finance fraud tied to export activity through major ports.
Masterson’s move comes at a pivotal moment for both Definity and the wider Canadian P&C market.
Definity has described its Travelers Canada acquisition as transformational, pushing the group into a top-five position by premium volume and significantly expanding its commercial and personal lines footprint. The deal adds roughly $600 million of commercial premiums and C$1 billion of personal premiums, broadening Definity’s capabilities in specialty and mid-market segments.
At the same time, carriers across Canada continue to face pressure from climate-related catastrophe losses and crime-related claims, particularly auto theft and organized fraud. Industry analysis suggests auto theft claim costs rose by more than 250% between 2018 and 2023, prompting insurers to tighten underwriting, require additional anti-theft measures and increase rates for high-risk vehicles.
Équité’s mandate sits squarely in this space. Working on behalf of its member insurers, it uses data analytics, intelligence sharing and joint investigations to target organized crime rings, export pipelines and emerging fraud schemes. The association has also been involved in federal and provincial policy discussions on topics such as port security, vehicle identification and penalties for auto theft.
Masterson’s experience running a national carrier through a major transaction gives her a vantage point that is likely to resonate with member companies looking for practical, data-driven ways to reduce fraud losses without undermining customer experience. Her background also includes prominent industry roles, such as past chair of the Insurance Bureau of Canada and the Insurance Institute of Canada, which should support Équité’s efforts to align insurers, regulators and law enforcement.
Masterson framed the timing of her move as a natural inflection point, after seeing Travelers Canada through to its new home at Definity and completing the initial transition work.
“This summer, I’ll be taking time to focus on family—something that has always been a core priority for me,” she said, adding that she will “be cheering on” former colleagues at Travelers Canada and Definity “every step of the way," she said.
Her appointment signals continuity and escalation in the sector’s response to fraud. A leader who has spent the past decade accountable for P&L, broker relationships and customer outcomes will now be focused on reducing the leakage that fraud and organized crime create across the system — an area that remains central to efforts to keep coverage sustainable and affordable.
