Mary Forrest (pictured), president and CEO of Munich Re North America Life, will retire in the first quarter of 2026 after a long and distinguished career with the company.
Following her retirement, Marc-Andre Giguère will continue to oversee Munich Re’s life reinsurance operations in the US, while Bernard Naumann will remain responsible for Canada and the Caribbean. The leadership transition is structured to ensure business continuity for clients and partners as Munich Re continues to consolidate its position in North America’s life reinsurance market.
Under Forrest's leadership, Munich Re North America Life achieved significant expansion and strengthened its role as a key reinsurer in the region’s life and health sectors. Mari-Lizette Malherbe, member of the board of management responsible for life and health, said her contribution was instrumental in driving innovation and operational excellence across markets.
The company’s North American Life business now generates more than €6 billion in annual insurance revenue and accounts for roughly 55% of Munich Re’s global life and hreinsurance portfolio.
Forrest also oversaw the development of specialized teams in mortality and financial reinsurance, positioning Munich Re as the largest mortality risk taker in Canada. Her strategic focus on digitalization has advanced underwriting precision and portfolio insight, the company said. One result of this innovation is alitheia, a proprietary risk assessment tool that automates underwriting decisions and helps carriers reduce mortality costs through more accurate risk modeling.
Her departure comes at a time when the life reinsurance market is undergoing structural change, shaped by rising longevity risks, greater regulatory scrutiny, and a growing reliance on data-driven underwriting. Munich Re’s continued investment in AI and analytics-based risk assessment aligns with an industry-wide shift toward automation and efficiency as reinsurers seek to maintain margins in a competitive environment.
As Giguère and Naumann assume leadership, Munich Re is positioned to leverage its scale and expertise to deepen client partnerships and expand its digital capabilities across North America. The transition reinforces the company’s strategy to sustain profitable growth in life and health reinsurance while addressing emerging challenges in mortality, morbidity, and capital optimization.
