“Being a female leader for the largest reinsurer in Canada has been rewarding, and I take pride in what we have built throughout North America.”
Name: Mary Forrest
Company: Munich Re Job:
President and CEO, North America (Life) Timeline: 1991—Joined Munich Re
Mary Forrest is president and CEO, North America (Life). In this capacity, she oversees the two largest life reinsurance business units within the Munich Re Group. She is responsible for Munich Re’s life and health reinsurance operations in the US, Canada, and the Caribbean. The North American organisation has over 400 employees, located in Canada and the US. Forrest joined Munich Re in 1991 and over the past 24 years, has
held positions of increasing responsibility within the Munich Re Group. Under her leadership, Munich Re has become the largest mortality risk taker in the Canadian market. Forrest’s leading role, and unique position in the Canadian Life
and Health insurance market, led her peers to entrust her with the distinction to represent the industry’s interests. In June 2015, she became the Chairman of the Board of the CLHIA (Canadian Life and Health Insurance Association). This is the first time in CLHIA history (established 1894) that the Chairman of the Board is a woman. She also contributes globally to the Munich Re Group through
her board leadership; Forrest is the past Chairman of the Atlanta based Munich American Reassurance Company Board and a past Director of the Munich Reinsurance Company of Canada and Temple Insurance Company Boards. Forrest has been a speaker at numerous industry meetings, including the Canadian Institute of
Actuaries and Canadian
Reinsurance Conference. She holds a Bachelor of Science from the University of Toronto, and is a Fellow of the Society of Actuaries as well as of the Canadian Institute of Actuaries.
Why did you choose to work in this industry initially? I have always been interested in running a business and finding different ways to maximise its growth. This stems from my academic background where I began my studies in philosophy
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If you had chosen a different profession/career path, what would it have been? Reinsurers and architects are similar in the sense that both incorporate creativity and structure in the way they conduct business. In reinsurance, we use these shared characteristics in the way we approach deals and how we operate in the market. Similar to an architect, we first work to understand our client and the risk before determining our value proposition.
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What has been the highlight of you career so far? Being a female leader for the largest reinsurer in Canada has been rewarding, and I take pride in what we have built throughout North America. In Canada and the US, we’ve cultivated our business to be a market leader and have maintained this momentum by continuing to offer customised and innovative solutions. We provide services that are reflective of the trends in the market and anticipate the needs of our clients, who trust us to stay adaptable, resourceful, and at the forefront of industry changes.
What has been the biggest challenge you’ve encountered? We have four life offices throughout North America, each one presenting a different market and with it, different challenges. The insurance market in Canada is well-developed and has
precise capital requirements, as well as a limited number of insurers. Our aim here is to think of new, forward-thinking solutions that continue to attract our clients. We’ve found that our expertise in capital management has been key in challenging the status quo, and providing our clients with tailored approaches to suit their needs. The US market has lower capital requirements and a much higher number of reinsurers and primary insurers. Combined with regulations that vary across states, we’re working in an environment that is competitive and requires us to hone our risk management and pricing expertise. We make sure that our approach in this market is balanced and positioned to generate sustainable business solutions.
and mathematics. It wasn’t until a professor suggested I shift my focus to actuarial science that I developed a keen interest in the insurance industry, as it offered the potential for growth and an evolving market. This has proved to be an excellent fit for me. Leading a reinsurance company has allowed me to pursue my interests to find the best solutions for our clients and business, share unique perspectives among colleagues, and discover new areas of development.
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