Toronto-based Munich Reinsurance Co. Canada (Munich Re) announced on Monday two new appointments to its executive ranks in North America.

Under the new management structure, Bernard Naumann, will take the reins as president and CEO of Munich Re, Canada (Life). Naumann, who has more than 20 years of experience, most recently served as senior vice president of reinsurance within the firm.

Naumann, will oversee Munich Re's Canadian reinsurance strategy for Canada and the Caribbean, the firm's news release says, as part of his new post.

Meanwhile, Richard Letarte, formerly the senior vice president of innovation for the Canadian life business, has been tapped to serve as president and CEO of Munich Re's new ventures division in North America. As part of his role, he will lead the development of new products and services, as well as focus on investing in new technologies.