Toronto-based Teachers Life Insurance on Thursday welcomed Mark Cummings as its new president and CEO, effective Oct. 1.

Cummings will succeed Doug Baker who has been president and CEO of Teachers Life since 2006.

Teachers Life had originally announced the change of leadership in June.

Previously, Cummings was president and CEO of Toronto-based Scotia Life Insurance Co., a position he held for nearly a decade. Cummings managed Canadian operations as well as strategy and growth of the firm's four business lines: creditor, life and health, home and auto, and travel insurance.

Cummings has also held leadership roles at Toronto-based firms Royal Bank of Canada and Canada Life.

"I believe there is an appetite for quality life insurance in Canada that is supported by both strong business acumen and a firm commitment to community-based values," says Cummings, in a statement. "Teachers Life is in a unique position to deliver on this, with its deep connection to the community and fraternal values, combined with an advanced commitment to innovation."