Munich Re to seek release of Canadian assets

Summary#

Munich Reinsurance America, Inc. says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). The company plans to make that application on or after June 15, 2026, and people who oppose the release can file an objection by June 15, 2026.

What it does#

• The notice says Munich Reinsurance America, Inc. intends to apply for an order under section 651 of the Insurance Companies Act (Canada) to release the assets it maintains in Canada.
• The application will be made to the Office of the Superintendent of Financial Institutions (Canada) on or after June 15, 2026.
• Anyone (specifically policyholders or creditors) who opposes the release may file an opposition by mail or email on or before June 15, 2026 to:
  • Office of the Superintendent of Financial Institutions (Canada), Legislative Approvals and New Entry Division, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of the MRAM branch’s reinsurance business in Canada.
• Creditors with claims against the MRAM branch’s reinsurance business in Canada.
• It is not clear from the notice whether other parties (employees, brokers, or affiliates) will be directly affected.

Why it matters#

• If the assets held in Canada are released, there may be less money available in Canada to pay claims or satisfy creditor claims linked to the MRAM branch. That could affect anyone with an outstanding claim or debt involving the branch’s Canadian reinsurance business.
• Affected policyholders or creditors have a deadline (June 15, 2026) to raise objections with the regulator if they want to try to stop or influence the decision.