Following a year of relative stability in 2025, with 99 announced Canadian insurance brokerage transactions compared with 100 in 2024, the market entered 2026 on a measured footing. There were 17 deals announced through March 31, suggesting a slower start to 2026 relative to last year, although first-quarter activity is typically the lightest and not yet indicative of a broader shift in deal volume.
The broader backdrop is somewhat steadier from a rates and financing standpoint, even if buyer selectivity remains intact. The Bank of Canada held its policy rate at 2.25% in March 2026, down from 3.00% at the start of 2025, and official Canadian surveys show improving business optimism and easing cost-related pressures even as trade-related uncertainty continues to weigh on sentiment. Canadian buyers also modestly increased their share of announced transactions in the first quarter, while private equity-backed buyers remained part of the mix without yet signaling a broader shift. The completed Acera Insurance and Navacord combination is a useful reminder that larger-scale, platform-led activity continues to move forward in the Canadian market.