The Canadian insurance brokerage mergers and acquisitions (M&A) market continued at a slower pace through the second quarter of 2026. There were 32 transactions announced through June 30, down from 43 at the same point last year, a decline of approximately 26%. Following 99 announced transactions in 2025 and 100 in 2024, the first-half result represents a moderation in activity, but it does not necessarily signal a broad retreat by buyers. Transaction counts give the same weight to a small tuck-in acquisition and a major platform combination, meaning the headline number can understate the strategic significance of activity at the upper end of the market.
The market is also consolidating at the platform level. Navacord and Acera completed their combination in February, creating one of Canada’s largest privately held insurance, employee benefits and wealth advisory firms. The combined organization represents approximately $7.2 billion in insurance and employee benefits premium, $7.5 billion in retirement assets under management, more than 5,000 professionals and over 150 locations nationwide. A transaction of that scale can absorb significant management attention and temporarily shift focus toward integration rather than a high volume of smaller acquisitions. It also demonstrates that Canadian brokerage assets can still support transformational transactions.
