A number of insurance brokerages and managing general agents (MGAs) across Canada posted significant year-over-year revenue increases in the latest analysis by Insurance Business Canada (IBC).
These firms have been recognised in IBC’s 2025 Fast Brokerages and MGAs list, which highlights organisations that demonstrated substantial financial growth between 2023 and 2024.
According to IBC’s data, the firms included in this year’s report saw average revenue rise by 42%, from $17.2 million to $24.4 million. One MGA recorded an increase from $138.5 million to $185 million, while a smaller brokerage with only four employees more than doubled its revenue during the same period.
Industry trends suggest that rising client expectations for customised and responsive insurance solutions, combined with a push from carriers for more agile intermediaries, are driving this growth. Technology integration and process optimization were also cited as key enablers.
Increased staffing levels have accompanied the revenue gains. The average number of brokers employed by these firms grew by 24%, as companies invested in recruitment and organisational scaling to manage expanding operations and client portfolios.
The annual recognition was based on a voluntary submission process launched in late 2024.
IBC invited brokerages and MGAs nationwide to provide their revenue results for the 2023 and 2024 calendar years, along with additional business developments such as product expansions, system upgrades, or acquisition activity. Firms that reported a minimum of 20% revenue growth qualified for inclusion.
In addition to the primary list, IBC identified four firms as “Fast Starters.” These companies, which have operated for fewer than three years, demonstrated early growth momentum and increasing visibility in the Canadian insurance industry.
Among those featured in the 2025 rankings is NovaRisk, a managing general underwriter (MGU) that partners with retail brokers to offer specialised insurance solutions for mid-market clients. The firm focuses on risks that require advanced underwriting techniques and bespoke pricing models.
In a statement, NovaRisk said its growth strategy is anchored in professional underwriting capabilities and a digital-forward service model. It works with brokers who value deep underwriting support and efficient policy delivery, and it sees technology and data as central to delivering this value.
See the rest of the list of winners by reading the IBC 2025 Fast Brokerages and MGAs special report.
