Fastest-Growing Insurance Brokerage Companies in Canada | Fast Brokerages 

Accelerating to the top

No mountain is too high for the 15 fastest-growing insurance companies recognized as the Fast Brokerages of 2024 by Insurance Business Canada.

Despite persistent and complex industry and economic challenges, the winning brokerages have shot forward by embodying:

  • resilience and adaptability

  • entrepreneurial mindset

  • passion for client service

  • strategic planning

  • prioritizing sustainable growth


The Fast Brokerages have achieved a remarkable 144% average growth rate over the last two years. For the four brokerages named Fast Starters, with three years or less in business, an impressive 452% average growth rate serves to amplify the outstanding success of this year’s awardees.

“The bottom line is we’re staying true to our clients and aiming to turn this growth spurt into a long-term success story,” says Omar Chafchak, president and co-founder of Premium Insurance Brokers, a 2024 Fast Brokerage with double-digit growth in revenue and staff.

Fast Starter BrokerUnion Insurance is also on a noteworthy upward trajectory, rapidly progressing in revenue growth, diversity, and market expansion.

“We take pride in our growth,” says president Muqit Aziz. “Many companies wait for growth and then invest, but we have done it the opposite way. We’ve invested first in providing the infrastructure for sustainable growth.”

Thought leader David Mamane, a partner and insurance industry senior analyst at RSM Canada, explains how the winning brokerages share a combination of attributes and approaches such as:

  • technology investment and innovation

  • developing and leveraging strategic networks and partnerships

  • focusing on niche markets


He says, “All these aspects help a brokerage grow faster. It’s about paying attention to providing exceptional customer service, engaging with clients through modern channels, and driving more pipelines and referrals, leading to higher customer retention.”

Strategic early investments fuel growth at BrokerUnion Insurance

Since converting from an agency model with a $0 book of business in September 2020, the firm headquartered in Pickering, Ontario now boasts over 40 brokers and staff and multiple service locations throughout the GTA.

In 2022, it was named Brokerage of the Year (under 25 brokers) by the Insurance Brokers Association of Ontario.

“There is no secret formula,” Aziz says. “We believe in supporting our brokers, who are there for our clients every day. And we believe in caring for the people who work for us.”

Since opening its doors, the company has become a $19.5 million brokerage, with Aziz targeting $50 million by 2026.

Several responsible and sustainable growth factors have contributed to the brokerage’s prosperity:

  • investing in critical infrastructure at the outset

  • establishing oversight measures in all facets of the brokerage


“I believe we need first to lay the infrastructure, and then growth will be a by-product of that,” Aziz says. “We have invested in training and development from day one, with staff dedicated to customer service, audits, and analytics.”

The company celebrates its diverse and inclusive culture with staff who speak over 22 languages.

Aziz says, “We live diversity, and we are not only there for our clients, but we speak their language, literally.”

Even though the brokerage is a relatively new player, it has successfully attracted and retained a talented workforce passionate about delivering exceptional client service and satisfaction by taking pride in representing the brand.

The brokerage’s business philosophy has given it a competitive edge, enabling it to be at the industry’s forefront. It has nurtured a thriving workforce with strategic investments early on that have set it up for success.

“We continue to invest in our people, and we cannot achieve growth and success without them,” says Aziz. “We will continue to focus on our people, brand, and reputation and provide the necessary infrastructure, empowering our people by educating them and providing all the necessary tools to focus on our business and growth.”


Muqit Aziz
“People want to be part of a success story and feel they made a difference. If you can create a culture where you give your people the tools to succeed and make them part of the vision and purpose, they will believe in the brand and what it stands for”
Muqit AzizBrokerUnion Insurance


Premium Insurance Brokers prioritizes a personal touch

The Fast Brokerage winner was launched in 2019 in Windsor, Ontario by cousins Omar Chafchak and Nabil Ghamraoui. As a division of the Oracle RMS family, its passion for earning clients’ trust and maintaining their satisfaction is a critical driver of its top-performing status. It has twice previously been named a 5-Star Brokerage by IBC.

“It’s an ongoing commitment that’s paramount to us, and we will never stop building upon that,” says Chafchak. “A great broker genuinely cares about helping clients find solutions, and that builds lasting relationships that often turn into great friendships.”

The brokerage’s fast growth is fueled by excelling in several areas, including:

  • staying current with technology

  • leveraging digital resources such as QuickFacts, a search engine for insurance company manuals

  • using the fully integrated broker management platform Acturis

  • demonstrating in-depth product knowledge

  • fostering a positive work environment

“This comprehensive approach, combining innovation with a personal touch, has been pivotal to our successful growth,” he says. “We are dedicated to being there for our clients, responding promptly, working tirelessly on their behalf, and treating everyone as our sole customers.”

Its competitive advantage lies in team collaboration, further enhanced by the capabilities it receives from its Oracle RMS partnership.

Chafchak says, “While insurance rates for similar risks may be comparable across insurers, our distinctive edge, as my partner and I learned over the years, stems from our unwavering availability for clients.”

It is an approach that emphasizes a commitment to unparalleled customer service underpinned by an understanding that, while saving money is crucial, clients also seek a personalized and responsive experience.


Omar Chafchak
“Team spirit is crucial, so we’re nurturing our staff and keeping the workplace buzzing with positive energy. It’s not just about the numbers; it’s about learning from every twist and turn in the industry”
Omar ChafchakPremium Insurance Brokers


Fastest-growing insurance companies adopt a balanced approach

Rapid growth can present operational challenges that may prompt organizations to halt resource investments until revenue catches up. However, BrokerUnion Insurance emphasizes an entrepreneurial mindset that showcases its creativity and innovative approach. Its collaborative environment encourages staff to band together to overcome challenges.

“Everyone who works with us knows how we treat our staff and clients, which translates into what we stand for as a brand,” says Aziz. “Our culture is not to police, but to empower.”

A commitment to transparent communication, training, and continuous development has also reduced growth bumps. The brokerage continues to invest in data and analytics support to help brokers drive their businesses and a dedicated training department to deliver continuous learning, education, and upskilling.

Industry expert Mamane underscores these strategies as crucial and says, “What makes Fast Brokerages successful is having top-quality talent, and attracting and retaining them is a key driver of being able to grow quickly.”

Premium Insurance Brokers balances growth with a commitment to finding the path to success.

“Prioritizing client relationships, technology, and attracting and retaining top talent involves hard work, ongoing learning, and continuous improvement,” says Chafchak.

Strategic planning, effective organizational skills, and meticulous documentation complement the brokerage’s ability to stay at the leading edge of growth.

“Trusting your team and allowing them to showcase their potential is important,” Chafchak says. “A critical aspect of our strategy revolves around directing attention to our existing clients, ensuring their satisfaction, as their loyalty inherently contributes to our growth.”

With a game plan focused on doubling down on what’s working, the brokerage intends to keep the growth momentum going.

Chafchak says. “We’re staying tech-savvy, diving deeper into the insurance industry, and ensuring our clients feel the love.”


Fastest-Growing Insurance Brokerage Companies in Canada | Fast Brokerages

  • Axis Insurance Managers
  • Beyond Insurance
  • Billyard Insurance Group
  • Billyard Insurance Group – Richmond Hill
  • BMS Group
  • Collective Insurance
  • InsureLine Brokers (Empire)
  • KASE Insurance
  • My Insurance Broker
  • OVC
  • Premium Insurance Brokers
  • RH Insurance
  • Summit
  • Westland Insurance

Fast Starters

  • Collective Insurance
  • RH Insurance
  • Summit



As part of our editorial process, Key Media’s researchers interviewed the subject matter experts below for their independent analysis of this report and its findings. 



Insurance Business Canada invited submissions for its Fast Brokerages awards in November 2023 as the publication sought to recognize brokerages across the country that excel during unpredictable times. The research team asked brokerages to list their revenue totals for the 2022 and 2023 calendar years, in addition to other growth milestones they wanted to highlight. The team then evaluated the nominations received to determine which brokerages experienced standout growth.

The 2024 Fast Brokerages awards are given to brokerages that achieved more than 20% growth in revenue volume. IBC also highlights four brokerages as Fast Starters, which have been in business for three years or less and are making their mark on the insurance landscape. These brokerages confirmed their resilience and cemented their strong positions in the Canadian insurance industry.

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