MSA Research

What MSA Research does

MSA Research (legal name Market-Security Analysis & Research Inc.) is a Toronto-based, independent analytical research firm focused exclusively on the Canadian insurance industry. Founded in 2003 by Joel Baker, the firm supplies financial data, analytics, and regulatory statement information on Canadian Property & Casualty (P&C) and Life & Health insurers. Its stated market position is dominant, with the company claiming that 95% of the Canadian insurance industry uses its reports and software, and its Q1-2026 data sets covering almost every insurer in Canada. Its customer base is horizontal across the insurance value chain: insurers, reinsurers, retail/commercial/reinsurance brokers, investment banks, equity analysts, audit firms, consultants, rating agencies, government and regulators, adjusting firms, and TPAs.

The core product is MSA Researcher, an analytical software platform delivered in two modules — P&C and Life/Health — providing quarterly financial data updates, executive dashboards, corporate profiles, market-share and benchmarking tools, and regulatory reporting. The platform is complemented by the MSA Quarterly Outlook Report (published separately for P&C and Life/Health) and a searchable Quarterly Outlook Report Online archive dating back to Q2-2004. The company also carries DBRS insurer ratings exclusively on its platform and in printed reports, and maintains strategic alliances with PERILS AG and CatIQ for catastrophe data. Services extend to Custom Reports & Consulting and Training.

The business operates a sales-led, subscription-based model with annual billing across Full, Lite (companion), and Unlimited (corporate site license) tiers; pricing is not publicly disclosed and requires a sales quote. Distribution is primarily direct via the MSA Researcher platform, supplemented by sponsor-funded distribution of quarterly reports to broker associations (e.g., Economical Insurance nationally, RSA in Quebec, Peace Hills in Alberta, Lloyd's). MSA also hosts major industry conferences — NICC (2007), CIFF (2010), CatIQ Connect (2014), and InsurTech North (2018) — reinforcing its ecosystem positioning. MSA was acquired by Valani Global, an actuarial modeling and financial reporting firm, on November 1, 2023, and in September 2025 founder Joel Baker transitioned from CEO to Vice-Chairman.

Name

MSA Research

Legal name

Market-Security Analysis & Research Inc.

Website

https://msaresearch.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

MSA Research is an independent, Toronto-based analytical firm providing subscription software (MSA Researcher) and quarterly outlook reports with financial data and benchmarking on Canadian P&C and Life/Health insurers, serving insurers, reinsurers, brokers, regulators, and analysts.

Ownership category

akta.pro rank

Product category

Insurance Industry Analytics Software

NAICS

Marketing Research and Public Opinion Polling (54191)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Industry & Sector Research (Syndicated/Custom) (BPAHALAE)

Keywords

• Insurance industry analytics
• Insurance financial data
• P&C insurance research
• Life health insurance data
• Insurance benchmarking software

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. MSA Researcher Software Subscription: Subscription-based access to the MSA Researcher P&C and Life/Health analytical platforms. Subscribers receive quarterly financial data updates, access to quarterly outlook reports, and analytical tools. Available in full, Lite, and Unlimited corporate license tiers.
2. Quarterly Outlook Reports: Quarterly analytical reports covering Canadian P&C and Life/Health insurance industries, exclusively available via the MSA Researcher Platform to subscribers.
3. Custom Reports & Consulting: Bespoke analytical reports and consulting services tailored to specific client needs in the Canadian insurance industry.
4. Training Services: Training programs for insurance professionals on utilizing MSA's analytical tools and understanding industry data.
5. Sponsor Distribution: Sponsored distribution of quarterly reports to broker associations nationwide through partnerships with insurers like Economical Insurance, RSA, and Peace Hills Insurance.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

MSA Research operates the MSA Researcher software platform, providing comprehensive financial data, analytics, and reporting for Canadian Property & Casualty and Life/Health insurers, with quarterly data updates, executive summary dashboards, corporate profiles, and regulatory reporting tools. The company also produces Quarterly Outlook Reports for both P&C and Life/Health sectors, complemented by Custom Reports & Consulting and Training services for the Canadian insurance industry.

Product overview

MSA Research provides a unified software platform (MSA Researcher) with two analytical modules: P&C and Life/Health. The core platform delivers financial data and analytics on Canadian insurers, updated quarterly. Quarterly Outlook Reports (available separately for P&C and Life/Health sectors) provide analytical commentary and industry insights. Additional offerings include the Quarterly Outlook Report Online archive module, Lite companion licenses, Unlimited corporate site licenses, plus Custom Reports & Consulting and Training services.

Differentiator

Problem solved

Functional benefit

Brands

• MSA Researcher: Analytical software platform providing P&C and Life/Health financial data for Canadian insurers
• MSA Quarterly Outlook Report
• NICC (National Insurance Conference of Canada)
• CatIQ Connect
• InsurTech North
• Canadian Insurance Financial Forum (CIFF)

Products and services

• MSA Researcher P&C
• MSA Researcher Life/Health Analytical software platform delivering financial information, analytics, and reporting for Canadian Life & Health insurers, with quarterly data updates and industry insights.
• MSA Quarterly Outlook Report (P&C) Quarterly analytical report covering Canadian P&C insurance industry topics including financial results, DBRS ratings roundup, CatIQ catastrophe reviews, and company-specific performance data.
• MSA Quarterly Outlook Report (Life/Health) Quarterly analytical report covering Canadian Life & Health insurance industry with financial results, DBRS ratings roundup, and company-specific performance data.
• MSA Quarterly Outlook Report Online Online searchable archive module for MSA Quarterly Outlook Reports dating back to Q2-2004, accessible via the MSA Researcher platform dashboard.
• Custom Reports & Consulting Tailored analytical reports and consulting services addressing specific client needs within the Canadian insurance industry.
• Training Training services for MSA Researcher platform users covering software functionality, data interpretation, and best practices.

Quantifiable outcome

• 95% of Canadian insurance industry uses MSA's reports and software
• +1 more outcomes

Named customers1 record

Segments8 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered minor, regional, core and strategic.

• Canadian Association of Black Insurance Professionals (CABIP)minorGTM or Marketing Partner · 24 January 2022CABIP partnership announced January 24, 2022, supporting diversity in the Canadian insurance industry.
• Peace Hills InsuranceregionalGTM or Marketing Partner · 28 July 2008Peace Hills Insurance sponsored MSA/Baron Outlook Reports for 2008, distributing to 600 Alberta insurance brokers.
• Valani GlobalcoreStrategic or Co-development PartnerValani Global, a leader in actuarial modeling and financial reporting, acquired MSA Research in November 2023. This acquisition combines MSA's strong market presence with Valani Global's expertise in life and health insurance sectors, enhancing IFRS-17 capabilities.
• DBRS (DBRS Ltd.)coreTechnology or IntegrationExclusive partnership where MSA carries DBRS insurer ratings on its platform and in printed reports. DBRS is Canada's largest credit ratings agency.
• PERILS AGstrategicTechnology or IntegrationPERILS AG provides industry-wide catastrophe insurance data for Canada via the PERILS Industry Loss Index Service, integrated through CatIQ.
• Catastrophe Indices & Quantification Inc. (CatIQ)strategicTechnology or IntegrationToronto-based CatIQ developed Canada's first Insurance Exposure Database in partnership with PERILS AG. MSA hosts CatIQ Connect conference.
• Economical InsurancecoreGTM or Marketing PartnerEconomical Insurance is the national title sponsor of MSA Quarterly Outlook Reports, funding distribution to brokerage members across Canada.
• RSA (Royal & Sun Alliance)regionalGTM or Marketing PartnerRSA became title sponsor for MSA Quarterly P&C Outlook Report within Quebec, distributing reports to RCCAQ's 4,500+ members.
• Lloyd'sminorGTM or Marketing PartnerLloyd's sponsors the P&C Quarterly Outlook Report, available to TIC member brokers through the partnership.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• S&P Global Market Intelligence (SNL Financial): The dominant US/global financial data and analytics platform for insurance, banking, and other financial sectors. Most directly comparable to MSA as a subscription-based industry research and benchmarking platform serving insurers, reinsurers, and investment analysts.
• AM Best: Global credit rating agency specializing in the insurance industry, providing ratings, financial data, and analytics. Comparable to MSA's combination of financial data, ratings content (via DBRS partnership), and insurer benchmarking, particularly for P&C and life/health.
• Moody's Analytics: Provides insurance industry analytics, financial data, and credit research for insurers, reinsurers, and investors. Comparable to MSA in serving the analytical needs of insurance analysts, investment banks, and regulators.

Broad incumbents

• Verisk Analytics: A large data analytics provider serving insurance, financial services, and risk management, with broad content beyond Canadian insurance. Comparable to MSA in delivering insurance analytics, but operates at much greater scale and geographic breadth.
• DBRS Morningstar: Canada's largest credit rating agency and MSA's exclusive ratings partner. While primarily a ratings agency rather than a research firm, DBRS provides adjacent financial data products to insurance and capital markets participants, and is integral to MSA's offering.

Others

• Insurance Bureau of Canada (IBC): National industry association representing Canadian P&C insurers, producing industry statistics, research, and advocacy. Indirectly comparable to MSA as a source of Canadian insurance data, though non-commercial and primarily advocacy-focused.
• Canadian Life and Health Insurance Association (CLHIA): Industry association representing Canadian life and health insurers, publishing aggregate industry data and statistics. Adjacent to MSA's Life/Health platform as another source of Canadian life/health industry data, but with an advocacy and policy focus rather than commercial analytics.
• Swiss Re Institute: Reinsurer's research arm producing global insurance industry reports and sigma series. Thematically comparable to MSA's Quarterly Outlook Reports as a producer of syndicated insurance industry research, but operating globally and from a reinsurer's perspective.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/msa-research-inc
• Xx.com/MSA_Research

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MSA Research