LSM Insurance Services
LSM Insurance Services is a Canadian independent MGA/brokerage distributing life and living-benefits insurance (term, permanent, disability, critical illness, LTC, group) from 20+ carriers to individual consumers and employers across Canada, now operating as a Hub Financial subsidiary.
- Company typePrivate
- Founded1998
- HeadquartersMarkham, Canada
- Headcount11–50
- GTM typeB2C
- OfferingServices
What LSM Insurance Services does
LSM Insurance Services is a Canadian independent life and living-benefits insurance brokerage operating as a Managing General Agency (MGA). Founded in 1998 and headquartered in Woodbridge, Ontario, the company distributes term life, permanent life (whole, universal, term-to-100), no-medical/simplified/guaranteed-issue life, long-term care, disability, critical illness, seniors/funeral, health & dental, mortgage, and group insurance products on behalf of 20+ Canadian life insurance carriers including Canada Life, Manulife, Sun Life, RBC Insurance, BMO Life, Empire Life, Desjardins, Industrial Alliance, and Wawanesa Life. Its primary customer is individual Canadian consumers across multiple provinces, with a secondary employer/group-benefits segment.
The business model is commission-based: LSM earns carrier commissions on each policy placed, delivered through a sales-led, broker-assisted motion supplemented by self-serve online instant-quote tools, SEO-driven provincial and city landing pages, content marketing, and an active earned-media presence in major Canadian outlets. Operationally, the company runs 15 offices across Canada with 220 employees and claims to process 56,000 insurance applications per year, with $6B in managed insurance assets. Technology is non-proprietary — there is no in-house platform, API, or AI/ML capability disclosed; the digital surface consists of quote-collection forms and SEO-optimized educational content.
In 2024 LSM was acquired by HUB International, a global insurance brokerage, and now operates as a subsidiary of Hub Financial Inc. The founder, Lorne Marr, remains involved as Director of Business Development at Hub Financial. The company has maintained MDRT-qualifier status for over 12 consecutive years and holds a 4.9 Google star rating across nearly 100 reviews, with media coverage spanning Globe and Mail, Toronto Star, National Post, CTV, CBC, and BNN Bloomberg for 15+ years.
LSM Insurance Services firmographics
Firmographics- Name
- LSM Insurance Services
- Legal name
- LSM Insurance Services Ltd
- Website
- https://lsminsurance.ca
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- LSM Insurance Services is a Canadian independent MGA/brokerage distributing life and living-benefits insurance (term, permanent, disability, critical illness, LTC, group) from 20+ carriers to individual consumers and employers across Canada, now operating as a Hub Financial subsidiary.
- Ownership category
- akta.pro rank
LSM Insurance Services industry classification
Industry- Product category
- Life Insurance Brokerage
- NAICS
- Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411), Life Insurance (6311)
- akta.pro primary industry
- Insurance Program Administration & MGA/MGU Services (FSAEADAK)
- akta.pro secondary industries
- Group Term Life Insurance (FSAIAAAJ), Individual Health Insurance Brokerage & Distribution (FSAIAEAL)
Keywords
Where LSM Insurance Services is headquartered
LocationHeadquarters
- HQ city
- Markham
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
LSM Insurance Services business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Insurance broker commissions: LSM Insurance earns commissions from insurance carrier partners for each policy placed. As an independent MGA, they receive commissions from insurers when policies are sold through their broker network.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Term Life Insurance - most affordable option; premiums fixed for the term period (e.g., 10, 20, or 30 years) |
| Subscription | Monthly | Whole Life Insurance - permanent coverage with cash value accumulation; rates fixed for life |
| Subscription | Monthly | Universal Life Insurance - permanent coverage with flexible savings/investment component |
| Subscription | Monthly | No Medical Life Insurance - higher cost than standard insurance due to no medical exam requirement |
| Subscription | Monthly | Guaranteed Issue Life Insurance - most expensive type; no medical exam or questionnaire required; 2-year waiting period for illness-related deaths |
| Subscription | Monthly | Long Term Care Insurance - weekly/monthly benefit payments when unable to perform 2+ daily living activities |
| Subscription | Monthly | Disability Insurance - replaces part of income with monthly benefit payments if disabled |
| Subscription | Monthly | Critical Illness Insurance - lump sum payment upon diagnosis of covered critical illness |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
LSM Insurance Services product offering
Product offeringCore offering
LSM Insurance Services is an independent Canadian insurance brokerage and Managing General Agency (MGA) that distributes life and living benefits insurance products from over 20 Canadian insurance carriers to individual consumers and employer groups. The company operates 15 branch offices across Canada, employs approximately 220 staff, and supports distribution through an online quote platform alongside in-person broker consultations. Its product portfolio spans term life, permanent life, no-medical life, long-term care, disability, critical illness, seniors, funeral, health & dental, group, and mortgage insurance.
Product overview
LSM Insurance Services is an independent insurance brokerage operating as a Managing General Agency (MGA) in Canada. The company offers a comprehensive portfolio of life and living benefits insurance products through partnerships with over 20 Canadian life insurers. The core product offerings include Term Life Insurance (with Term 10, Term 20, and Term 30 variants), Permanent Life Insurance (comprising Term 100, Whole Life, and Universal Life), and specialized products including No Medical Life Insurance (with Simplified and Guaranteed sub-variants), Disability Insurance, Critical Illness Insurance, Long Term Care Insurance, and Seniors/Funeral Insurance. The company also provides Health & Dental Insurance, Group Insurance for employers, and Mortgage Insurance. As an independent agency, LSM acts as an intermediary between customers and multiple insurance carriers, offering quotes and comparison services across its network of partner insurers including Canada Life, Manulife, Sun Life, RBC Insurance, Empire Life, and others.
Differentiator
Problem solved
Functional benefit
Products and services
- Term Life Insurance
- Permanent Life Insurance
- No Medical Life Insurance
- Long Term Care Insurance
- Disability Insurance
- Critical Illness Insurance
- Seniors Life Insurance
- Funeral Insurance
- Health & Dental Insurance
- Group Insurance
- Mortgage Insurance
Quantifiable outcome
- Insurance rates can vary 50-60% from one company to another for the same coverage
- +2 more outcomes
Companies that use LSM Insurance Services
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
LSM Insurance Services technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
LSM Insurance Services partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- HUB International / Hub Financial Inc.coreLSM Insurance Services is a HUB Financial Inc. company. HUB International acquired LSM Insurance Services (an Ontario-based company). LSM Insurance operates as a subsidiary/brand under the HUB International umbrella, one of Canada's largest insurance brokers.
- 20+ Canadian Life Insurance CarrierscoreLSM Insurance works with 20+ Canadian life insurers as an independent MGA/brokerage. Carrier partners include Wawanesa Life, Assumption Life, BMO Life, Canada Life, Canada Protection Plan, Desjardins, Empire Life, Equitable Life, Foresters, Industrial Alliance, Ivari, RBC Insurance, UV Insurance, Manulife, Sun Life, and others. LSM Insurance earns commissions from these carriers for each policy placed.
Scale indicators6 records
Recent moves5 records
Expansion highlights5 records
LSM Insurance Services competitors and assessment
Company assessmentBroad incumbents
- HUB International: Global insurance brokerage and LSM's parent company following the 2024 acquisition. Comparable as a broad insurance intermediary with personal, commercial, and benefits lines; LSM is now a life-insurance-focused vertical within HUB's Canadian operations.
- Manulife: Canada's largest life insurer and one of LSM's carrier partners. Comparable as a major life and living benefits provider competing for the same end customer, though Manulife underwrites risk directly while LSM distributes competing carriers' products.
- iA Financial Group: Large Canadian life and living benefits carrier (Industrial Alliance) and LSM carrier partner. Comparable as a life insurer with both direct and broker distribution competing for the same individual and group benefits customers.
- Canada Life: Major Canadian life and health insurer and LSM carrier partner. Comparable as a dominant life insurer whose products are brokered by LSM and whose direct channels increasingly compete with broker distribution.
- Sun Life Financial: Top-3 Canadian life insurer and LSM carrier partner. Comparable as a life, health, and wealth carrier that also distributes direct-to-consumer, providing the same product categories LSM brokers.
Direct peers
- PolicyMe: Canadian digital life insurance broker selling term and permanent life coverage from multiple carriers online. Comparable to LSM as a multi-carrier life insurance distributor targeting Canadian consumers, though PolicyMe is fully digital/self-serve while LSM uses a hybrid broker-assisted model.
- Sonnet Insurance: Canada's first fully online life and home insurance broker, owned by Economical Insurance. Directly comparable to LSM as a Canadian life insurance distributor, competing for the same customers but with a proprietary AI-driven instant-quote model rather than broker-assisted sales.
- BrokerLink: One of Canada's largest personal and commercial insurance brokerages with hundreds of branches. Directly comparable to LSM as a multi-carrier Canadian insurance broker serving individual consumers, though BrokerLink is more diversified across P&C lines.
- Surex Direct: Canadian online insurance brokerage offering life, home, auto, and commercial coverage from multiple carriers. Comparable to LSM as a multi-carrier Canadian broker with a digital-first lead capture and broker follow-up distribution model.
Emerging players
- Edge Benefits: Canadian group benefits broker specializing in small and mid-sized employer plans. Comparable to LSM's group insurance segment; LSM's Director Harpinder Galsi started her career there, illustrating the overlap in customer and product focus.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
LSM Insurance Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
LSM Insurance Services leadership team
Management profileNumber of profiles
Profiles3 records
LSM Insurance Services funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LSM Insurance Services M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LSM Insurance Services
What does LSM Insurance Services do?
LSM Insurance Services is an independent Canadian insurance brokerage and Managing General Agency (MGA) that distributes life and living benefits insurance products from over 20 Canadian insurance carriers to individual consumers and employer groups. The company operates 15 branch offices across Canada, employs approximately 220 staff, and supports distribution through an online quote platform alongside in-person broker consultations. Its product portfolio spans term life, permanent life, no-medical life, long-term care, disability, critical illness, seniors, funeral, health & dental, group, and mortgage insurance.
Is LSM Insurance Services a public or private company?
LSM Insurance Services is a private company. It is classified as corporate owned and is currently operating.
When was LSM Insurance Services founded?
LSM Insurance Services was founded in 1998. It employs 11 to 50 people.
Where is LSM Insurance Services based?
LSM Insurance Services is headquartered in Markham, Canada, in the North America region.
How does LSM Insurance Services make money?
One revenue line is on record: insurance broker commissions.
Who are LSM Insurance Services's main competitors?
Broad incumbents on record are HUB International, Manulife, iA Financial Group, Canada Life and Sun Life Financial. Direct peers are PolicyMe, Sonnet Insurance, BrokerLink and Surex Direct. Edge Benefits is listed as an emerging player.
Does LSM Insurance Services have an API?
No public API is recorded for LSM Insurance Services.
What industry is LSM Insurance Services in?
LSM Insurance Services's product category is Life Insurance Brokerage. Its primary akta.pro industry code is FSAEADAK, Insurance Program Administration & MGA/MGU Services, with a secondary code of FSAIAAAJ, Group Term Life Insurance. Its NAICS code is 52421 and its SIC code is 6411.