Brown & Brown extends Marcus & Millichap referral deal into Canada

Brown & Brown’s Canadian business will become a preferred insurance partner to commercial real estate investors working with Marcus & Millichap, as the two firms extend their US relationship north of the border.

Under the expanded arrangement, announced on October 8, Marcus & Millichap’s Canadian clients and investment professionals will get streamlined access to Brown & Brown for insurance placement, specialty risk consulting, portfolio analysis and due diligence on acquisitions. The deal falls under Marcus & Millichap’s Preferred Partner Program, which connects clients with selected outside service providers.

Marcus & Millichap, a US-listed commercial real estate investment brokerage, has operated in Canada since 2013.

“As insurance costs continue to influence valuation and execution, commercial real estate investors are looking for greater clarity earlier in the transaction process,” said Dan Cioci, executive vice president and director of Brown & Brown’s National Real Estate Practice.

Richard Matricaria, Marcus & Millichap’s chief growth officer, said the partnership would help clients assess insurance considerations earlier in the investment process and manage risk once they own a property.

Brown & Brown’s Canadian footprint

The release describes Brown & Brown’s Canadian presence only in general terms, but the firm has been building it through acquisitions for several years. It entered the market in 2020 by buying the assets of Special Risk Insurance Managers, a Canadian managing general agent, which became part of its programs division.

In 2023, it acquired Highcourt Partners, including the Toronto-based Highcourt Breckles Group, which became the US broker’s first retail brokerage operation in Canada. At the time, Brown & Brown said it planned to grow its Canadian presence from that base.

Insurance moves earlier in the deal

The partnership reflects a broader change in how insurance figures in commercial property transactions. Rising premiums, tighter capacity for some property types and higher deductibles for catastrophe-exposed assets mean insurance costs can now affect a building’s net operating income and valuation. Investors increasingly want insurance quotes and risk assessments during due diligence rather than after closing.

For Canadian commercial brokers, the arrangement shows how referral partnerships are becoming a distribution channel for larger brokers. Deal-stage access to investors gives Brown & Brown an early position on placements that might otherwise go to an incumbent broker or the buyer’s existing advisor. Brokers specializing in commercial real estate may face more competition at the point of acquisition, when coverage is often placed or reviewed.