Marsh appoints Teresa Palandra as Canada CEO

Marsh has announced the appointment of Teresa Palandra (pictured) as Canada CEO, in addition to her current role as president of Mercer Canada, effective August 1, 2026.

Palandra will continue to be based in Toronto and will report to Pat Tomlinson, president and CEO of Mercer and CEO of Marsh US and Canada.

Palandra brings extensive leadership experience within Marsh and a deep understanding of the Canadian market to the role. Since assuming leadership of Mercer Canada in 2023, she has driven market expansion with a clear focus on strategy, client excellence, and operational performance.

"A seasoned and innovative leader, Teresa will lead the strategic direction for Marsh Canada, ensuring we continue to strengthen our risk, people and investments capabilities and solutions for clients," said Tomlinson. "We are confident that her leadership will further our ability to serve clients' evolving needs in the market."

Palandra succeeds Sarah Robson, who will retire on July 31 after more than 33 years of service at Marsh in senior leadership roles in both Canada and the US. Robson has served as CEO of Marsh Canada since 2023 and was president of Marsh Risk Canada from 2018 until earlier this year.

"We are grateful to Sarah for her leadership, many contributions, and unwavering commitment to clients over the years. We wish her the best in this next chapter," said Tomlinson.

A leadership change amid a softening, but catastrophe-exposed, market

Palandra steps into a role defined by a genuine tension -- a Canadian commercial insurance market that is softening on price even as the underlying catastrophe risk it covers keeps climbing.

Marsh's own Global Insurance Market Index found that Canadian commercial insurance rates declined 6% in the first quarter of 2026, with property rates down 6% and casualty rates down 5%, the latter marking the 11th consecutive quarter of casualty rate declines. Surplus capacity and strong insurer appetite have driven that softening, with most quota-share placements oversubscribed during recent renewals, giving clients leverage to negotiate that Robson's predecessors did not have during the prior hard market.

That pricing trend sits alongside escalating catastrophe risk that brokers must increasingly help clients navigate, the very dynamic Palandra will need to manage from day one. Between 2016 and 2025, annual insured losses from catastrophic weather and wildfires totaled $37 billion, nearly triple the previous decade's total, with claims volumes nearly doubling over the same period.

Meanwhile, US-exposed risks add a further layer of complexity. Risks with US exposure saw selective rate increases, some in the double digits, with US auto liability underwriting tightening through higher attachments, shared loss structures, and telematics requirements for affected clients.

That divergence between Canada-specific and US-exposed risk is a theme Canadian brokers and risk managers will likely watch closely, particularly for clients with cross-border operations navigating the trade uncertainty Palandra referenced directly in her own remarks about the moment facing Canadian clients.

Broader context at Marsh McLennan

The appointment also comes during a period of strong financial performance for Marsh's parent company, alongside some notable headwinds.

Marsh reported first-quarter 2026 revenue of $7.6 billion, up 8% year-over-year, with underlying revenue growth of 4%, though GAAP operating income declined 12% due to a $425 million charge tied to litigation stemming from the 2021 collapse of Greensill Capital.

Within that result, US and Canada growth lagged other regions, expanding just 3% on an underlying basis compared with 6% in EMEA and 5% in Asia Pacific, a gap that gives Palandra's mandate added significance: reaccelerating Canadian growth is not just a regional priority but one the parent company has flagged, even if indirectly, as an area where the broader group is underperforming relative to its international footprint.