Lockton, the world's largest privately held independent insurance brokerage, has appointed Stéphane Lespérance as Chief Executive Officer of its newly established Canadian business, effective immediately. The Toronto-based appointment signals Lockton's commitment to building a standalone Canadian retail operation and marks a significant executive capture from Aon Canada, where Lespérance served as President and CEO.
Ron Lockton, the firm's Chairman and CEO, emphasized the strategic importance of the Canadian market in the announcement. "Canada is one of the world's top 10 insurance markets, a sophisticated, globally connected economy where businesses are navigating increasingly complex, interconnected risks," Lockton said, noting that the company has heard consistent demand from clients for deeper specialization and a client-centric advisory model. The appointment reflects Lockton's broader expansion strategy, which combines Canadian-led leadership with access to its global network and expertise spanning 160+ countries. The company operates the Canadian business as Lockton Brokers, ULC.
Lespérance brings nearly three decades of risk management experience, having spent 24 years in progressively senior roles at Aon Canada beginning in the late 1990s. He was appointed President of Commercial Risk and Health Solutions in Canada in 2019 and assumed the title of President and CEO in 2025, succeeding Christine Lithgow who retired after 35 years with Aon. His background includes developing complex risk management strategies for large multinational organizations across North America, Europe and Asia. Lespérance holds a degree in risk management from l'Université du Québec à Montréal and completed executive education at Northwestern University's Kellogg School of Management and the University of Chicago Booth School of Business. He was elected Chair of the Board of Governors for The Insurance Institute of Canada in October 2025, one of the industry's most prestigious leadership positions.
Lockton has demonstrated sustained momentum in recent years, reporting global revenue of $4.5 billion for fiscal year 2026, representing 12% growth year over year with 11% organic expansion. The firm has achieved six consecutive years of double-digit organic growth, reflecting strength across its diversified platform spanning the United States, international operations, and its reinsurance business. Based in Kansas City, Missouri, Lockton employs approximately 15,000 people globally and operates more than 150 offices. The company's privately held structure has historically enabled long-term investment cycles and a focus on client relationships over short-term financial pressures, differentiating it from public competitors including Aon, Marsh McLennan, Arthur J. Gallagher, and Brown and Brown.
The Lespérance appointment suggests Lockton intends to compete aggressively for mid-market and large-cap Canadian clients by leveraging his established relationships and credibility in the market. Lespérance's recent visibility as IIC Chair indicates strong industry standing and potential access to a broad network of prospects and referral sources. His departure from Aon Canada represents a notable loss for the competitor, which recently navigated leadership changes following the departure of its president. The timing coincides with intensifying competition in the Canadian insurance brokerage market, where clients increasingly seek specialized advisory services across risk management, employee benefits, and workforce solutions. Lespérance's mandate to build a Canadian leadership team and expand local market presence suggests Lockton expects to announce additional senior hires in coming months as it scales operations beyond its existing alliance relationships in Canada.
