About MSA Research Inc.


Market-Security Analysis & Research Inc. is a Canadian-owned, independent and impartial analytical research firm that is focused on the Canadian insurance industry.

MSA’s mission is to provide Canada’s insurance professionals with comprehensive financial information, unparalleled analytical tools and rigorous research on a consistent basis.

MSA is the dominant provider of financial information relating to Canadian insurers. Its reports and software are used by over 90% of Canadian P&C insurers, reinsurers, reinsurance brokers, commercial brokers, all broker associations, all major audit/actuarial firms, equity research and investment banking shops, regulators, governments, TPA's, academics and many others.

MSA is also the organization behind Canada's most prominent annual property & casualty insurance conference: The National Insurance Conference of Canada (NICC).

MSA was founded by Joel Baker in 2003 and commenced operations in March 2004.


Biography of Joel Baker, President and CEO of MSA Research Inc.

Joel Baker has devoted his career to the insurance industry, gaining expertise as one of Canada’s leading authorities on insurance industry analytics.

In 2004, he founded MSA Research Inc., the renowned analytical research and financial publishing firm entrusted to provide independent, accurate research and analysis to all those who have a stake in the Canadian insurance industry. MSA Research Inc.’s clients include the overwhelming majority of Canada’s insurers, reinsurers, brokers, reinsurance brokerages, risk managers, industry associations, regulators, investment bankers and equity analysts.

Joel began his career in the insurance industry with the Sun Alliance Insurance Company of Canada, now part of RSA Canada. In 1994, recognition of his analytical capabilities resulted in him being offered the position of General Manager with the Canadian rating agency, TRAC Insurance Services Ltd., which he led until 1999. When the company was acquired by A.M. Best, he led A.M. Best Canada for four more years.

Joel’s depth of understanding of the Canadian insurance industry makes him frequently called upon to comment on industry results. He is often quoted on his unique perspective of the industry.

In 2007, he launched the National Insurance Conference of Canada (NICC), which is Canada’s P&C industry’s pre-eminent leadership forum. The highly anticipated 11th NICC will be held in Quebec City from October 1-3, 2017.

A second conference focused solely on financial and actuarial issues confronting insurers was launched by MSA in 2010: The Canadian Insurance Financial Forum (CIFF). The event will be held on May 15-16, 2018 at the White Oak Resort & Spa in Niagara-on-the-Lake.

In addition, now going into its third year, the International Cyber Risk Management Conference (ICRMC) addresses the most salient and timely cyber-risk issues affecting society and the economy. The 2018 ICRMC will be held at the Metro Toronto Convention Centre in Toronto on April 11-12, 2018.

In 2014, with the support of the insurance and reinsurance industries, Joel launched Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ is recognized as Canada’s premier source of cat loss indices and meteorological information serving the insurance/reinsurance/ILS communities as well as governments. CatIQ itself runs a content-rich and cross sector catastrophe conference. CatIQ's Canadian Catastrophe Conference (C4) runs  Jan 31-Feb 2, 2018 at the Hilton Lac-Leamy in Gatineau-Ottawa.

Joel is also CEO of Northwind Professional Institute. Northwind is recognized as Canada’s pre-eminent provider of tailored forums for senior business executives and policymakers across a wide variety of sectors.

Joel Baker is a Chartered Insurance Professional (CIP). He has an M.Sc. in Statistics and Stochastic processes (1991) and a B.Sc. in Mathematics (1989). Joel is a member of CFA Institute, The International Insurance Society, The Toronto CFA Society, and The Insurance Institute of Canada.

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