- PIB is a multi-line insurance and financial services agency and RWAM is a third-party administrators of group insurance benefits
- Both have their headquarters in Elmira, Ontario
- Madison Dearborn recently made an additional investment in Navacord
Navacord Corp, a portfolio company of Madison Dearborn Partners, has acquired RWAM Insurance Administrators (RWAM) and Programmed Insurance Brokers (PIB), which operate in the insurance and wealth management sector. No financial details of the transaction were disclosed.
In a statement, Navaccord, a Toronto-based multi-line insurance and risk management brokerage business, said the deal is its largest to date.
PIB is a multi-line insurance and financial services agency and RWAM is a third-party administrators of group insurance benefits. Both have their headquarters in Elmira, Ontario.
“RWAM and PIB have earned stellar reputations in the insurance industry and their addition to Navacord will bolster our capabilities and enhance our ability to address the evolving needs of our clients,” said T Marshall Sadd, executive chairman of Navacord. “We look forward to the exciting opportunities that lie ahead.”
Madison Dearborn made its initial investment in Navacord in 2018. This month, the firm announced an additional investment.
Madison Dearborn is a Chicago-based private equity firm focused on buyout and growth equity strategies.