Navacord Corp, backed by Madison Dearborn Partners, has acquired Beneplan, a Toronto-based co-operative buying group focused on employee benefits. No financial terms were disclosed. Based in Toronto, Navacord is a commercial insurance brokerage and group health and wealth solutions provider.
Toronto, ON, April 6, 2022 – Navacord Corp., Canada’s fourth-largest commercial brokerage, is excited to announce their newest partnership with Beneplan, effective April 1, 2022.
Beneplan, an industry disruptor in health benefits, has stood out from their competitors since they were founded in 2000. With a vision of fairness and honesty overcoming profit, Beneplan has dedicated themselves to fighting for the “underdogs” — small to medium-sized businesses that seek affordable healthcare for their staff.
“Navacord is our partner of choice because they actually look like us, understand entrepreneurs, and wholeheartedly believe in our vision—and our fight for the underdog,” says Yafa Sakkejha, CEO, Beneplan. “Partnering with Navacord will give us the national leverage we need to continue our path as an industry trailblazer.”
“Like us, Beneplan are entrepreneurs who hold the beating heart of the customer close—building and providing something truly unique and innovative to brokers across Canada,” says Shawn DeSantis, President and CEO, Navacord. “We support that visionary attitude and look forward to continuing to change the landscape together.”
The Toronto-based co-operative buying group understands that businesses are often left in the dark when it comes to the intricacies and value behind employee benefits. That’s why, through their refundable health insurance plan, they both return all unused premiums back to their clients at the end of the year, and also secure the lowest premiums and rates, and exclusive coverages from large insurers through their collective negotiating power.
“We are always on the lookout for innovators and builders looking to grow,” says T. Marshall Sadd, Executive Chairman, Navacord. “Beneplan is ahead of the curve and by working together we believe they can stay there and continue to give back to employers across Canada.”
This announcement marks Navacord’s sixth partnership in three months as their unique value proposition continues to resonate and support Canadian entrepreneurial brokers from coast to coast.
In 2000, Mark Faiz had a vision: to disrupt the health benefits industry by fighting for small businesses that simply want affordable healthcare. Beneplan was founded on the pillars of transparency, honesty, and ethics—by treating clients as owners and giving back their unclaimed premiums, a practice that has continued to resonate with small to medium-sized businesses across Canada.
Today, Beneplan is manages Canada’s only co-operative buying group that is owned by the customer and has been able to reinject over $25 million back into Canadian businesses.
Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top four commercial insurance brokerages. With over $2.5 billion in premiums, Navacord stands as a leader in group insurance and risk management solutions. From commercial and personal insurance to surety, employee benefits and retirement consulting, Navacord leverages national strength and resources with the local-touch service of industry-specialized Navacord Broker Partners to deliver the trusted advice, expertise and custom insurance solutions clients need to face the future with confidence.
With a unique ownership model and value proposition, Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to grow as a part of something bigger, while maintaining their distinct identity and culture.