Madison Dearborn-backed Navacord buys Medi-Quote Insurance Brokers

• Based in Toronto, Navacord is a multi-line insurance and risk management brokerage business
• Medi-Quote’s acquisition, Navacord’s second acquisition in the travel insurance sector, will advance the company’s presence in Manitoba after entering the province for the first time last year
• Earlier in 2023, Madison Dearborn announced an additional investment in Navacord

Navacord Corp, a portfolio company of Madison Dearborn Partners, has acquired Medi-Quote Insurance Brokers, a Winnipeg-based insurance brokerage specializing in travel and medical insurance. No financial details of the transaction were disclosed.

Based in Toronto, Navacord is a multi-line insurance and risk management brokerage business.

Medi-Quote’s acquisition, Navacord’s second acquisition in the travel insurance sector, will advance the company’s presence in Manitoba after entering the province for the first time last year.

“Partnering with Medi-Quote allows us to tap into the vast potential of the travel insurance market while continuing to focus on our strategic growth initiatives that align with our long-term vision,” said T Marshall Sadd, executive chairman of Navacord, in a statement. “We are excited to add their product offerings so that we can capitalize on cross-sell opportunities for our personal insurance clients and continue to deliver remarkable service to our clients in Manitoba and Alberta.”

Madison Deadborn Partners made an initial investment in Navacord in 2018. Earlier this year, the firm announced an additional investment.

Madison Dearborn is a Chicago-based private equity firm focused on buyout and growth equity strategies.