Madison Dearborn-backed Navacord acquires two brokers

Navacord Corp has acquired Essex, Ontario-based broker Ives Insurance Brokers and Sudbury, Ontario-based broker Northern Insurance Brokers.

Navacord Corp has acquired Essex, Ontario-based broker Ives Insurance Brokers and Sudbury, Ontario-based broker Northern Insurance Brokers. No financial terms were disclosed. Toronto-based Navacord, a commercial insurance brokerage and risk management services provider, is backed by Madison Dearborn Partners.

PRESS RELEASE

November 4, 2021

Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in risk management services, is pleased to announce the addition of Ontario-based brokers Ives Insurance Brokers Ltd. and Northern Insurance Brokers, formerly known as Algoma Insurance Limited. Representing Navacord’s largest partnerships in Ontario this year, together the two deals deepen the company’s reach in two unique regions and significantly expands its presence across the province.

Serving Northern Ontario communities since 1941, Northern Insurance Brokers is a leading full-service insurance brokerage with a track record of continued growth, as well as a reputation as a trusted advisor with deep roots and many multi-generational clients within the local community. Northern places both personal and commercial lines, with mid-market clients across the construction, contracting, forestry, manufacturing, and municipal public practice sectors.

Northern Insurance Brokers’s continual evolution over the past 80 years exemplifies the strong entrepreneurial leadership and drive that we seek in our broker partners. With ambitions to further grow their presence in the North, we’re excited to support them in driving increased scale and competitiveness and taking the next step in their growth trajectory. – Shawn DeSantis, Navacord President and CEO.

Leading as the largest independent commercial brokerage in the Southwestern Ontario region, Ives Insurance is a family-owned operation with an unparalleled understanding of the region’s market. Recognized for their ability to find innovative solutions for challenging placements, the company offers wide-ranging expertise spanning home and auto insurance, as well as specialty coverage for the transportation, hospitality, construction and manufacturing sectors.

“The addition of Ives Insurance, a fast-growing business, solidifies our leadership in the transportation insurance space,” says T. Marshall Sadd, Executive Chairman of Navacord. “We’re happy to welcome both the Ives and Northern teams to Navacord as we continue to reaffirm our commitment to serving our clients in Ontario and deepening our presence across Canada’s largest market.”

Navacord has grown to be the fourth largest commercial broker in Canada thanks to a unique model focused on organic growth and partnerships with high-performing, entrepreneurial brokers. These two latest broker additions represent a total of 15 partnerships to date in 2021.

One of the things that drew us to Navacord is a shared service- and community-oriented culture. We look forward to continuing to do what we do best – but now in conjunction with the strength of Navacord’s team and all the partnerships across Canada coming together. – Ryan Bentley, President & CEO, Northern Insurance.

“As a leader in the Southwestern Ontario region, tapping into the synergies between our local expertise and Navacord’s national strength will allow us to better serve our clients while we continue to expand our operations,” said Jeff Ives, President of Ives Insurance.