Madison Dearborn-backed Navacord makes three acquisitions

Navacord Corp has acquired Ontario-based Group Lockhart and PGI Financial and New Brunswick-based Maritime Group Benefits, all insurance brokers.

Navacord Corp has acquired Ontario-based Group Lockhart and PGI Financial and New Brunswick-based Maritime Group Benefits, all insurance brokers. No financial terms were disclosed. Toronto-based Navacord, a commercial insurance brokerage and group health and wealth solutions provider, is backed by Madison Dearborn Partners.


TORONTO, January 10, 2022 – Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in group health and wealth solutions, kicks off 2022 announcing the addition of three unique benefits Broker Partners: Group Lockhart Inc. and PGI Financial in Ontario, and Maritime Group Benefits in New Brunswick.

As leaders in their respective communities, each of the new Broker Partners have a history of strong growth and bring different areas of specialization to complement Navacord’s sectors of focus. Navacord’s partnership ensures continued growth thanks to its unique model that is particularly attractive to entrepreneurial brokers who want to maintain their individual integrity while growing together with a larger organization.

With over 60 years of combined benefits experience, Group Lockhart Inc. and PGI Financial have managed to carve out impressive proprietary association endorsements and national programs within the hospitality and auto-dealership sectors, while also specializing in local small- to mid-sized corporate accounts.

“On our P&C side, Navacord has incredible depth and experience within the hospitality and auto-dealership sectors in Canada,” says T. Marshall Sadd, Executive Chairman, Navacord. “The expertise and relationships that both PGI and Group Lockhart bring with them are a powerful complement that also allow us to provide a vital service to recovering sectors of our economy that are demanding expert advice as they navigate a changing environment for their employees and customers.”

On the East Coast, co-founded in 2012 by Haldean (Dean) Clark, Maritime Group Benefits (MGB) offers an innovative and thoughtful approach to benefit and retirement plan design. MGB enables long-term plan sustainability and delivers above average plan performance—protecting the health and wealth of client employee groups and reducing corporate risk.

“MGB has built a strong reputation and business that reinforces the power and importance of local-touch service in Canada’s distinct regional markets,” says Shawn DeSantis, President and CEO, Navacord. “We’re excited to support MGB’s continued growth—of talent, expertise, and business—while collaborating and exploring the synergies that exist for our clients as we deepen our reach within Atlantic Canada.”

Navacord has grown to be the fourth largest commercial brokerage in Canada thanks to a unique model focused on organic growth and partnerships with high-performing, entrepreneurial brokers. Further demonstrating Navacord’s strategic investment in the group retirement and benefits marketplace, these transactions support their position as a national leader able to put in place sustainable and competitive group programs that address the diversity of needs that clients and their employees demand from coast-to-coast.

PGI Financial will be supported by fellow Navacord Broker Partner, JDIMI Consulting Inc. in Mississauga, ON, with Group Lockhart Inc. and Maritime Group Benefits being supported by Selectpath Benefits and Financial through their London, ON, and Saint John, NB, office locations.