MDP-backed Navacord acquires Stone Insurance Brokers

Navacord Corp has acquired Stone Insurance Brokers, a Manning, Alberta-based commercial insurance brokerage specializing in forestry, farming, transportation and oil and gas. 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.

PRESS RELEASE

TORONTO, ON, February 16, 2022 – Navacord Corp., a trailblazer within the insurance industry and one of Canada’s top commercial insurance brokerages, is thrilled to announce the addition of Stone Insurance Brokers, effective February 1, 2022.

Based in Manning, Alberta, Stone Insurance Brokers services clients across Northern Alberta and B.C. – specializing in forestry, farming, transportation, and oil and gas. Known for their first-hand experience within their client’s sectors and deep industry knowledge, Stone has developed strong roots in the communities of Northern Alberta.

“Navacord provides an ideal structure that is unique in the industry which allows us to enhance what we’ve built in our market while supporting the development of our team, clients, and business,” says Daken Soroka, President and CEO, Stone Insurance Brokers. “We maintain the family name and the brand we’ve built, but with access to more markets and Navacord’s national resources, we can now better serve our clients and transition our brokerage to the next level of growth.”

“As a third-generation business joining Navacord, Stone Insurance demonstrates that our model continues to resonate with leaders across the industry and country,” says T. Marshall Sadd, Executive Chairman, Navacord. “We look forward to supporting them in their growth journey and for generations to come.”

This partnership is Navacord’s fourth in 2022, and their first in Western Canada this year. Stone Insurance Brokers expands Navacord’s reach in the province to service more of Northern Alberta—a unique region with equally specialized industry niches that require the expert advice and boots-on-the-ground approach offered by Stone.

“Stone Insurance is a prime example of what we look for in new partners—impressive growth, strong client focus, and a commitment to innovative risk management solutions,” says Shawn DeSantis, President & CEO, Navacord. “They have built a strong reputation across their region and within the sectors they do business and we are excited to support their continued success.”

Navacord has secured their position as the fourth-largest commercial brokerage in Canada thanks to a unique model that focuses on partnerships with high-performing, entrepreneurial brokers. This transaction reinforces their status as a national leader dedicated to the diverse need of clients in communities big and small, from coast-to-coast.
Stone Insurance Brokers will be supported by founding Navacord Broker Partner, Lloyd Sadd Insurance Brokers.

About Stone Insurance Brokers
A third-generation, family-run business founded in 1988, Stone Insurance Brokers is a full-service commercial brokerage in Manning, Alberta. Specializing in forestry, farming, transportation, and oil and gas, Stone has built a rich foundation in Northern Alberta thanks to their familiar presence and longstanding relationships in the communities where they live and work. Stone is known for their first-hand experience and expertise within the sectors that drive their regional growth and have built a reputation on providing trusted advice and personalized service.