PE Deals

MDP-backed Navacord bags Condominium Insurance Solutions

With headquarters in Toronto, Navaccord is a multi-line insurance and risk management brokerage business.

-
  • Condominium Insurance Solutions is a Markham, Ontario-based provider of condominium insurance programs
  • Madison Dearborn made an initial investment in Navacord in 2018
  • In May of this year, the US private equity firm announced an additional investment

Navacord Corp, a portfolio company of Madison Dearborn Partners (MDP), has acquired Condominium Insurance Solutions (CIS), a Markham, Ontario-based provider of condominium insurance programs. No financial details of the transaction were disclosed.

With headquarters in Toronto, Navaccord is a multi-line insurance and risk management brokerage business.

Madison Dearborn made an initial investment in Navacord in 2018. In May of this year, the firm announced an additional investment.

“We are pleased to welcome CIS to the Navacord group, which will position us well to capitalize on expanding our value proposition for our clients,” said Shawn DeSantis, president and CEO of Navacord, in a statement. “Condominium Insurance Solutions is an industry leader in underwriting, data collection, and claims management in the condominium space. Combined with Navacord’s scale, the CIS partnership sets us up well for significant growth in this sector.”

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