Navacord Corp has acquired Future Benefits Management Inc (FBMI), a Toronto-based group benefits provider.
No financial terms were disclosed. FBMI will join JDIMI Consulting, Navacord’s broker partner focused on group benefits and retirement consulting.
Navacord, a Toronto-based commercial broker, said the acquisition will deepen its specialization and create a more robust service offering.
Last year, Navacord undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).
Navacord expands group benefits and retirement consulting capabilities with acquisition of Future Benefits Management Inc.
Navacord is the largest commercial broker in Canada offering clients a holistic solution that addresses business, personal and employee needs
TORONTO, June 4, 2019 /CNW/ – Navacord Corp. is pleased to announce the addition of Toronto based Future Benefits Management Inc., (FBMI), effective June 3, 2019.
Founded in 1995 and exclusively focused on group benefits, FBMI will be joining JDIMI Consulting, Navacord’s Broker Partner dedicated to group benefits and retirement consulting. The move will further deepen Navacord’s specialization across Broker Partners enabling a more robust service offering to clients.
“For more than twenty years we’ve been delivering exceptional service and value to our clients and are looking to take that commitment to the next level,” said John McLaren, Managing Partner of FBMI. “Joining forces with Navacord is the perfect solution as it gives us additional infrastructure and security allowing us to offer more under the banner of JDIMI Consulting.”
Navacord was created in 2014 and has grown to be the fifth largest commercial broker in Canada offering clients a holistic solution that addresses business, personal and employee needs.
“We are pleased to welcome John McLaren, Sean Gayton and their team,” said John Cochrane, President of JDIMI Consulting. “Navacord’s deep specialization on across its Broker Partners means we are able to combine our technical knowledge and industry insight to craft the best group benefits and retirement solutions for our clients.”
“The addition of FBMI’s skilled specialists to the expert advisers at JDIMI Consulting will further strengthen the opportunity for our Broker Partners to offer a holistic approach and unmatched suite of insurance services to our commercial clients,” said Shawn DeSantis, Navacord President and CEO. “Navacord is actively seeking to continue the expansion of their group benefits and retirement consulting solutions across Canada.”
Headquartered in Toronto, Navacord’s group of companies include thirteen Broker Partners across Canada and one Managing General Agent. Offering risk management and consulting solutions, Navacord is committed to the success of their clients and delivering expert advice in an increasingly complex world. Broker Partners deliver local, personalized service to their clients while being supported by the additional expertise, resources and efficiencies of a national brokerage.
Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to collaborate and grow while maintaining their unique identity and culture.
About Future Benefits Management Inc.
Founded in 1995, Future Benefits Management Inc. is dedicated to providing their clients with a high level of service excellence and fostering deep relationships that anchor their culture of partnership. FBMI is proud of the spirit of collaboration they have with their clients, companies and organizations and looks forward to continuing this local touch supported by the national strength of Navacord.
For further information: Sarah Turnbull, BlueSky Communications, 416 458 3878, firstname.lastname@example.org; Evergreen Lee, Marketing Director, Navacord, 416 526-7581, email@example.com