PE-backed Navacord buys Blanket Insurance, also acquires three other brokers

Toronto-based commercial insurance brokerage Navacord has closed its acquisition of Blanket Insurance and bought three other Canadian property and casualty brokers.

Toronto-based commercial insurance brokerage Navacord has closed its acquisition of Blanket Insurance and bought three other Canadian property and casualty brokers. They are Charlottetown, Prince Edward Island-based Cooke Insurance, Toronto-based Hull Group and Regina, Saskatchewan-based Smiths’ Insurance. Terms weren’t disclosed. Navacord is backed by Madison Dearborn Partners.

PRESS RELEASE

Toronto, ON (July 6, 2020) – Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in risk management services, is pleased to announce a series of partnerships with four prominent P&C brokers across Canada, solidifying Navacord’s position as the country’s fourth largest commercial broker.

In time for Canada Day, Navacord officially closes its deal with Blanket Insurance in Edmonton, AB, and welcomes Smiths’ Insurance in Regina, SK; The Hull Group in Toronto, ON; and Cooke Insurance, one of the largest independent brokerages in the Maritimes. With existing Broker Partners that span central and western Canada, these latest additions are another step in supporting Navacord’s vision of building the great Canadian brokerage.

“Navacord’s entrepreneurial partnership model continues to resonate with high-performing brokers in both the P&C and benefits sectors across Canada,” says T. Marshall Sadd, Executive Chairman of Navacord. “In addition to helping us scale into new geographical territory, each of these Broker Partners allows Navacord to expand upon our existing expertise, while deepening the depth of our product offerings and lines of business.”

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

“Brokers continue to join Navacord to take their business to the next level. Our model allows them to advance their growth journey while executing on their continued ownership and succession plans,” says Shawn DeSantis, President and CEO of Navacord. “Each new partner brings a unique perspective but shared vision to create synergies across Canada. We are excited to welcome Blanket Insurance, Smiths’ Insurance, The Hull Group and Cooke Insurance into Navacord.”

This latest series of broker additions represents a total of seven partnerships to date in Navacord’s fiscal year.

“As a leader in the Maritimes, we’re excited to partner with Navacord to collaborate with other top brokers across Canada, and continue to scale our business while maintaining the culture and experience our clients and team have come to expect and respect,” says Jeff Cooke, President of Cooke Insurance.
“We were drawn to Navacord’s model in great part because it supports the next phase of growth and business continuity through the next generation of entrepreneurial shareholders,” says Lindsay Panning, President of The Hull Group.

“Navacord’s excellent leadership team in Saskatchewan is a good fit for us and we are excited to collaborate with them as we continue our growth in Regina,” says Jordan Smith, manager at Smiths’ Insurance.

About Navacord
Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top four commercial insurance brokerages and a leader in risk management services with more than $1 billion in premiums. From commercial and personal insurance to surety, employee benefits, and retirement consulting, Navacord leverages national strength and a wealth of resources with the local-touch service of industry-specialized Navacord Broker Partners to deliver the trusted advice, expertise and custom insurance solutions our clients need to face the future with confidence.

With a unique ownership model and value proposition, Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to grow as a part of something bigger, while maintaining their distinct identity and culture. For more information, please visit navacord.com.