PE-backed Navacord buys Blanket Insurance

Navacord, a portfolio company of Madison Dearborn Partners, has acquired Edmonton-based Blanket Insurance, a provider of insurance services and solutions.

Navacord, a portfolio company of Madison Dearborn Partners, has acquired Edmonton-based Blanket Insurance, a provider of insurance services and solutions. No financial terms were disclosed. Toronto-based Navacord is one of Canada’s top commercial insurance brokerages.

PRESS RELEASE

TORONTO, April 14, 2020 – Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in risk management services, has signed a definitive agreement to acquire Edmonton-based brokerage Blanket Insurance Ltd. The closing of the transaction is subject to customary conditions and approvals.
Founded in 2008, Blanket Insurance Ltd. is a niche brokerage providing a full range of customized insurance services and solutions to address the needs of both businesses and individuals, including property, automobile, and specialty insurance products. Blanket Insurance Ltd. will operate as a division of Lloyd Sadd Insurance, a Navacord broker partner.

“We’re delighted to welcome Blanket to the Lloyd Sadd team” said Chris Huebner, Lloyd Sadd President and CEO. “Blanket’s complimentary expertise will enable us to continue to find opportunities to grow.”

Navacord’s Executive Chairman, T. Marshall Sadd, points to the company’s unique model as an important draw for brokers such as Blanket Insurance. “Our model continues to resonate with entrepreneurial brokers and we look forward to 2020 being another strong growth year for new partners joining our business,” said Sadd.

About Navacord
Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top five 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.