Navacord Corp has acquired Blackfalds, Alberta-based Ing & McKee, Oakville, Ontario-based Navigo Financial Solutions and Ottawa-based Risk Balance, all property and casualty and group benefits brokers. It also bought the Maritimes group benefits and pension division of Owens MacFadyen Group. No financial terms were disclosed. Toronto-based Navacord, a commercial insurance brokerage, is backed by Madison Dearborn Partners.
TORONTO, June 10, 2021 – Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in risk management services, is pleased to announce a record number of partnerships in one month with four brokers across Canada, all effective in June.
The new partnerships represent a nearly coast-to-coast mix of P&C and group benefits brokers including Ing & McKee Insurance in Central Alberta; Navigo Financial Solutions in Oakville, and Risk Balance Inc. in Ottawa, Ontario.
In addition, Navacord is expanding its Broker Partner operations with the addition of the group benefits and pension division of Owens MacFadyen Group (OMG) in the Maritimes—opening Selectpath Benefits and Financial branded branch offices in Nova Scotia and New Brunswick.
This series of partnerships and expansions demonstrate Navacord’s commitment to the continued growth of its Broker Partners and focus on strengthening the local-touch broker experience across Canada’s regionally diverse markets.
“As Navacord continues its growth trajectory with a strong mix of high-performing brokers in both the P&C and benefits sectors, we are also reinforcing the power of local-touch service, particularly in Canada’s distinct regional markets,” says T. Marshall Sadd, Executive Chairman of Navacord. “Each of these Broker Partners allows Navacord to expand upon our existing expertise, while deepening critical local relationships within the unique communities they support and serve.”
Each of the new brokers adds experienced commercial, P&C and benefits teams to Navacord, and the partnerships ensure continued growth thanks to Navacord’s unique model that is particularly attractive to entrepreneurial brokers who want to maintain their local autonomy while growing together as part of a larger organization.
“This recent round of additions proves that we deliver on the promise of our model, by helping brokers take their business to the next level as they grow with us, while underscoring the value and importance of in-touch, local representation,” says Shawn DeSantis, President and CEO of Navacord. “We are excited to welcome each of these new Broker Partners into Navacord as we continue our vision of building the great Canadian brokerage.”
This latest series of broker additions represents a total of 9 new partnerships, 18 new locations and over 430 additional employees for Navacord this year—with more expected this summer as they progress towards $3 billion in premium.
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 $2.5 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.