The acquisitions will strengthen Navacord’s position as an insurance broker in Canada by bringing complementary areas of specialisation
Navacord, a Canada-based commercial insurance brokerage firm, has closed the acquisition of four property and casualty (P&C) brokers in the country.
The firm believes that the move is touted to strengthen its position as the fourth largest commercial broker.
The deal includes Blanket Insurance in Edmonton, Alberta, Smiths’ Insurance in Regina, Saskatchewan, The Hull Group in Toronto, Ontario and Cooke Insurance in the Maritimes. The four P&C brokers will be added to the existing broker partners of Navacord across central and western Canada.
Navacord executive chairman Marshall Sadd said: “Navacord’s entrepreneurial partnership model continues to resonate with high-performing brokers in both the P&C and benefits sectors across Canada.
“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.”
Navacord stated that each of the brokers that it had acquired has a history of strong growth and brings different areas of specialisation to the company complement its sectors of focus.
The partnerships are expected to bring continued growth to Navacord’s model that is particularly attractive to entrepreneurial brokers who want to maintain their individual integrity while growing along with a larger organisation.
Navacord president and CEO Shawn DeSantis said: “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.
“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.”
The deals are part of seven partnerships for Navacord this fiscal year
Cooke Insurance president Jeff Cooke said: “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.”
The Hull Group president Lindsay Panning said: “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.”
Smiths’ Insurance manager Jordan Smith said: “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.”