Commercial insurance brokerage, Navacord Corp., announced June 10 that it has formed nine new partnerships, acquiring four brokers across Canada throughout the month of June.
The property and casualty (P&C) and group benefits brokers being acquired by the firm include P&C firm, Ing & McKee Insurance in central Alberta, group and executive benefits and individual wealth planning firm Navigo Financial Solutions in Oakville, Ontario and venture and commercial insurance firm, Risk Balance Inc. of Ottawa.
Group benefits acquisition
In addition, Navacord says it is expanding operations with the acquisition of the group benefits and pension division of the Owens MacFadyen Group in the Maritimes and will open Selectpath Benefits and Financial-branded branch offices in Nova Scotia and New Brunswick.
“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,” says Navacord executive chairman, T. Marshall Sadd. “Each of these broker partners allows Navacord to expand our existing expertise while deepening critical local relationships within the unique communities they support and serve.”
Under the agreements, Navacord acquires 18 locations with more than 430 employees. It says it expects to announce more deals over the course of the summer, in an effort to increase the firm’s current $2.5-billion in annual premiums to $3-billion.
