Navacord could be exploring opportunities in the United States and the United Kingdom going forward, this according to a recent exchange with the Insurance Portal, following the company’s announced “partnership” with Steers Insurance Limited.
The company’s July announcement that it has added Steers Insurance Limited to its ranks marks the seventh transaction the company has completed in 2026. Commercial and personal insurance broker Steers, formerly the largest independent insurance brokerage in Newfoundland and Labrador, also serves clients in Nova Scotia, New Brunswick and Prince Edward Island.
“Today’s announcement is an important milestone for Navacord as we expand into a new province and continue building our presence in Eastern Canada,” says Navacord’s president and CEO, Shawn DeSantis. The announcement continues saying the company is continuing work towards its next milestone of $2-billion in annual revenue. The Steers transaction adds 100 employees and more than $110-million in gross written premiums to the business.
In addition to the firm’s longstanding relationship with Lloyd’s of London and other markets, the announcement notes Steers’ reputation for client service and deep technical expertise.
In a statement to the Insurance Portal, Navacord notes that the addition of Steers gives the company a presence in all 10 provinces. “Through Acera Insurance we also have a physical presence in the Yukon,” they add. The firm does not have offices in the Northwest Territories or Nunavut. “Our aim is to secure the number one spot in the Canadian marketplace and potentially explore opportunities in the U.S. or U.K.,” a spokesperson for the company writes. “Our focus is not on completing transactions for the sake of volume; it is on finding firms with strong entrepreneurial spirit, a compatible culture and local expertise.”
Regarding the company’s $2-billion target, they add that there is no public timeline for reaching that revenue milestone. “This is already expected to be Navacord’s strongest year of revenue growth, supported by the Acera merger, Steers and continued organic growth,” they add. “Our focus is on reaching that milestone through sustainable growth and the right strategic partnerships.”
