Navacord Corp., a commercial insurance brokerage, announced on July 22 the acquisition of Ontario-based brokers Selectpath Benefits and Financial Inc. and ProBenefits Consulting Inc.
Navacord has carried out a number of acquisitions in recent months. The company says the acquisitions of Selectpath and Probenefits will strengthen its position in the Canadian benefits space – a priority growth area for the company.
The addition of Selectpath and ProBenefits “more than doubles Navacord’s benefits revenue, while adding considerable market share, capabilities, product and service options for clients,” says the company.
With a strong presence in Ontario’s southwestern region, Selectpath is one of the largest independent benefits consulting firms in Canada, says Navacord.
“Selectpath deepens our leadership and expertise and expands on our multi-line approach with a broader scope of products and services,” says Shawn DeSantis, Navacord President and CEO. “The Selectpath team brings significant new capabilities in financial planning, Human Resources management, HRIS and payroll – something not many other brokers can offer.”
ProBenefits, also based in Ontario, specializes in designing innovative, customized and sustainable benefits and pension plans. Navacord says the addition of ProBenefits broadens its benefits and pensions business in the Toronto area.
“Navacord continues to attract strong, like-minded brokers who wish to partner with a national organization to scale or build out their service offerings while maintaining their unique brand, culture, and autonomy,” says T. Marshall Sadd, Executive Chairman of Navacord. “We’re happy to welcome the Selectpath and ProBenefits teams to Navacord as we continue to expand and enhance our benefits business.”
