Navacord Corp., Canada’s fourth-largest commercial brokerage, has acquired industry disruptor Beneplan – its sixth purchase in three months.
“Navacord is our partner of choice because they actually look like us, understand entrepreneurs, and wholeheartedly believe in our vision—and our fight for the underdog,” said Yafa Sakkejha, CEO of Beneplan. “Partnering with Navacord will give us the national leverage we need to continue our path as an industry trailblazer.”
Toronto-based Beneplan, founded in 2000, is a co-operative buying group that uses refundable health insurance plans, returning all unused premiums back to clients at the end of the year. So far, it has been able to reinject more than $25 million back into Canadian businesses.
Beneplan says it also secures the lowest premiums and rates and exclusive coverages from large insurers through their collective negotiating power.
“We are always on the lookout for innovators and builders looking to grow,” said T. Marshall Sadd, Executive Chairman, Navacord. “Beneplan is ahead of the curve and by working together we believe they can stay there and continue to give back to employers across Canada.”