Waypoint Insurance, owned by Navacord group, has acquired FX Insurance Brokers on June 23.
This Vancouver-based brokerage is active in specialized insurance solutions for complex construction projects in the Greater Victoria area. It has a staff of over 260 people in 21 offices.
Waypoint Insurance says this strategic acquisition is in line with its growth strategy and its quest to deepen its presence in real estate, FX Insurance's core business.
“We’re excited about broadening our expertise in the construction sector while expanding our presence on Vancouver Island," said Tony Hayes, CEO of Waypoint Insurance.
Eleventh acquisition in 2021
This acquisition is Navacord's 11th in 2021, Insurance Portal learned. The previous four were closed earlier in June.
This is the third deal the group made through its subsidiary Waypoint. The second was announced in March.
Since its inception in 2014, Navacord has quickly become one of the top four commercial brokers in Canada, generating more than $2.5 billion in premium revenue.