Navacord Corp. has acquired Penmore Benefits Inc., effective Feb. 1.
Navacord, a commercial insurance brokerage, announced the acquisition Feb. 4, saying Penmore’s approach to business, including its service, solutions and focus on employee development is similar to its own approach.
Shawn DeSantis, Navacord president and CEO, adds that Penmore Benefits brings specialised benefits expertise and additional global market access to Navacord and its clients. Penmore, meanwhile, is expected to benefit from Navacord’s backing, national relationships, technology and infrastructure support.
A division of The Penmore Group, Penmore Benefits provides benefits and retirement programs, including international benefits, to small and medium-sized businesses in both the public and private sectors. “Our partnership with Navacord aligns with our vision – with how we, as a company, want to move forward and grow our business,” says Penmore’s chief operating officer and managing partner, Lio Spagnuolo.
Penmore Benefits will continue to operate independently as a Navacord broker partner going forward.