Navacord Corp. one of the largest commercial insurance brokers in Canada, has today announced four new acquisitions that will allow the firm to service clients coast to coast.
The brokerage giant has officially closed its deal with Blanket Insurance in Edmonton, AB, while also welcoming Smiths’ Insurance in Regina, SK; The Hull Group in Toronto, ON; and Cooke Insurance, one of the largest independent brokerages in the Maritimes. The partnership with Cooke Insurance is highly significant because it marks Navacord’s official entry into the Maritimes.
While the impact of COVID-19 may have stalled some M&A activity in the insurance sector, Navacord has continued to execute on its growth plan. T. Marshall Sadd, executive chairman of Navacord, attributes this to Navacord’s “entrepreneurial partnership model,” which he says resonates with high-performing brokers across Canada.
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Lindsay Panning, president of The Hull Group, commented on Navacord’s model, saying: “We were drawn to [it] in great part because it supports the next phase of growth and business continuity through the next generation of entrepreneurial shareholders.”
Likewise, Jordan Smith, manager at Smiths’ Insurance, pointed towards the growth opportunities that Navacord promises, commenting: “Navacord’s excellent leadership team in Saskatchewan is a good fit for us and we are excited to collaborate with them as we continue our growth in Regina.”
Following the acquisitions, all four brokerages will maintain their own brand, office, staff and client relationships, while leveraging Navacord’s national scale, infrastructure and stability.
“As a leader in the Maritimes, we’re excited to partner with Navacord to collaborate with other top brokers across Canada, and continue to scale our business while maintaining the culture and experience our clients and team have come to expect and respect,” said Jeff Cooke, president of Cooke Insurance.
This latest series of broker additions represents a total of seven partnerships to date in Navacord’s fiscal year. Shawn DeSantis, president and CEO of Navacord, commented: “Brokers continue to join Navacord to take their business to the next level. Our model allows them to advance their growth journey while executing on their continued ownership and succession plans. Each new partner brings a unique perspective but shared vision to create synergies across Canada. We are excited to welcome Blanket Insurance, Smiths’ Insurance, The Hull Group and Cooke Insurance into Navacord.”
