Commercial insurance brokerage Navacord has announced the acquisition of Edmonton-based Benefit Consultants Inc., (BCI), effective July 1, 2019. The deal marks the establishment of Navacord’s group benefits and retirement presence in Western Canada.
BCI was established in 1975, making it one of the longest standing benefits brokerages in Alberta. It will be consumed by the benefits and retirement consulting division Lloyd Sadd Insurance Brokers, which is one of the founding Navacord Broker Partners.
Following the deal, the management team at BCI will remain the same under the leadership of Darcy Smith. The BCI team will continue to operate out of their current locations in Edmonton and Calgary.
“We’re very excited about joining Navacord as it creates a stronger future for our firm and for all of our clients,” said Darcy Smith, president of BCI. “Their approach is very collaborative, and we knew we came across something unique with Navacord’s way of doing business—allowing pockets of expertise to remain intact while still providing full service to clients.”
The acquisition of BCI is Navacord’s second benefits and retirement transaction in 2019 after it snapped up Ontario-based Future Benefits Management Inc. last month. Navacord executive chairman, T. Marshall Sadd, said the brokerage’s goal is to “to build one of the top benefits and retirement businesses in Canada.”
He added: “The addition of BCI positions us well in achieving this goal as well as offering our Western Canada clients expertise and service with local presence.”
