Navacord has announced its acquisition of RWAM Administrators and Programmed Insurance Brokers, the largest for the brokerage thus far.
This will help the Toronto-based company expand its profile in the insurance and wealth management sectors.
Navacord president and CEO, Shawn DeSantis, said: “We are delighted to welcome RWAM and PIB to Navacord
“The addition of these two partners represent a significant milestone in our journey of providing unparalleled services and expanding our market presence.
“By joining forces with RWAM and PIB, we strengthen our expertise, broaden our reach, and deepen our commitment to delivering excellence to our clients.”
"These partnerships align perfectly with our growth strategy,” said T. Marshall Sadd, executive chairman of Navacord. “RWAM and PIB have earned stellar reputations in the insurance industry, and their addition to Navacord will bolster our capabilities and enhance our ability to address the evolving needs of our clients. We look forward to the exciting opportunities that lie ahead."
RWAM, which was incorporated in 1988, is one of Canada's largest third-party administrators (TPA) of group insurance benefits, providing protection to over 250,000 Canadians from coast to coast with 180 employees and $307 million in GWP. Navacord plans to leverage RWAM's expertise to drive growth, expand its reach in key markets and deepen its TPA solution offering to clients across the nation.
Programmed Insurance Brokers (PIB), headquartered in Elmira, Ontario, is a national multi-line insurance and financial services agency. It provides tailored, multi-line insurance and wealth management solutions to businesses and individuals, including P&C, group benefits, wealth and retirement planning. Partnering with PIB will enable Navacord to tap into its specialized knowledge, enhance its offerings and leverage its extensive network.
In other Navacord news, the company announced that it will extend its partnership with private equity firm, Madison Dearborn Partners, in a bid to reach $1 billion in revenue. The private equity house first joined forces in 2018.
Navacord expects to accrue revenues of over $700 million by the end of 2023.
