Navacord Inc., one of the largest privately owned and largest commercial brokers in Canada, announced on Thursday that Alberta brokerage Iridium Risk Services – which is focused exclusively on the Canadian and international energy sector – will join Navacord effective June 30.
T. Marshall Sadd, executive chairman at Navacord, said in a press release that “Iridium’s corporate culture and industry specialization are well aligned with the guiding principles that drive our national strategy. The team’s highly skilled, innovative risk consultants will add value for all our broker partners and help us increase our footprint in the energy sector in North America.”
Related: Navacord Inc. announces Petrela, Winter & Associates as new broker partner
Valerie Cusano will transition from president of Iridium Risk Services to senior client advisor and will be a specialist resource to Iridium and Navacord. She will be handing over the leadership of the company to Roger Swierstra, who will assume the role of president at Iridium. Cusano will continue her role as a director and shareholder of Iridium.
While there will be no changes to the operational structure of the business, the Iridium team will now benefit from a wealth of expertise, innovation, enhanced buying power, talent development and administrative support, while maintaining their regional focus and brand, the statement said. The company will continue to operate as Iridium Risk Services.
With this new partnership, Navacord is now one of the top five largest commercial insurance brokerages in Canada. The company’s broker partners generated over half a billion in premium volume last year and have more than 400 insurance professionals on staff.
“We are very pleased with the interest and support we have experienced across Canada and in particular the Alberta marketplace,” said Shawn DeSantis, president & CEO at Navacord. “With two highly esteemed broker partners now in Alberta, we are well positioned in both the Calgary and Edmonton marketplace. The addition of Iridium makes Navacord one of the largest commercial brokers in Alberta.”
In early June, Novacord announced that Toronto-based Petrela, Winter & Associates was joining its network. Over its 36-year history, Petrela, Winter & Associates has maintained its distinctive focus, providing professional bonding, insurance and business consulting services to construction companies.