Navacord expands its travel business

Navacord has doubled the size of its travel insurance portfolio with the recent acquisition of SécuriGlobe assurance voyage.

“This is Navacord’s largest partnership of 2024 and its most substantial travel partnership to date,” the brokerage announced today.

Founded in 1999, SécuriGlobe assurance voyage is one of the largest travel insurance brokers in Canada. Business information websites such as ZoomInfo and RocketReach report the number of its travel brokerage employees at between 30 and 40, with an annual revenue of between $30 million and $35 million.

“Headquartered in Montreal, the renowned travel protection and health insurance distributor doubles the size of Navacord’s travel portfolio while also expanding its presence in Quebec,” Navacord says in its announcement of the deal. “Catered mainly towards the snowbird population, SécuriGlobe also specializes in products for visitors to Canada and emergency medical.”

SecuriGlobe’s snowbirds coverage includes a variety of travel destinations (including the Caribbean, South America, Portugal and Mexico); multi-trip coverage; and qualified coverage for travelers with pre-existing health conditions (such as diabetes, stroke, heart conditions or high blood pressure), as long as the conditions are stable and there are no outstanding medical tests before the trip.

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SecuriGlobe says it has more than 1,000 active partners around the globe, including Blue Cross, and has access to 14 different insurers to provide coverage — including Allianz, Humania Assurance and Manulife.

“Joining forces with SécuriGlobe is a pivotal moment for Navacord as we enhance our travel offerings with a distinguished leader in the travel sector,” says Melanie Muise, Navacord’s president of personal lines and travel. “This partnership not only grows our travel portfolio; it also underscores our commitment to growth in this space, which we are actively pursuing.”

Muise has spearheaded Navacord’s efforts to build out national expertise and presence in both personal and travel insurance. Acquiring SécuriGlobe serves as a “tangible step forward” in their growth strategy, the brokerage says.

“As Navacord continues to broaden our reach across different niches and regions, the addition of SécuriGlobe positions us well for further geographic expansion and product diversification,” adds Shawn DeSantis, president and CEO of Navacord.

Feature image courtesy of iStock.com/onurdongel