Navacord trades under 10 different broker partner brands throughout Ontario, Alberta and British Columbia.
Independent commercial insurance brokerage Paisley-Manor will continue to operate under its current management team, Navacord said in an Aug. 1 press release announcing the merger. Established in 1955, Paisley-Manor has been serving more than four generations of clients across many industry sectors, including real estate, construction, institutional, educational and charitable organizations, retail and manufacturing.
Navacord president and CEO Shawn DeSantis said that with the addition of Paisley-Manor, Navacord continues the expansion of its presence in the Toronto marketplace, specifically in the key segments of real estate, high-net-worth personal insurance and manufacturing.
Paisley-Manor president and partner Michael Paisley added that insurance is a people business and he believes the principles of the Navacord broker partners differentiate them from other organizations. “The opportunity to engage the resources and expertise of a national brokerage will enhance our current client product and service offerings,” he said.
Navacord recently announced a management-led buyout with the support of Chicago-based private equity firm Madison Dearborn Partners. Navacord reports that it is the fifth largest commercial broker in Canada by volume, with over $700 million in premium and over 80% revenue from commercial insurance. As a national brokerage, Navacord offers risk management and consulting solutions, including property & casualty, employee benefits, loss control, claims management, surety and personal insurance. It specializes in construction, transportation, hospitality, real estate, manufacturing, oil and gas, and architects & engineers E&O.