Canadian Underwriter

Large brokerage makes fourth acquisition in 2022 

February 18, 2022   by Jason Contant

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Navacord Corp. is expanding its reach in northern Alberta with the addition of Stone Insurance Brokers. 

Based in Manning, Alta., Stone Insurance Brokers services clients across northern Alberta and British Columbia, specializing in forestry, farming, transportation and oil and gas.   

“Stone Insurance Brokers expands Navacord’s reach in the province to service more of northern Alberta — a unique region with equally specialized industry niches that require the expert advice and boots-on-the-ground approach offered by Stone,” Navacord says in a press release. 

This partnership, effective Feb. 1, is Navacord’s fourth in 2022, and their first in western Canada this year. 

“We maintain the family name and the brand we’ve built, but with access to more markets and Navacord’s national resources, we can now better serve our clients and transition our brokerage to the next level of growth,” says Stone Insurance Brokers president and CEO Daken Soroka. 

Navacord president and CEO Shawn DeSantis adds that as a third-generation business, “Stone Insurance is a prime example of what we look for in new partners — impressive growth, strong client focus, and a commitment to innovative risk management solutions.” 

Founded in 1988, Stone Insurance Brokers will be supported by founding Navacord broker partner, Lloyd Sadd Insurance Brokers. 

Navacord reports it has secured its position as the fourth-largest commercial brokerage in Canada, with more than $2.5 billion in premiums. Founded in 2014 and headquartered in Toronto, Navacord’s offerings range from commercial and personal insurance to surety, employee benefits and retirement consulting.

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