Canadian Underwriter

M&A growth sets Navacord on course for $3 billion in premium

June 10, 2021   by Jason Contant

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Navacord Corp. has finalized a record number of brokerage acquisitions in one month, with four deals already closed across the country in June.

The latest transactions represent a total of 18 new locations and over 430 employees. More deals are are expected this summer, “as [Navacord] progresses towards $3 billion in premium,” the large commercial brokerage announced in a press release Thursday.

The new partnerships in June “represent a nearly coast-to-coast mix of P&C and group benefits brokers,” Navacord reported. The deals include Ing & McKee Insurance in central Alberta; Navigo Financial Solutions in Oakville, Ont.;  and Risk Balance Inc. in Ottawa. The fourth is the Maritimes addition of the group benefits and pension division of Owens MacFadyen Group, which will open branch offices in Nova Scotia and New Brunswick under the brand name, Selectpath Benefits and Financial.

Each of the new brokerages bring experienced commercial, property and casualty and benefits teams to Navacord.

Navacord has already made a handful of acquisitions this year, including:

  • Allwest Insurance, which offers specialized auto, home and commercial products
  • LL Renaissance, which offers P&C specialty products for auto dealerships and a variety of commercial industries
  • GNK Insurance Services Inc., providing personalized service and insurance solutions for businesses and families across British Columbia and Alberta
  • Penmore Benefits Inc., which provides comprehensive benefits and retirement programs, including international benefits, for small- to medium-sized businesses across both private and public sectors
  • Lynn Valley Insurance, focusing on providing home and auto insurance to North Vancouver residents, along with a commercial book of business

Navacord was founded in 2014 and currently handles more than $2.5 billion in premiums. Headquartered in Toronto, the brokerage offers commercial and personal insurance, surety, employee benefits and retirement consulting.


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