Navacord builds war chest to fund future mergers and acquisitions Canadian Underwriter

Navacord was founded in 2014 by Jones DesLauriers Insurance Management Inc. and Lloyd Sadd Insurance Brokers. “Navacord will use the proceeds from the new first and second lien term loans to replace its previous term loan and other indebtedness,” Navacord said in a statement. “In addition, Navacord plans to use the proceeds to fund short-term M&A opportunities and other strategic growth activities and to return capital to its employee shareholders.”

In addition, on April 6, Navacord announced that it had added LL Renaissance of Toronto as a partner, effective April 1. At the time of its deal with Cooke, Navacord also announced partnerships with Toronto-based Blanket, based in Edmonton. Insurance and Smiths’ Insurance, based in Regina.

In 2020, Navacord expanded to Atlantic Canada by forming a partnership with Cooke Insurance Group, a commercial brokerage house with four offices in New Brunswick (Moncton, Saint John, Rexton and Fredericton), two in Nova Scotia (Halifax and Sydney) and three in Prince Edward Island (Charlottetown, Summerside and Alberton). Other Navacord broker partners include:

On March 1, Navacord announced the addition of GNK Insurance Services Inc., each with a location in Vancouver and Burnaby, British Columbia. GNK started in the early 1930s when Locke & Ree Insurance started the business in downtown Vancouver. GNK Insurance Services Inc. was formed in 1999 by combining the activities of Locke & Ree Insurance and Gerwing North & Kerr. Typically, Navacord brokerage partners buy into Navacord, with Navacord taking a controlling stake in brokerage houses.

Featured image via iStock.com/claudenakagawa Toole Peet of Calgary, which offers home, auto and business insurance
Iridium Risk Services, a Calgary-based risk consulting firm
Petrela, Winter & Associates, a Toronto-based surety provider with offices in London, Ontario, and Laval, Quebec.
Partners Indemnity Insurance Brokers, based in Toronto, which places personal and business lines
Wylie-Crump, a Vancouver-based surety and insurance provider for the construction industry
Whitley Insurance & Financial Services Inc., a Belleville, Ontario brokerage with offices in Trenton, Deseronto and Stirling
Paisley Manor Insurance Group of Toronto, which underwrites insurance for real estate, construction, retail chains, educational and charitable organizations.

Source www.canadianunderwriter.ca

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