Multiline insurance and risk management brokerage firm Navacord has announced an extended partnership with Madison Dearborn Partners (MDP) in a bid to reach $1 billion in revenue.
The additional investment from private funds managed by MDP marks a significant milestone in their collaboration, which initially began in 2018. Since joining forces with the private equity firm, Navacord has seen its revenue grow from $130 million to an estimated amount of just over $700 million by the end of 2023.
T. Marshall Sadd, executive chairman of Navacord, expressed the importance of a strong partner in achieving their revenue target.
“As we set our sights on reaching $1 billion in revenue, having a strong partner like MDP is crucial to our continued success,” said Sadd. “Their expertise in capital markets and the insurance distribution segment makes them the ideal choice for us to continue our growth story in Canada and build a forever business.”
With over 2,500 dedicated insurance professionals, Navacord has established itself as one of Canada’s largest property & casualty insurance, benefits, and wealth management broker organizations. The company has completed over 80 successful partnerships since 2018, solidifying its dedication to aligning with top insurance businesses across the country.
Navacord president and CEO Shawn DeSantis highlighted the winning factors behind the company's growth.
“Our unique operating model, which empowers entrepreneurs to continue building, coupled with our strategic investments in growth, specialty commercial focus, recruitment of industry-leading talent, and our commitment to allowing key contributors to become owners in the business, has proven to be a winning proposition,” said DeSantis. “We are dedicated to ‘Building the Great Canadian Brokerage,’ and we are thrilled about the next phase of our journey.”
Sadd and DeSantis previously spoke to Insurance Business regarding Navacord’s growth plans, which includes reaching more than $5 billion in premium within four to six years. As of October 2022, Navacord had seen over $3 billion in premium across P&C and benefits.
“We’ve talked about building a forever business, and we’re now of this scale and size in the Canadian marketplace – our business is positioned well for that,” DeSantis said last year.
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