Navacord Corp., one of the largest commercial insurance brokers in Canada, has announced the acquisition of two Ontario-based brokers: Ives Insurance Brokers Ltd. and Northern Insurance Brokers, formerly known as Algoma Insurance Brokers Limited.
The two brokerages are the largest partnerships Navacord has made in Ontario this year, expanding the company’s business to unique regions in the province. These two latest additions to Navacord represent a total of 15 new partnerships to date in 2021.
Read more: Navacord announces four acquisitions
Northern Insurance Brokers was established in 1941, with a footing in both commercial and personal lines, servicing mid-market accounts in sectors such as construction, forestry, manufacturing, and municipal public practice.
“Northern Insurance Brokers’ continual evolution over the past 80 years exemplifies the strong entrepreneurial leadership and drive that we seek in our broker partners,” said Shawn DeSantis, Navacord president and CEO. “With ambitions to further grow their presence in the North, we’re excited to support them in driving increased scale and competitiveness and taking the next step in their growth trajectory.”
Ryan Bentley, President & CEO, Northern Insurance Brokers, commented: “One of the things that drew us to Navacord is a shared service- and community-oriented culture. We look forward to continuing to do what we do best – but now in conjunction with the strength of Navacord’s team and all the partnerships across Canada coming together.”
Family-owned independent commercial brokerage, Ives Insurance is the largest of its kind in the Southwestern Ontario region, with innovative solutions in auto insurance and specialty sectors such as transportation, hospitality, construction, and manufacturing.
“As a leader in the Southwestern Ontario region, tapping into the synergies between our local expertise and Navacord’s national strength will allow us to better serve our clients while we continue to expand our operations,” said Jeff Ives, President of Ives Insurance.
“The addition of Ives Insurance, a fast-growing business, solidifies our leadership in the transportation insurance space,” said T. Marshall Sadd, executive chairman of Navacord. “We’re happy to welcome both the Ives and Northern teams to Navacord as we continue to reaffirm our commitment to serving our clients in Ontario and deepening our presence across Canada’s largest market.”