Major Canadian insurance brokerage Navacord Corp has entered a strategic partnership with Citistar Financial, a managing general agent (MGA) specialising in life insurance.
According to Navacord president and CEO Shawn DeSantis, the partnership marks a significant step in enhancing the brokerage’s service offerings.
“Citistar’s strong leadership team and entrepreneurial culture align with our goals of driving growth and offering niche, specialty services. Together, we’ll continue to meet the evolving needs of clients across Canada,” he said.
Citistar Financial has built a reputation for delivering tailored life insurance products and fostering strong relationships with advisors and clients, it was claimed.
Michael Yan, CEO of Citistar Financial, emphasised the opportunities created by joining forces with Navacord.
“Navacord’s resources, collaboration, and expertise in property and casualty insurance will support our very deep understanding of the financial services business, helping us better serve our partners and clients, and continue our tradition of excellence. Together, we look forward to building an even stronger foundation for future success,” he said.
The deal with Citistar comes after Navacord broker partners merged in 2024.
In Western Canada, Navacord broker partners Dehoney Financial Group (DFG) and Arbutus Financial Services (AFS) consolidated to form Waypoint Benefits & Financial Services.
The newly established entity combines the firms’ expertise in benefits and financial advisory services, creating a unified offering under the Waypoint brand.
Erin Gunn, former president of DFG, leads the new organisation as president, while Neil Menzies, former president of AFS, assumed the role of vice president for financial services.
The merger reflected a strategic alignment of the two firms, both of which had been collaborating on client projects prior to the consolidation.
Waypoint now encompasses more than 800 professionals and manages over $1 billion in assets, making it Navacord’s largest partner in Canada.
In Ontario, two longstanding brokerages, Paisley Partners and Lyon & Butler Insurance Brokers, also merged operations, with Lyon & Butler – adopting the Paisley Partners name.
The partnership combined Lyon & Butler’s focus on sectors such as construction, real estate, transportation, and retail with Paisley Partners’ expertise in complex commercial insurance and high-net-worth client services. The merger continued the growth trajectory of Paisley Partners, which itself was created through a 2021 merger of Paisley Manor and Partners Indemnity.