Ontario, Canada (CU)_ Two Ontario-based brokers, Ives Insurance Brokers Ltd. and Northern Insurance Brokers, which was previously called Algoma Insurance Brokers Limited, have been acquired by Navacord Corp., one of Canada’s major commercial insurance brokers. The two brokerages represent Navacord’s largest collaborations in Ontario this year, allowing the firm to extend its operations into new areas around the province. These two Navacord agreements bring the overall number of new collaborations to 15 as of 2021.
Shawn DeSantis, president and CEO of Navacord, expressed confidence over the acquisition. He said, “Northern Insurance Brokers’ continual evolution over the past 80 years exemplifies the strong entrepreneurial leadership and drive that we seek in our broker partners. 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.”
Northern Insurance Brokers was founded in 1941 with a focus on commercial and personal lines, specializing on mid-market customers in industries such as construction, forestry, manufacturing, and municipal public service. Ryan Bentley, President & CEO of Northern Insurance Brokers, expressed optimism over uniting with Navacord. He said, “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.”
Ives Insurance is the biggest family-owned independent brokerage business in the Southwestern Ontario region, providing unique solutions in vehicle insurance and specialty industries including transportation, hospitality, construction, and manufacturing. Jeff Ives, President of Ives Insurance, expressed hopes about the business with Navacord. He said, “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”.
T. Marshall Sadd, Navacord’s executive chairman, expressed delight over the acquisition. He said, “The addition of Ives Insurance, a fast-growing business, solidifies our leadership in the transportation insurance space. 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.”
