Navacord makes largest acquisition of the year

Navacord has made its fifth and largest transaction of the year with the acquisition of British Columbia-based SeaFirst Insurance Brokers, effective Apr. 1.

With roots dating back to 1950, SeaFirst Insurance has since grown to one of the largest commercial brokers in B.C. and the largest independent brokerage on Vancouver Island, Navacord said in a release Monday. SeaFirst offers a diverse range of tailored P&C insurance, including home, auto, business, farm, strata (condo), travel and marine insurance, among others.

SeaFirst also serves as one of the largest Lloyd’s coverholders in Canada, Navacord reported. It is headquartered in Brentwood Bay, with locations in Saanichton, Sidney, Salt Spring Island, Oak Bay and Westshore.

SeaFirst president and CEO Doug Strong said in the release that the brokerage chose Navacord “not only because they offer additional avenues for growth and market capacity, but also because they allow us to keep our positive culture intact.”

T. Marshall Sadd, Navacord’s executive chairman, said the partnership allows Navacord to deepen its presence in western Canada and expand its offerings to clients with SeaFirst’s strong Lloyd’s of London relationship.

“SeaFirst Insurance marks Navacord’s fifth partnership of 2023 with a robust pipeline to continue throughout the remainder of the year,” the brokerage said in the release.

In February, Navacord entered the specialty travel insurance space through partnerships with the AwayCare Ltd., Travel Guardian Insurance and Colibri Assurance Voyage brands. With offices in Quebec, Ontario and B.C., this group of companies specializes in travel insurance, and offers home and auto insurance.

Navacord also joined forces in March with Tolmie Financial Group and Canadian Benefits Consulting Group.

Windsor, Ont.-based Tolmie Financial is a family-owned practice providing wealth management and insurance planning services. Tolmie Financial becomes part of Selectpath Benefits & Financial, a Navacord broker partner.

For its part, Toronto-based Canadian Benefits services primarily unions across the country, on both a regional and national scale and in many industry sectors.

Navacord made 25 deals in 2022, surpassing $500 million in revenue and $3 billion in premium, the brokerage reported in December.

Feature image by iStock.com/gradyreese