Latest Navacord deal expands it footprint in benefits space

Navacord brokerage Jones Deslauriers Insurance has moved into Quebec’s group benefits sector, acquiring specialist broker Vita Assure. 

Vita Assure focusses on full-service group insurance benefits and retirement solutions for small to medium-sized enterprises. It has offices in Montreal and Ontario,  

“This partnership is an important step for our growth here in Quebec, and we believe that our team and our clients will benefit from it,” the firm’s co-founder, Gianna Riccardi, wrote in a blog post on their website. “We’ll now be able to leverage the resources and strength of a national partner as we collaborate, share expertise, resources, and best practices, while still maintaining the local touch and service we provide to our clients….. 

“As part of this partnership, we will now be able to offer commercial insurance to…our valued clients as part of our newly enhanced services and capabilities.” 

Navacord is Canada’s third-largest commercial insurance brokerage. Jones Deslauriers joined its roster in 2014.  

In addition to offering benefits services, Vita Assure also produces a podcast on workplace trends, best practices, and wellness, which Jones Deslauriers says further positions the brokerage “as a thought leader in the benefits space.” 

Navacord’s latest deal is part of a wider M&A trend to pair the insurance and risk solutions of a commercial brokerage with the benefits, life and health, and financial services of an acquired specialist financial firm.  

P&C brokerages are increasingly looking to become a sort of one-stop shop for their existing clients. Adding financial services to the mix, including benefits and life insurance, is one way to do it, sources have told Canadian Underwriter.  

Feature image by iStock.com/alphaspirit