Major merger of three Navacord commercial brokerages
Three Navacord brokerages are merging to create one of the largest commercial brokerages in Saskatchewan, the company announced Tuesday.
Henderson Insurance, Hoffmann Kool Insurance, and Life Line Brokers, will merge as HK Henderson, effective Nov. 1.
“The partnership creates one of the largest commercial brokerages in the province and reflects a strategic decision to scale its growth while capitalizing on common synergies,” Navacord wrote in its press release.
Henderson Insurance is a second-generation commercial brokerage providing customized insurance services in the agriculture, transportation, and manufacturing industries. Led by president and CEO David Reidy, the brokerage also has expertise in commercial construction and contract surety bonding.
The brokerage has three locations across Regina and Moose Jaw and was established nearly 60 years ago.
Hoffman Kool joined Navacord in 2019 and has provided insurance solutions in Saskatoon for over 50 years. The brokerage offers expertise in transportation, construction and a variety of other industries, including personal and auto insurance. The brokerage is led by CEO Darryn Knibbs.
Life Line Brokers offers insurance in personal, life and commercial lines, as well as financial services. The brokerage has served Saskatoon for over 45 years and deals with over 20 general business and homeowner insurers, 30 life insurers, 20 group insurers, and 300 investments funds.
Following the merger, HK Henderson will total five offices across the province.
The deal offers the merged brokerages more market access and sector expertise, the brokerage leaders shared in the news release.
“We are building a distinct brokerage – one that thinks about risk differently and takes a holistic view of our clients, beyond just insurance,” Reidy, president and CEO, HK Henderson said. “With a dynamic growth culture and expert team of specialists, together we have strengthened our ability to provide unmatched service, the best advice, and tailored solutions for our clients.”
“Being part of a larger specialist team provides more opportunity to collaborate, share best practices, and be an even stronger resource for our communities and clients, who now have the convenience of accessing five offices across three cities,” Knibbs, chairman of HK Henderson, said.
The news comes after Navacord announced its 20th acquisition of year, following its deal with Victoria, B.C.-based Harbord Insurance. Harbord merged with Waypoint Insurance, another Navacord broker partner based on Vancouver Island.
Feature image by iStock.com/erdikocak
