Navacord’s first deal of the year
Commercial insurance brokerage Navacord Corp. has completed its first transaction of the year with a partnership with Winnipeg-based Avant Insurance.
Announced Wednesday, the deal with the personal and commercial lines brokerage was effective Feb. 1. Navacord said in a press release the transaction is a “pivotal step in [its] broader expansion plan within the province of Manitoba.”
Avant Insurance has been in operation since 2016. It has established itself as a key player in the province and specializes in both personal and commercial lines, Navacord said. Avant’s website reports the family-owned brokerage offers home and tenant, auto, commercial and travel insurance, as well as surety bonds and cyber insurance/cybersecurity services.
“Concerned about the growing consolidation happening in the insurance industry, Cole Leitch and his father founded Avant Insurance in March 2016, recognizing a significant demand for a ‘100% independently owned Manitoba broker who specialized in commercial P&C insurance and surety,’” Navacord said in the release. Since then, the business has grown to three offices and 20 staff.
“[Avant] prides itself on their commitment to putting people before profit, a philosophy that aligns seamlessly with Navacord’s client-centric approach,” Navacord added. “The company has nurtured enduring relationships with numerous long-term clients, demonstrating a consistent track record of reliability and trust.”
Toronto-headquartered Navacord was founded in 2014 and reports to be Canada’s third largest commercial insurance brokerage, with $3 billion in premiums. This partnership with Avant Insurance marks Navacord’s third in Manitoba in recent years, “feulling Navacord’s strategic build-out and presence in the central Canadian province.”
Last year, Navacord partnered with Medi-Quote Insurance Brokers, allowing the larger brokerage to build out its travel insurance expertise. In 2022, Navacord entered the province of Manitoba via a partnership with ONYX Financial Group. ONYX’s portfolio encompasses benefits consulting and wealth management services.
Navacord made at least 20 acquisitions in 2023. Navacord president and CEO Shawn DeSantis told CU last October the company was working to expand its geographic presence and build national scale.
“We’re trying to build the great Canadian brokerage, and to do that you need to have a local presence in all areas of Canada,” DeSantis said. “For us, it’s about geographic expansion, and it’s also about making sure we have the right size and scale to bring the best value proposition we can to our clients and to our colleagues.”
Earlier this month, Navacord brokerage Waypoint Insurance completed its merger with Harbord Insurance. Effective Feb. 12, all Harbord Insurance branches operate under the Waypoint name.
Navacord first announced the deal with Harbord in October 2023. Harbord has offered insurance including home, auto, travel, recreational and marine, since its establishment in 1947. The company services more than 26,000 clients across Vancouver Island, with three offices in Victoria, Fairfield and Sidney, B.C.
Feature image by iStock.com/Andranik Hakobyan
