Navacord has built up an important war chest to fund future mergers and acquisitions.

The Toronto-based brokerage group recently closed $ 1.05 billion in financing, part of which is to be used to take advantage of unspecified “merger and acquisition opportunities,” the brokerage said on March 30. .

“Navacord will use the proceeds from the new first and second lien term loans to replace its previous term loan and other indebtedness,” Navacord said in a statement. “In addition, Navacord plans to use the proceeds to fund short-term M&A opportunities and other strategic growth activities and to return capital to its employee shareholders.”

Navacord was founded in 2014 by Jones DesLauriers Insurance Management Inc. and Lloyd Sadd Insurance Brokers.

In addition, on April 6, Navacord announced that it had added LL Renaissance of Toronto as a partner, effective April 1.

Typically, Navacord brokerage partners buy into Navacord, with Navacord taking a controlling stake in brokerage houses.

On March 1, Navacord announced the addition of GNK Insurance Services Inc., each with a location in Vancouver and Burnaby, British Columbia. GNK started in the early 1930s when Locke & Ree Insurance started the business in downtown Vancouver. GNK Insurance Services Inc. was formed in 1999 by combining the activities of Locke & Ree Insurance and Gerwing North & Kerr.

In 2020, Navacord expanded to Atlantic Canada by forming a partnership with Cooke Insurance Group, a commercial brokerage house with four offices in New Brunswick (Moncton, Saint John, Rexton and Fredericton), two in Nova Scotia (Halifax and Sydney) and three in Prince Edward Island (Charlottetown, Summerside and Alberton).

At the time of its agreement with Cooke, Navacord also announced partnerships with Toronto-based Hull Group, Edmonton Blanket Insurance and Regina’s Smiths’ Insurance.

Other Navacord broker partners include:

• Toole Peet, of Calgary, which provides home, auto and business insurance
• Iridium Risk Services, a Calgary-based risk consulting firm
• Petrela, Winter & Associates, a Toronto-based surety provider with offices in London, Ontario, and Laval, Quebec.
• Partners Indemnity Insurance Brokers, based in Toronto, which places personal and business lines
• Wylie-Crump, a Vancouver-based surety and insurance provider for the construction industry
• Whitley Insurance & Financial Services Inc., a Belleville, Ontario brokerage with offices in Trenton, Deseronto and Stirling
• Paisley Manor Insurance Group of Toronto, which underwrites insurance for real estate, construction, retail chains, educational and charitable organizations.

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