Toronto-based broker Navacord Corp. announce it has the addition of Bonnyville, Alberta-based Demers’ Insurance Ltd., effective June 3, 2019.
Financial details of the transaction were not disclosed.
Serving Bonnyville and the surrounding community since 1978, Demers’ Insurance will operate as a division of Lloyd Sadd Insurance, a founding broker of Navacord.
Guy Demers, owner of Demers Insurance, said: “I am thrilled with the decision to join Navacord. They have made an investment in Demers, Bonnyville and our local team which means our clients still receive great service but now we can offer more capabilities, products and market access.”
Navacord said it was created in 2014 to challenge the M&A environment changing the insurance landscape by offering a unique brokerage ownership model that allows the entrepreneurial spirit to thrive without losing identities to larger firms. Navacord’s group of companies include 13 broker partners across Canada and one managing general agent.
“Navacord is committed to preserving the culture and client experience of our broker partners while building on the deeply rooted, long-standing business relationships of our trusted advisers who are making a difference in the communities they serve,” said the company in a statement.
“We are excited to have presence in Northern Alberta through Demers’ Insurance. It formalizes a strategic relationship that’s been in place between Lloyd Sadd and Demers and now enables further opportunities for growth,” said T. Marshall Sadd, Navacord executive chairman.
Source: Navacord
Topics Mergers & Acquisitions Agencies Canada
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