Navacord bags BC-based brokerage in latest acquisition

Navacord bags BC-based brokerage in latest acquisition | Insurance Business Canada

Insurance News

Navacord bags BC-based brokerage in latest acquisition

It’s the latest in a string of M&A activity

Insurance News

By
David Saric

Navacord has announced the acquisition of Vancouver Island-based personal lines brokerage Harbord Insurance, effective as of September 1. It will be supported by fellow Navacord Broker Partner, Waypoint Insurance, which is also located on the island.

This partnership will expand Waypoint’s presence in Victoria and leverage its scale to drive improved efficiencies, strengthen value proposition for clients and support the continued building of its brand, according to Navacord.

“Harbord will serve as a meaningful addition to Navacord’s roster,” says T. Marshall Sadd, the company’s executive chairman.

“Their extensive offerings, reputable service, and their knowledge of the needs for our Vancouver Island clientele reinforces our ability to provide tailored and comprehensive solutions from coast to coast.”

This is the 20th acquisition for Navacord this year. The national brokerage is on track to fulfil the rest of its strategic priorities for the remainder of 2023.

“We’re thrilled to bring Harbord Insurance aboard the Waypoint team,” said Tony Hayes, president and CEO of Waypoint Insurance. “Harbord will round out our footprint across the island, and as two like-minded brokerages with a similar history, we look forward to delivering an enhanced experience for all of our clients.”

As previously reported by Insurance Business, Navacord is looking to grow its personal lines business to complement its commercial offerings.

One of Navacord’s main goals in the personal lines space is to achieve more than $1 billion in premium and sustain profitable growth, according to the company’s chief operating officer, Melanie Muise.

“We don’t want our clients to think of us as a commercial brokerage. We want them to think of us as a brokerage for them.”