Canadian insurance coverage brokerage Navacord has introduced the strategic buy of RWAM Insurance coverage Directors and Programmed Insurance coverage Brokers (PIB) for an undisclosed sum.
Based in 1988, RWAM is a third-party administrator of group insurance coverage advantages.
It presently provides safety to greater than 250,000 people throughout Canada, with a workforce of 180 folks and C$307m ($226m) in gross written premium (GWP) underwriting.
Based mostly in Elmira, Ontario, Canada, PIB is a multi-line insurance coverage and monetary companies firm.
It employs a staff of 119 insurance coverage professionals to supply customised multi-line insurance coverage and wealth administration companies to each companies and people working in numerous sectors corresponding to property and casualty (P&C), group advantages, wealth together with retirement planning.
Each offers will assist Navacord to bolster its place out there and increase its functionality to ship improved companies to clients in Canada.
They characterize the biggest transaction carried out by Navacord to this point.
Navacord president and CEO Shawn DeSantis stated: “The addition of those two companions represents a major milestone in our journey of offering unparalleled companies and increasing our market presence.
“By becoming a member of forces with RWAM and PIB, we strengthen our experience, broaden our attain, and deepen our dedication to delivering excellence to our shoppers.”
Navacord government chairman T Marshall Sadd stated: “These partnerships align completely with our progress technique.
“RWAM and PIB have earned stellar reputations within the insurance coverage trade, and their addition to Navacord will bolster our capabilities and improve our skill to handle the evolving wants of our shoppers.”
Final month, Navacord acquired British Columbia-based firm SeaFirst Insurance coverage Brokers.