Navacord announces historic month, adding RWAM and Programmed Insurance Brokers Inc. to its Broker Partner roster
Toronto, ON (May 24, 2023) – Navacord Corp., a leading multi-line insurance brokerage and risk management firm, is pleased to announce its strategic acquisition of RWAM Insurance Administrators Inc. (RWAM) and Programmed Insurance Brokers Inc. (PIB), two prominent companies in the insurance and wealth management sector. These businesses will strengthen Navacord’s position in the market and further enhance its ability to provide exceptional services to clients across Canada.
Navacord President & CEO, Shawn DeSantis, emphasized the strategic significance of these partnerships, stating, “We are delighted to welcome RWAM and PIB to Navacord. The addition of these two partners represent a significant milestone in our journey of providing unparalleled services and expanding our market presence. By joining forces with RWAM and PIB, we strengthen our expertise, broaden our reach, and deepen our commitment to delivering excellence to our clients.”
Incorporated in 1988, RWAM Insurance Administrators is one of Canada’s largest Third Party Administrators of Group Insurance Benefits and has grown to service and provide protection to over 250,000 Canadians from coast to coast. With 180 employees and underwriting $307 million in gross written premium (GWP), RWAM has earned a reputation for its innovative TPA technology solutions and personalized approach. Through this partnership, Navacord will leverage RWAM’s expertise to drive growth, expand its reach in key markets, and deepen its TPA solution offering to clients across Canada.
Carole Yari, CEO of RWAM, expressed her enthusiasm about the partnership, stating, “We are thrilled to join forces with Navacord. Their decentralized model allows us to keep our autonomy, maintaining our partner relationships, while benefiting from the alignment with a national organization. This collaboration presents a unique opportunity for both companies to combine our strengths and deliver even greater value to our clients. Together, we will continue to raise the bar in the insurance industry.”
Programmed Insurance Brokers Inc. (PIB), headquartered in Elmira, Ontario is a national multi-line insurance and financial services agency, renowned for its deep program and industry expertise and exceptional customer service. With 119 insurance professionals PIB has a strong track record of providing tailored multi-line insurance and wealth management solutions to businesses and individuals—including P&C, group benefits, wealth and retirement planning. The partnership with PIB will enable Navacord to tap into their specialized knowledge, enhance their offerings and leverage their extensive network to better serve clients.
Darlene Shantz, President & CEO of PIB, commented, “We are excited to partner with Navacord and work together to bring our collective expertise to the forefront. Our shared commitment to delivering outstanding service and customized solutions will create new opportunities for growth and innovation.”
T. Marshall Sadd, Executive Chairman of Navacord, added, “These partnerships align perfectly with our growth strategy. RWAM and PIB have earned stellar reputations in the insurance industry, and their addition to Navacord will bolster our capabilities and enhance our ability to address the evolving needs of our clients. We look forward to the exciting opportunities that lie ahead.”
As Navacord’s largest transaction to date, the partnerships with RWAM and Programmed Insurance Brokers Inc. underscore Navacord’s dedication to fostering collaboration and innovation in the insurance and wealth management sector. These strategic acquisitions position Navacord as a leading force in the market, solidifying its commitment to providing exceptional service, customized solutions, and unparalleled expertise to clients across Canada.
Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top four commercial insurance brokerages. With $3 billion in premiums, Navacord stands as a leader in group insurance and risk management solutions. From commercial and personal insurance to surety, employee benefits and retirement consulting, Navacord leverages national strength and resources with the local-touch service of industry-specialized Navacord Broker Partners to deliver the trusted advice, expertise and custom insurance solutions clients need to face the future with confidence.
With a unique ownership model and value proposition, Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to grow as a part of something bigger, while maintaining their distinct identity and culture. For more information, please visit navacord.com.
SOURCE: NavacordTags: Acquisition, Navacord