Navacord completes ninth acquisition in 2024

Navacord announced on May 22 that it had acquired Navis marine insurance brokers of British Columbia, a 100% privately held brokerage firm providing solutions to recreational and commercial boaters, marina operators, manufacturers, dealers and cargo carriers.

T. Marshall Sadd, Navacord’s executive chairman, says, “the addition of Navis to the Navacord group underscores our strategic focus on growing our specialty lines.” He adds that the company looks forward to distributing the company’s solutions across Canada.

“Founded in 2011 after attempting to fill a gap in the BC market for a specialty marine insurance provider, Navis has grown to become a leading national marine broker based in Vancouver,” Navacord announced in a statement about the acquisition. “As a Lloyd’s insurer, Navis brings a strong presence in the London market as well as its expertise in insurance solutions for both commercial ship owners and recreational sailors.” The company also engages in general personal and commercial lines business.

President and CEO of Navis, Paul Mendham says the deal gives the brokerage a “safe haven” opportunity to refine its expertise while opening the door to expansion. Navacord says the transaction also expands the company’s presence in the Western Province. This is the company’s ninth acquisition in 2024.