Navacord enters new province with latest M&A deal

Navacord Corp. has entered into a new province with the acquisition of Winnipeg-based ONYX Financial Group.

ONYX’s portfolio encompasses benefits consulting and wealth management services, “and they have fortified a well-known presence within Manitoba and [northwestern] Ontario because of their depth in expert advisors and risk management solutions,” Navacord said Thursday in a press release.

The Toronto-based commercial brokerage said the partnership with its first-ever broker partner in Manitoba further bolsters Navacord’s “true coast-to-coast presence as a national insurance brokerage.” To date, Navacord has added more than 20 broker partners to its ranks this year.

Founded in 1997, ONYX works with small-, medium-, and large-sized businesses for customized benefits and wealth management solutions. “ONYX also brings a notable presence with Indigenous businesses and organizations throughout Manitoba and [northwestern] Ontario, a sector they plan to expand with Navacord’s support,” Navacord said.

The brokerage’s latest partnership comes just over a week after Navacord announced its largest M&A deal of the year with Insurance Store.

Founded in 1945, the brokerage offers personal, commercial and farm insurance. It is headquartered in Windsor, Ont., with offices in Barrie, Collingwood, Chatham and Woodstock, and also serves customers in British Columbia.

Also in August, Navacord partnered with Nanaimo, B.C.-based specialty MGA Global Alliance Specialty Solutions Ltd. (GASS). The MGA serves commercial brokers in B.C., Alberta and Ontario, namely P&C brokers. It offers products for a variety of sectors, including agriculture, aviation, energy, entertainment, environmental, high net worth, jewellers and transportation, among others.

In July, Navacord partnered with Ottawa-based Binks Insurance Brokers Limited, a century-old multi-generational commercial brokerage known for its risk management expertise with automotive dealerships (among other business sectors) and not-for-profit organizations in eastern Ontario.

Other Navacord partnerships this year include:

• Campbellford, Ont.-headquartered Newman Insurance, which specializes in farm insurance, but also has home, auto and commercial risk management offerings.
• Arbutus Financial Services, which provides group benefits, retirement consulting, individual financial planning, wealth management and life insurance solutions. The firm has deep expertise within the mining, gaming technology, software and film industries, and locations in Vancouver and Nanaimo, B.C.
• Stone Insurance Brokers, based in the northern Alberta town of Manning, Stone Insurance serves clients across northern Alberta and British Columbia, specializing in forestry, farming, transportation, and oil and gas.

Feature image by iStock.com/alphaspirit