Navacord expands specialty insurance practice

Panoramic aerial view of Vancouver Centerm Terminal.

Navacord has expanded its commercial presence by partnering with specialty insurance provider Navis Marine Insurance Brokers. 

“Founded in 2011 after seeking to fill a gap in the B.C. market for a specialty marine insurance provider, Navis has now grown to be a leading national marine broker based in Vancouver,” Navacord said in a press release last week. 

“As a Lloyd’s coverholder, Navis brings a strong presence in the London market alongside their expertise in insurance solutions for both commercial vessel owners and recreational boaters as well as marina operators, manufacturers, dealers, repairers, cargo transporters, and general personal and commercial lines.” 

The firm cuts through jargon and offers clients easy-to-understand policies written in the plainest language possible, the release adds. 

Navis is a 100% privately owned, independent brokerage.  

The deal became effective May 1. Navacord says the partnership reinforces its commitment to building out its specialty lines while expanding its geographic presence in B.C. by leveraging Navis’ deep understanding of the marine industry’s need for tailored insurance solutions. 

Paul Mendham, Navis’ president and CEO, says Navacord’s reputation for service excellence and desire to grow in the niche sector of marine insurance made them a “perfect fit” as partner. “This collaboration provides us not only a ‘safe harbour’ where we can refine our expertise, but also opens doors to new opportunities for amplified market presence and expansion.”  

Toronto-headquartered Navacord has $3 billion in premiums. The deal with Navis marks Navacord’s ninth partnership of 2024. 

Earlier this month, Navacord doubled the size of its travel insurance portfolio with the acquisition of SécuriGlobe assurance voyage. “This is Navacord’s largest partnership of 2024 and its most substantial travel partnership to date,” the brokerage said May 8 when it announced the deal effective Apr. 1. 

See also  There Is A Black Cloud Around Tesla's Stock

Founded in 1999, Montreal-headquartered SécuriGlobe is one of the largest travel insurance brokers in Canada: “Catered mainly towards the snowbird population, SécuriGlobe also specializes in products for visitors to Canada and emergency medical.” 

Among others, Navacord deals earlier this year include the acquisition of All-Risks Insurance Essex in southwestern Ontario by Navacord brokerage Ives Insurance and a partnership with Winnipeg-based personal and commercial lines brokerage Avant Insurance at the beginning of the year. 

 

Feature image by iStock.com/bloodua