Navacord Extends Partnership with Madison Dearborn Partners, Focused on Exceeding $1 Billion in Revenue
TORONTO, May 18, 2023 – Navacord Corp., a leading Canadian multiline insurance and risk management brokerage firm, is pleased to announce that private funds managed by Madison Dearborn Partners (MDP) have recently made an additional investment in Navacord as an extension of its partnership MDP, effective May 9, 2023. Navacord originally joined forces with MDP in 2018, and since then, the company has experienced remarkable growth, with revenue soaring from $130 million to an estimated +$700 million by the end of 2023.
“As we set our sights on reaching $1 billion in revenue, having a strong partner like MDP is crucial to our continued success,” said T. Marshall Sadd, Executive Chairman of Navacord. “Their expertise in capital markets and the insurance distribution segment makes them the ideal choice for us to continue our growth story in Canada and build a forever business.”
Navacord has established itself as one of the largest P&C insurance, benefits, and wealth management broker organizations in Canada. With a team of over 2,500 dedicated insurance professionals, the company remains focused on delivering industry-leading advice to its clients. Since 2018, Navacord has completed over 80 successful partnerships, solidifying its commitment to aligning with the best insurance businesses across Canada.
“Our unique operating model, which empowers entrepreneurs to continue building, coupled with our strategic investments in growth, specialty commercial focus, recruitment of industry-leading talent, and our commitment to allowing key contributors to become owners in the business, has proven to be a winning proposition,” emphasized Shawn DeSantis, President and CEO of Navacord. “We are dedicated to Building the Great Canadian Brokerage, and we are thrilled about the next phase of our journey.”
Navacord and MDP’s continued partnership signifies Navacord’s unwavering commitment to its growth strategy, with a clear objective of achieving $1 billion in revenue in the near term. This collaboration will leverage MDP’s expertise in capital markets and the insurance distribution segment and Navacord’s deep industry knowledge, ensuring that Navacord remains at the forefront of the insurance brokerage sector in Canada.