Navacord Corp. is growing its travel insurance business, recently announcing the appointment of a newly created executive role for the sector and the acquisition of brokerage known for its Canadian snowbird clients.
Last week, Navacord appointed Melanie Muise to the newly created role of president, personal & travel insurance, effective Aug. 1. Days later, on Monday, Navacord reported it had partnered with Medi-Quote Insurance Brokers, allowing the larger brokerage to build out its travel insurance expertise.
Muise brings more than 18 years of insurance industry experience to her new role, having most recently served as Navacord’s chief operations officer since 2019. Her oversight crafted a long track record of growth in personal lines for the company, with approximately $1 billion in premium, Navacord added in a press release.
“Now, with the creation of a dedicated role, Navacord is deepening its investment in the organic, inorganic, and geographic expansion of these products, with the aim to improve margin and accelerating digital transformation,” Navacord said. “In addition, the role will have direct executive leadership for Navacord’s growing travel insurance business.”
Over the past four years, Muise has primarily focused on modernizing and digitalizing Navacord’s business, supporting its broker partners in growth, and employee and client experience. “We are confident Melanie can apply her deep industry experience and executive leadership to build our personal and travel businesses even further,” said Navacord executive chairman T. Marshall Sadd.
Melanie Muise is in the newly created role of president, personal & travel insurance, for Navacord.
Muise will be transitioning out of her role as chief operations officer “over the coming weeks, with responsibility for her portfolio being distributed across the Navacord executive team.”
Navacord’s partnership with Medi-Quote not only amplifies its presence in Manitoba after entering the province for the first time last year, but also makes the second deal in the highly specialized travel insurance sector.
In August 2022, Navacord acquired Winnipeg-based ONYX Financial Group, whose portfolio encompasses benefits consulting and wealth management services. In February 2023, Navacord entered the specialty travel insurance space through partnerships with Travel Guardian Insurance, AwayCare Ltd. and Colibri Assurance Voyage. With offices in Ontario, Quebec, B.C. and Alberta, the group of companies is well-known for their specialization in travel insurance, as well as home and auto insurance offerings.
In the case of Medi-Quote, the brokerage has locations in Winnipeg and Calgary. Medi-Quote was founded in 1994 and specializes in travel and medical insurance, with a large portion of its business focused on individual health and dental coverage. “Medi-Quote is also well-known for servicing the Canadian snowbird population, as well as their industry leading client-facing systems,” Navacord said, adding that the deal was effective July 4.
“We are excited to add [Medi-Quote’s] product offerings so that we can capitalize on cross-sell opportunities for our personal insurance clients…” Sadd said.
Medi-Quote first opened its doors in Calgary in 1994 as Snowbird Medi-Quote, specializing in travel health insurance for those over the age of 55 with pre-existing medical conditions. In 2008, it expanded by adding an office in Winnipeg to serve travellers of all ages throughout western and central Canada.
Feature image by iStock.com/MTStock Studio
