Navacord Corp. has completed its 15th M&A deal of the year, this one involving a large commercial brokerage known for its risk management expertise with automotive dealerships.
Navacord’s latest partnership is with Ottawa-based Binks Insurance Brokers Limited.
Founded in 1918, Binks is a multi-generational commercial brokerage known for its risk management expertise with automotive dealerships (among several other business sectors), and not-for-profits in eastern Ontario.
Binks offers a range of specialized insurance programs for industries such as power sports dealers, pet sitters and food banks, along with commercial insurance offerings including coverage for architects and engineers, technology firms and commercial auto.
“As the third generation leading this brokerage, I am ready to take the legacy that my grandfather and father built and launch into our next stage of growth, backed by Navacord’s support,” Harry Binks, president and CEO of Binks Insurance, said in the release. “I look forward to continuing to deliver innovative solutions to the businesses and organizations we service within Ottawa and its surrounding regions, with greater access to resources and markets.”
Harry Binks was the youngest insurance agent in Ontario when he joined the brokerage in 1973, Navacord reported. Since then, he has cultivated a track record of growth and trust leading several partnerships for the Binks business.
Over time, Binks spun off several divisions, including a credit and political risk brokerage, a high-tech brokerage, and a personal insurance brokerage in 2010. Today, Binks insurance is a commercial brokerage specializing in dealerships, technology firms and non-profit associations.
Navacord executive chairman T. Marshall Sadd welcomed Binks Insurance onboard, saying the commercial brokerage “has effectively demonstrated a trajectory of continuous growth for over a century.”
Binks Insurance will be supported by founding Navacord broker partner Jones DesLauriers.
Last month, Navacord (which takes in $3 billion in premiums) added Newman, Oliver & McCarten Insurance Brokers Ltd. to its ranks. More commonly known as Newman Insurance, the multi-generational firm headquartered in Campbellford, Ont., first planted roots in the province more than 40 years ago. It has since amalgamated with 13 brokerages since its founding in the 1980s.
With offices in nine towns/cities across southeastern Ontario, Newman Insurance specializes in a diverse portfolio of personal and commercial insurance needs, including home, auto and commercial risk management, with emphasis on their deepest niche, farming.
Other Navacord deals this year include:
- Lyon & Butler Insurance Brokers Ltd., effective May 1. The Vaughan, Ont.-based brokerage has roots dating back to the late 1800s, and specializes in construction, commercial realty, transportation, and retail sectors.
- Arbutus Financial Services, effective Mar. 1. Arbutus has locations in Vancouver and Nanaimo, B.C., and 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.
- Stone Insurance Brokers, effective Feb. 1. Based in the northern Alberta town of Manning, Stone Insurance serves clients across northern Alberta and British Columbia. It specializes in forestry, farming, transportation, and oil and gas.
Feature image by iStock.com/metamorworks