Toronto-based insurance brokerage Navacord has agreed to take over Edmonton-based peer Blanket Insurance for an undisclosed sum.
The deal is the fourth one executed by the company this year.
Blanket Insurance has been in operations since 2008. The company offers customised insurance services to businesses and individuals.
These include property, automobile as well as specialty insurance products.
Pursuant to the completion of the transaction, the company will operate as a division of Navacord’s broker partner Lloyd Sadd Insurance.
Commenting on the new development, Lloyd Sadd president and CEO Chris Huebner said: “We’re delighted to welcome Blanket to the Lloyd Sadd team. Blanket’s complimentary expertise will enable us to continue to find opportunities to grow.”
The deal awaits customary conditions and approvals.
Navacord executive chairman Marshall Sadd said: “Our model continues to resonate with entrepreneurial brokers and we look forward to 2020 being another strong growth year for new partners joining our business.”
Founded in 2014, Navacord is considered as one of Canada’s top five commercial insurance brokerages. The company is also said to have risk management expertise with over $1bn in premiums.
It offers a range of services including commercial and personal insurance, surety, employee benefits and retirement consulting through its broker partners.