Canadian insurance brokerage Navacord has announced the strategic purchase of RWAM Insurance Administrators and Programmed Insurance Brokers (PIB) for an undisclosed sum.

Founded in 1988, RWAM is a third-party administrator of group insurance benefits.

It currently offers protection to more than 250,000 individuals across Canada, with a workforce of 180 people and C$307m ($226m) in gross written premium (GWP) underwriting.

Based in Elmira, Ontario, Canada, PIB is a multi-line insurance and financial services company.

It employs a team of 119 insurance professionals to offer customised multi-line insurance and wealth management services to both businesses and individuals operating in various sectors such as property and casualty (P&C), group benefits, wealth along with retirement planning.

Both deals will help Navacord to bolster its position in the market and expand its capability to deliver improved services to customers in Canada.

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They represent the largest transaction carried out by Navacord so far.

Navacord president and CEO Shawn DeSantis said: “The addition of these two partners represents a significant milestone in our journey of providing unparalleled services and expanding our market presence.

“By joining forces with RWAM and PIB, we strengthen our expertise, broaden our reach, and deepen our commitment to delivering excellence to our clients.”

Navacord executive chairman T Marshall Sadd said: “These partnerships align perfectly with our growth strategy.

“RWAM and PIB have earned stellar reputations in the insurance industry, and their addition to Navacord will bolster our capabilities and enhance our ability to address the evolving needs of our clients.”

Last month, Navacord acquired British Columbia-based company SeaFirst Insurance Brokers.