Navacord Corp., a commercial insurance broker, announced on July 3 that it has acquired Edmonton-based Benefit Consultants Inc. (BCI), providing the company with a group benefits and retirement presence in Western Canada.
BCI, founded in 1975, will be the dedicated benefits and retirement consulting division of Lloyd Sadd Insurance Brokers, a founding Navacord Broker Partner.
Navacord says BCI’s management team will remain the same under the leadership of Darcy Smith, BCI’s president. It will continue to operate from its current locations in Edmonton and Calgary.
“We are very excited about joining Navacord as it creates a stronger future for our firm and for all of our clients,” said Smith. “Their approach is very collaborative, and we knew we came across something unique with Navacord’s way of doing business – allowing pockets of expertise to remain intact while still providing full service to clients.”
Aims to build a leading benefits and retirement business
This is the second benefits and retirement transaction Navacord has completed in 2019. It announced the acquisition of Ontario-based Future Benefits Management Inc. last month.
“Navacord’s goal is to build one of the top benefits and retirement businesses in Canada. The addition of BCI positions us well in achieving this goal as well as offering our Western Canada clients expertise and service with local presence,” said T. Marshall Sadd, Navacord Executive Chairman.