Navacord, the insurance brokerage, has partnered with Steers Insurance Limited, a move that takes the consolidator into Newfoundland and Labrador for the first time and completes its footprint across all Canadian provinces.
The deal structure follows Navacord’s established equity alignment model, with several Steers executives taking shareholdings in the group. The approach preserves local decision-making at the acquired brokerage while tying its leadership into the group’s long-term value creation strategy, a mechanism that has become central to how Navacord competes for entrepreneurial targets against rival consolidators.
Navacord sits among Canada’s largest brokerages, with a platform spanning commercial and personal lines, employee benefits, retirement and financial planning. Steers, for its part, is one of Atlantic Canada’s leading independent property and casualty players, with operations covering Newfoundland and Labrador as well as Nova Scotia, giving the acquirer both new geography and regional P&C depth.
The transaction is Navacord’s seventh of 2026 and lands after the Acera Insurance merger unveiled earlier this year. Management indicated the deal flow positions the firm for its strongest year of revenue growth to date as it pushes towards its stated target of C$2bn in annual revenue, a signal that the Canadian brokerage consolidation cycle remains firmly active.
Navacord president and CEO Shawn DeSantis said, “Today’s announcement is an important milestone for Navacord as we expand into a new province and continue building our presence in Eastern Canada.”
Navacord executive chairman T. Marshall Sadd added, “Steers Insurance has built an outstanding reputation through exceptional client service, deep technical expertise and strong relationships across the Atlantic region.”
Steers Insurance principals Jason Sharpe and Jeff Sharpe said the partnership would allow the brokerage to keep its leadership and entrepreneurial culture in place while drawing on Navacord’s scale, expertise and resources.
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