Two Canadian insurance brokerages are merging to create what they say will be the country’s largest privately held firm offering employee benefits, insurance and wealth advisory services.
Navacord Corp. and Acera Insurance Services Ltd. announced the merger on Dec. 3. The deal is expected to close in the first quarter of 2026, pending regulatory, court and shareholder approvals.
The merged company will manage $7.2 billion in insurance and employee benefits premiums and $7.5 billion in retirement assets. It will employ more than 5,000 insurance and financial services professionals across 150 locations in Canada.
“This marks a defining moment for both Navacord and Acera,” said T. Marshall Sadd, executive chairman of Navacord, and Shawn DeSantis, president and CEO of Navacord. “Uniting our organizations allows us to build a stronger, more resilient, and more forward-looking brokerage for the Canadian market.”
Leadership structure
The merger brings together four founders who have worked in the industry for 30 years. Navacord founders Sadd and DeSantis will lead alongside Acera founders Lee Rogers, chief executive officer, and Andrew Kemp, executive vice president of property and casualty and chairman.
“By combining our business with Navacord, we’re accelerating what we set out to achieve as Acera Insurance: becoming the leading Canadian brokerage for the benefit of our clients, employees and communities,” said Rogers and Kemp.
Employee ownership model
The transaction is structured as a plan of arrangement under Alberta corporate law. Acera will eventually operate under the Navacord name.
Acera currently has 1,300 employees in more than 50 offices across Canada, including more than 700 employee-owners. Navacord has more than 3,700 professionals in over 100 offices and has been backed by private equity firm Madison Dearborn Partners since 2018.
The combined firm will focus on commercial insurance and employee benefits, with expertise in construction, real estate, transportation, auto dealers, hospitality and energy sectors.
