Navacord Corp. and Acera Insurance Services Ltd. have announced a merger that, if approved, will create Canada’s largest privately held insurance brokerage, employee benefits, and wealth advisory firm. The transaction, structured as a plan of arrangement under Alberta corporate law, is subject to regulatory, court, and shareholder approvals, and is expected to close in the first quarter of 2026.
The combined entity is projected to represent $7.2 billion in insurance and employee benefits premium, $7.5 billion in retirement assets under management, more than 5,000 professionals, and over 150 locations nationwide. The merger will be led by Navacord founders T. Marshall Sadd and Shawn DeSantis, and Acera founders Lee Rogers and Andrew Kemp, all of whom have longstanding experience in the Canadian insurance market, particularly in Western Canada.
Marshall Sadd, executive chairman, and DeSantis, president and CEO of Navacord, said in a joint statement: “This marks a defining moment for both Navacord and Acera. Uniting our organizations allows us to build a stronger, more resilient, and more forward-looking brokerage for the Canadian market.”
Rogers, chief executive officer, and Andrew Kemp, executive vice president, P&C and chairman of Acera Insurance, added that combining the business would accelerate the goal of “becoming the leading Canadian brokerage for the benefit of our clients, employees and communities.”
The merger will maintain the employee ownership model that has been a hallmark of both firms, with a stated aim to preserve independent broker values while scaling up national capabilities. The new entity will focus on sustainable growth and investment in talent, technology, and client service, including underwriting facilities, captives, claims, actuarial services, analytics, and risk management.
The deal is expected to create a national brokerage with deep expertise in sectors such as construction, real estate, transportation, auto dealers, hospitality, and energy. Acera Insurance will eventually transition to the Navacord brand as the group continues to unify its operations under a single national identity.
Headquartered in Toronto, Navacord has been active in consolidating its broker partners under a unified brand, with the transition process ongoing for some legacy firms. The company, which employs over 3,700 professionals in more than 100 offices across Canada, delivers commercial and personal insurance, group benefits, retirement, and financial planning services.
Navacord has been backed by private equity firm Madison Dearborn Partners since 2018, supporting its growth through a series of acquisitions and investments in technology and talent. In recent months, Navacord has focused on integrating acquired brokerages and enhancing its national platform, aiming to deliver a consistent client experience while retaining regional expertise and local service.
The proposed merger comes amid a period of significant consolidation in the Canadian insurance brokerage sector, as firms seek scale, diversification, and expanded service offerings to compete in a rapidly evolving market. If completed, the Navacord–Acera merger will reshape the competitive landscape for independent brokers, clients, and insurers across Canada.
The transaction is expected to close in early 2026, pending all necessary approvals.
