Navacord acquiring Ontario-based benefits firm

Navacord Corp. is further expanding its group benefits business by acquiring Penmore Benefits Inc.

A division of The Penmore Group, Concord, Ont.-based Penmore Benefits Inc., provides comprehensive benefits and retirement programs, including international benefits, for small- to medium-sized businesses across both private and public sectors. The company will continue to operate independently and maintain its commitment to service excellence and expertise as a Navacord broker partner.

Read: Navacord accquiring B.C.-based benefits broker

“Our partnership with Navacord aligns with our vision — with how we, as a company, want to move forward and grow our business,” said Lio Spagnuolo, chief operating officer and managing partner of Penmore Benefits, in a press release. “With Navacord’s backing, we can add to our existing portfolio by utilizing their national relationships, technology and infrastructure support.”

Since last July, Navocord has also acquired British Columbia-based independent benefits brokerage Dehoney Financial Group and Ontario-based firms Selectpath Benefits and Financial Inc. and ProBenefits Consulting Inc.

Read: Navacord acquiring Ontario-based benefits firms