Canadian insurance and risk management brokerage Navacord Corp. is acquiring Concord, Ont.-based SmartChoice Benefits Inc.
The acquisition will allow Navacord to enter the third-party administration space, noted a press release. “It also shows our commitment to building the required scale, carrier relationships, . . . products and technology solutions to place us among the leaders in the Canadian market for employee benefits and pensions,” said Shawn DeSantis, president and chief executive officer of Navacord.
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Zeke Oudeh, founder and CEO of SmartChoice, said joining Navacord will provide the organization with additional infrastructure and the strength of being part of a national company. “We’ve invested considerably in designing and building benefits packages that make it easy and affordable for our clients to offer the comprehensive coverage they need to be competitive in the market.”