Binks Insurance Brokers Ltd., which has operated in Ottawa since 1918, has been purchased by Toronto-based Navacord Corp.
Binks is a multigenerational commercial brokerage known for its risk management expertise with automotive dealerships, among several other business sectors and not-for-profits in Eastern Ontario.
“As the third generation leading this brokerage, I am ready to take the legacy that my grandfather and father built and launch into our next stage of growth, backed by Navacord’s support,” said Harry Binks, president and CEO, in a news release. “I look forward to continuing to deliver innovative solutions to the businesses and organizations we service within Ottawa and its surrounding regions, with greater access to resources and markets.”
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Harry Binks will remain as president of Binks and becomes a shareholder partner in Navacord, which owns roughly 40 standalone brokerages across the country.
“Navacord is truly pleased to have Binks Insurance onboard as our newest partner,” says Shawn DeSantis, president and CEO of Navacord. “Their niche expertise within the dealership sector combined with their reputation and presence in Eastern Ontario will fortify our strength in Canada’s capital city.”
“We welcome Binks onboard with an optimistic outlook for our future together,” says T. Marshall Sadd, executive chairman of Navacord. “Navacord is eager to elevate our bench strength with our neighbours in Ottawa, especially with a top-calibre commercial brokerage like Binks, (which) has effectively demonstrated a trajectory of continuous growth for over a century.”
Navacord is one of Canada’s top four commercial insurance brokerages with $3 billion in premiums.
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