Navacord, a prominent Canadian insurance brokerage, has acquired Steers Insurance Limited, a Newfoundland and Labrador-based insurance provider, for an undisclosed amount. This transaction marks a significant expansion for Navacord into the Atlantic Canadian market, integrating a well-established local firm into its national network. The acquisition underscores Navacord's strategy to grow its footprint through the addition of strong regional partners.
Steers Insurance Limited has built a reputation for providing rock-solid and dependable service across Newfoundland and Labrador. The company specializes in a range of insurance products, including small business, motorcycle, and car insurance, serving communities such as Gander, Bay Roberts, Grand Falls-Windsor, St. John’s, Labrador City, and Corner Brook. Its team emphasizes face-to-face, individualized service and local expertise, understanding the unique needs and challenges of residents and businesses in the province. Steers Insurance prides itself on being an integral part of the communities it serves, offering personalized solutions as local neighbours.
The acquisition is strategically important for Navacord, allowing it to deepen its presence in a key Canadian region. By bringing Steers Insurance into its fold, Navacord gains access to a robust client base and invaluable local market insights. For Steers Insurance, joining Navacord provides access to broader resources, enhanced technological capabilities, and a wider network, which can further strengthen its service offerings and operational efficiencies. This corporate acquisition is designed to create synergies that benefit both entities and their clients.
This move by Navacord to buy Steers Insurance Limited is expected to combine Steers' deep community roots and specialized local knowledge with Navacord's national scale and comprehensive support infrastructure. The combined entity aims to continue delivering personalized, expert insurance services while exploring new opportunities for growth and client value in Newfoundland and Labrador.