Announcement – Navasure Structured Surety Solutions
We are very excited to announce the launch of Navasure Structured Surety Solutions, Canada’s only provider of innovative structured surety solutions for the energy and power industries. Operating as a division of Iridium, Navasure offers On-Demand Bond (ODB) solutions to meet the needs of energy and power companies affected by pricing instability and limited capital. ODBs provide companies with a cost-effective alternative to Letter of Credit collateral requirements thereby freeing up cash to use elsewhere in their organizations. Although this product has been in use in the United States for a number or years, it is relatively new to Canada and we are proud to have established the only company fully dedicated to the offering of ODBs.
“Navasure is the perfect complement to the expertise and service we currently offer our clients,“ said Roger Swierstra, Iridium CEO. “We found energy companies are ready for a change that provides increased financial capacity at lower cost. We are pleased to be Canada’s first company to offer dedicated professionals with extensive knowledge and appreciation of energy and power operations combined with a deep understanding of every aspect of on-demand surety products.”
“Navasure is a great example of the entrepreneurial spirit that makes up the DNA of Navacord companies,” said T. Marshall Sadd, Navacord Executive Chairman. “We are offering energy and power clients a solution that addresses a challenge to their growth, and leverages Navasure’s expertise in financial risk, transactional experience and industry knowledge.”
Navacord is one of the top five commercial brokers in Canada offering clients a holistic solution that addresses their business, personal and employee needs. Founded in 2014 Navacord has a proven track record of growth with over $120 million in revenue at the end of 2018 and five Broker Partner announcements to date in 2019. Navacord continues on their journey to becoming a great Canadian Brokerage.
Headquartered in Toronto, Navacord’s group of companies include thirteen Broker Partners across Canada and one Managing General Agent. Offering risk management and consulting solutions, Navacord is committed to the success of their clients and delivering expert advice in an increasingly complex world. Broker Partners deliver local, personalized service to their clients while being supported by the additional expertise, resources and efficiencies of a national brokerage.