Madison Dearborn Partners and Navacord to invest in Insurance Office of America.

Madison Dearborn Partners, a private equity investment firm based in Chicago, and Navacord, a multi-line insurance brokerage and financial services firm, agreed to invest in Insurance Office of America, an insurance brokerage firm engaged in providing commercial and personal insurance, risk management, and employee benefits solutions. Financial terms are not disclosed. “This new partnership with MDP and Navacord is an exciting next step in IOA’s growth journey. It is a ‘better and stronger together’ story as we enter into a collaborative partnership to extend IOA’s legacy and industry positioning, with an increased and compelling go-forward equity opportunity for our employees," Heath Ritenour, Insurance Office of America Chairman.