TORONTO, August 4, 2016 – Echelon Financial Holdings Inc. (“Echelon” or “the Company”) (TSX: EFH), today reported that it has entered into a definitive stock purchase agreement to sell its European insurance subsidiary.  The transaction is anticipated to close in the fall 2016, subject to customary closing conditions and regulatory approval.

Robert Purves, Board Chair, stated “We are very pleased with the outcome of our process to divest the European operations. We believe all stakeholders’ interests have been accounted for in the best of possible outcomes in the circumstances inherent and look to an expedited closing. Our advisors, senior management team and directors involved are to be commended”.

“I would like to recognize the hard work that our Qudos team has put into this business”, he continued.  “They should be very proud of their accomplishments and excited to be working with a new shareholder that has local expertise and is looking to invest strategically in the business.”

About Echelon Insurance

Founded in 1998, Echelon Insurance operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions. The Company will continue to operate and distribute insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, visit icpeiholdings.ca.

 For further information:  Kathy Shulman, Manager, Investor Relations, 905-214-7880, ir@icpeiholdings.ca

Toronto – January 15, 2018 – Echelon Financial Holdings Inc. (TSX: EFH) today announced that it will release its fourth quarter and year-end financial results after market close on Thursday, February 15, 2018.

A conference call for analysts and interested listeners will be held on Friday, February 16, 2018, at 11:00 a.m. (ET). The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 9293626. A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at the following link.

A replay of the call will be available until February 23, 2018. To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 9293626. An archive will be available on our website following the event.

About Echelon Financial Holdings Inc. 

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit icpeiholdings.ca.

COMPANY CONTACT INFORMATION:

Jennifer Kew
Investor Relations
905-214-7880
ir@icpeiholdings.ca

TORONTO, Feb. 14, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported a net loss attributable to shareholders of $7.8 million, or $0.65 per diluted share, for the three months ended December 31, 2018. Excluding costs related to the sale of Echelon Insurance and the unregulated warranty business of Echelon Financial Holdings Inc., the Company reported a net income attributable to shareholders of $0.1 million or $0.01 per diluted share.

Discontinued Operations

Agreement to sell Echelon Insurance

On November 9, 2018 the Company entered into a definitive agreement to sell Echelon Insurance and its unregulated warranty business (“Discontinued Canadian operations”). The agreement was approved by the Company’s shareholders on January 23, 2019 at a special shareholders meeting, and is now subject to regulatory approvals. The Company anticipates that these approvals will be received during the second quarter of 2019. The detailed terms and conditions of the definitive agreement, including the potential impact of the sale are disclosed in greater detail in EFH’s recent SEDAR filings.

Discontinued European Operations

On August 4, 2016, the Company entered into a definitive stock purchase agreement to sell its European insurance subsidiary to New Nordic Odin Guernsey Limited (NNGL), subject to regulatory approval. On February 28, 2017, regulatory approval was received from the Danish Financial Supervisory Authority, which completed the necessary approvals required for the sale. The Company completed the sale on March 7, 2017, and retained no residual insurance risk or other financial risk, other than credit risk associated with the loan receivable from the sale. The loan was repaid on June 29, 2018.

Fourth Quarter 2018 Highlights

• Net operating income of $0.19 per share compared to a loss of $0.51 per share in the fourth quarter of 2017.
• A combined operating ratio of 99% compared to 115% in the fourth quarter of 2017.
• A 30% increase in direct written premiums over the same period in 2017 to $88.3 million as a result of organic growth in Personal and Commercial Lines nationally.
• A pre-tax loss on invested assets of $1.4 million in the quarter compared to a pre-tax gain of $3.6 million in the prior year quarter due to negative returns on the preferred share portfolio.
• Closing book value per share of $12.21, a decrease of $0.68 from the third quarter of 2018. Costs related to the sale of the Discontinued Canadian operations and severance reduced the book value per share by $0.64.

“Echelon reported a combined operating ratio of 99% for the fourth quarter, and 97% for 2018,” commented Serge Lavoie, Chief Executive Officer. “While we are committed to continuing to improve our profitability, we are encouraged by the marked improvement in our fourth quarter and year-end results over the same prior period.”

“Our Commercial Lines segment performed well during the fourth quarter, with an 87% combined ratio,” he continued. “Commercial Lines were also profitable for the year, with a 96% overall combined ratio. We have recorded continued growth in this segment, with a 55% increase in direct written premium year-over-year. In 2018, Commercial Lines represented 39% of our portfolio, up from 34% in 2017. A more balanced book of business will support our future profitability.”

“Our Personal Lines division finished the year with a profitable 98% combined ratio. These positive year-end results were again driven by strong performance and profitable growth in Ontario.”

“During the quarter, we continued our review of rates and underwriting rules to address isolated profitability concerns in Atlantic and Western Canada,” he added.

“Overall, we are pleased with our 2018 results, and the progress that we have made,” he concluded.

Financial Summary on Continued Operations

^{(1) Net operating income is defined as underwriting income plus interest and dividend income, net of tax, excluding catastrophic losses.
(2) Net operating income is adjusted to that attributable to shareholders for per share calculation.}

Fourth Quarter Review

The Company reported net operating income of $2.3 million or $0.19 per share in the quarter, compared to a loss of $6.3 million or $0.51 per share in the fourth quarter of 2017, an increase of 137%.

Direct written premiums increased by 30% to $88.3 million. The increase in premiums was driven by continued organic growth in Ontario Personal Auto, supplemented by rate increases in both Commercial and Personal Lines.

Personal Lines generated an underwriting loss of $3.8 million, compared to an underwriting loss of $12.3 million in the same period last year, a result driven by improved Atlantic auto performance.

Commercial Lines generated an underwriting income of $4.4 million, compared to an underwriting income of $2.4 million in the same period last year, due to improved commercial auto results.

The Company’s expense ratio decreased over the prior period by 2.3%, attributable to operational efficiencies realized as a result of the Passport System rollout.

Investment loss was $0.6 million compared to income of $3.3 million in the fourth quarter of 2017. The pre-tax loss on invested assets was $1.4 million in the quarter, compared to a pre-tax gain of $3.6 million in the fourth quarter of 2017, due to negative return on the Preferred Share portfolio. The fair value of Echelon’s investment portfolio, including finance receivables, was $143 million.

Net adverse development on prior year claims of $4.8 million was recorded in the fourth quarter of 2018, compared to favourable development of $2.3 million in the same period in 2017.

Operating Results

^{(1) Excluding head office overhead costs}

Capital Management

All related entities remain well capitalized. The Minimum Capital Test (MCT) ratio of EFH’s subsidiary, Echelon Insurance, as at December 31, 2018, was 221%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 370% was also in excess of provincial supervisory targets.

For the period ended December 31, 2018, total shareholders’ equity increased by $2.8 million to $145.7 million from December 31, 2017.

Full Financial Statements and Management’s Discussion and Analysis (MD&A) are available on SEDAR and on the Company’s web site at icpeiholdings.ca.

Non-IFRS Financial Measures

EFH uses International Financial Reporting Standards (IFRS) and certain non-IFRS measures to assess performance. Readers are cautioned that non-IFRS measures do not have a standardized meaning under IFRS and may not be comparable to similar measures used by other companies. EFH analyzes performance based on operating income and underwriting ratios such as combined, expense and loss ratios.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of EFH for 2018 and subsequent periods.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

EFH does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about Echelon’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit icpeiholdings.ca.

Company contact information: Jennifer Kew, Investor Relations, 905-214-7880, ir@icpeiholdings.ca

Echelon Financial Holdings Inc. Reports Second Quarter 2020 Results

Toronto, August 20, 2020 – Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) which operates in the property and casualty insurance industry in Canada, today reported results for the second quarter of 2020.

COVID-19 PANDEMIC UPDATE

Since June, 2020, ICPEI has resumed full operations in its office in Charlottetown while employees in the Mississauga office are still working from home.

ICPEI continued to provide a number of accommodations to its policyholders if they experienced hardship because of COVID-19 and adjusted their auto premiums due to reduction of use. ICPEI has only experienced a very minor increase in the number of customer defaults and very few requests to lower monthly premiums based on lower usage of vehicles. These did not have a significant impact on the results of the Company.

The number of motor vehicle claims in second quarter and for the six months ended June 30, 2020 was lower compared to the same periods in prior year. The impact is reflected in the lower claims expense. The lower frequency of claims in auto is related to reduced driving and better weather conditions. In the first quarter of 2020, ICPEI recorded a provision of $0.2 million for expenses. While no specific claim losses have been recorded, in the second quarter, provision for unpaid claims was increased by $0.6 million as provision for adverse development (“PFAD”) to incorporate uncertainty of COVID-19 impact on claims.

ICPEI has postponed auto rate increase of 25% in New Brunswick which was to be effective June 1, 2020 to be effective September 1, 2020 and at the same time offered a 10% COVID-19 discount to New Brunswick auto rates. ICPEI implemented a slight reduction in auto rates in the Province of Nova Scotia.

The effects on the Company’s development of critical estimates during the second quarter of 2020 are described below:

Investment valuation

The Company’s valuation technique and recognition of impairment remain unchanged. The Company’s investments are valued at fair value using Level 1 or Level 2 inputs that are primarily based on quoted market prices. The Company has no Level 3 investments that require more assumptions and judgement in their valuation. In this quarter, markets have recovered most of the losses suffered in the first quarter of this year. The Company recorded a gain in investment of $0.5 million in its profit and loss and recorded $2.7 million of unrealized gain in its other comprehensive income.

Provision for unpaid claims

ICPEI does not provide insurance coverage specifically for pandemic risk. However, in its commercial property policies, it offers coverage for business interruption. Based on outside legal counsel review and Insurance Bureau of Canada guidance, ICPEI does not believe that business interruption claims from pandemic COVID-19 are covered perils. PFAD margin factors were revised to incorporate uncertainty of the impact of COVID-19 on claims which resulted in increase in IBNR of $0.6 million in the second quarter. ICPEI will continue to monitor all developments in future.

Credit risk

During the second quarter of 2020, the Company’s exposure to credit risk continued to remain high primarily due to the continued potential effects of COVID-19 pandemic on the Company’s reinsurers, insurance contract receivables from customers, and issuers of the Company’s investments in bonds. There were no significant changes used in the second quarter of 2020 to monitor and evaluate credit risks. There was no downgrade of reinsurers’ credit rating and there were no significant delinquent payments from customers. Valuation of investment bonds is based on observable market values which already reflect the associated credit risks associated with the issuers.

SECOND QUARTER HIGHLIGHTS

• Direct written premiums increased in the second quarter by $0.8 million over the same period in 2019. The COVID-19 pandemic did not have a significant impact on direct premiums written for the second quarter of 2020 when compared to the same period in prior year.
• Underwriting income was $0.6 million better than the same period in 2019 as earned premium was $1.0 million higher while net incurred claims was $0.1 million lower; offset by higher net acquisition and operating
• Investment income was $0.6 million higher in the second quarter compared to same period in 2019 largely due to positive performance of preferred shares portfolio which had positive fair value change of $0.5 million that was recorded to income.
• Closing book value per share of $7.52 compared to $7.29 at end of first quarter; largely due to the impact of gains in other comprehensive income to shareholders.

The financial information below compares three and six months ended June 30, 2020 results with the same periods in 2019.

• Underwriting income excludes impact of change in claims discount rates and corporate expenses.
• Net investment income consists of interest income, dividend income, less investment expense.

Non-IFRS Financial Measures

EFH uses both IFRS and certain non-IFRS measures to assess performance. Securities regulators require that companies caution readers about non-IFRS measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. EFH analyzes performance based on underwriting income and underwriting ratios such as combined, expense and loss ratios, which are non-IFRS measures. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses. Loss ratio is net claims incurred divided by net earned premiums. Expense ratio is net acquisition costs plus operating expenses divided by net earned premiums. Combined ratio is the sum of loss ratio and expense ratio.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of EFH. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “would”, “should”, “could”, “trend”, “predict”, “likely”, “potential” or “continue” or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH.

For more information, please visit www.icpeiholdings.ca

Investor Relations, 905-602-2150, ir@icpeiholdings.ca

ICPEI Holdings Inc. is pleased to announce its new licence to offer insurance in Alberta

Toronto, April 8, 2022 — ICPEI Holdings Inc. (the “Company“) (TSX-V: ICPH) is excited to announce that effective April 6, 2022, the Company subsidiary, The Insurance Company of Prince Edward Island (ICPEI), is licenced to underwrite insurance in Alberta in the following classes: Product Warranty, Property, Surety, Equipment Warranty and Liability.

This is in addition to the licence granted to ICPEI in January 2022 to write liability, property, marine, surety and boiler and machinery business in Newfoundland and Labrador.

This great news aligns with the Company’s plan to continue growing business throughout Canada through strategic partnerships. These additional licences support ICPEI’s strategy of focusing on the growth of the commercial business.

About ICPEI Holdings Inc.

The Company, founded in 1998, operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary The Insurance Company of Prince Edward Island (ICPEI). ICPEI provides commercial and personal lines of insurance products exclusively through the broker channel. The Company trades on the TSX Venture Exchange under the symbol ICPH.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of the Company. These statements, which appear in this press release generally, can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “plan,” “would,” “should,” “could,” “trend,” “predict,” “likely,” “potential” or “continue,” or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

For further information, please visit www.icpeiholdings.ca or contact Investor Relations at 905-602-2150 or ir@icpeiholdings.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

TORONTO, August 6, 2015 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada and Europe, today reported net income attributable to shareholders of $4.8 million, or $0.40 per diluted share, for the three months ended June 30, 2015.

Second Quarter 2015 Highlights

• Net operating income of $0.42 per share compared to $0.02 in the second quarter of 2014
• Underwriting income of $1.7 million for the quarter compared to underwriting loss of $3.3 million in the second quarter of last year
• Combined operating ratio of 97.8% compared to 105.3% in the second quarter of 2014
• A 36% increase in direct written premiums over the same period in 2014 to $138 million
• Total pre-tax loss on invested assets of $2.9 million in the quarter compared to pre-tax gain of $6.6 million in the second quarter of 2014
• A decrease in book value per share of 0.6% in the quarter to $16.00 per share. Excluding the impact of a shareholder dividend of $0.11, book value per share increased by $0.02.

“It was another quarter of strong underwriting results for the Company”, commented Steve Dobronyi, Chief Executive Officer, “with all major segments making a contribution. Personal Lines, which is the core of our Company, has recovered well from the slow start to the year, especially in Ontario and the Maritimes. Personal Lines has now delivered an underwriting profit in 17 of the past 19 quarters. Commercial Lines, which supplements our core business, continues to demonstrate consistency and has been profitable for 5 consecutive quarters. And the International segment continues to build on its impressive record of both growth and profitability. It wrote $74 million of premium in the quarter and has been profitable in 7 of the past 9 quarters, including 4 in a row.”

“These underwriting results have put us back on track to meet our planned goals for the year”, he continued. “We’re very pleased with the state of our Company and our position in the specialty insurance market. We have a deep and experienced management team, a diversified and profitable base of business, a solid balance sheet and a scalable insurance platform to facilitate future growth opportunities. We’re looking forward to the remainder of the year, as we invest further in our infrastructure and, at the same time, deliver attractive returns to our shareholders.”

Dividend

The Board of Directors declared a quarterly dividend of $0.11 per outstanding common share. The dividend is payable on October 1, 2015, to shareholders of record on September 9, 2015.

Financial Summary

(1) Net operating income is defined as net income excluding the impact of the change in discount rate and foreign exchange rates on unpaid claims, realized losses or gains on sale of investments, foreign exchange gain or loss on investments, unrealized fair value changes on Fair Value Through Profit or Loss (FVTPL) investments and one time, non-recurring charges.

(2) Net operating income is adjusted to that attributable to shareholders for per share calculation.

Second Quarter Review

Net operating income of $5.1 million or $0.42 per share was recorded in the quarter, compared to $0.3 million or $0.02 per share in the second quarter of 2014. The increase was primarily due to underwriting income of $1.7 million in the quarter compared to an underwriting loss of $3.3 million for the same period in 2014.

Personal Lines generated underwriting income of $1.8 million compared to $3.3 million in the same period last year due to slightly weaker performance in Ontario auto that was partially offset by strong performance in Atlantic Canada, particularly in Auto.

Commercial Lines generated underwriting income of $0.3 million compared to a $0.3 underwriting loss in the same period last year due to strong performance in Atlantic and Western Canada

The International division produced underwriting income of $1.4 million for the quarter compared to a loss of $5.4 million in the same period last year due to improved results in U.K. Auto that were negatively impacted in the second quarter of 2014 by adverse weather conditions. Warranty, Commercial Property and Accident & Sickness programs written in Scandinavia continue to perform strongly.

Direct written premiums increased by 36%, attributable primarily to the continued growth of the International division and the inclusion of premiums written by The Insurance Company of Prince Edward Island (ICPEI). Growth in the quarter in the International division can be primarily attributed to rate increases and strong renewals on the Company’s Irish Motor program that started writing business in the second quarter of 2013.

Investment income was $4.0 million compared to $5.5 million in the second quarter of 2014. Total pre-tax loss on invested assets was $2.9 million in the quarter compared to $6.6 million pre-tax gain in the second quarter of 2014. The Canadian preferred share portfolio continued to perform poorly due to negative market sentiment. The fixed income portfolio also performed weakly due to increasing bond yields in Canada and Europe. The fair value of Echelon’s investment portfolio, including finance receivables, was $532 million, down 1% from the fourth quarter of the prior year.

Operating expenses incurred in the second quarter of 2015 increased by 15% over the prior year, below the 23% increase in net earned premiums.

On a consolidated basis, a net favourable development of prior year claims of $2.6 million was recorded in the second quarter of 2015 compared to favourable development of $1.4 million in the same period in 2014.

Operating Results

(1)  Excluding head office overhead costs and impact of change in discount and foreign exchange rate on unpaid claims

(2)  Loss ratio excludes impact of change in discount and foreign exchange rate on unpaid claims

Six-Month Review

Net operating income of $7.1 million or $0.60 per share was recorded compared to $3.9 million or $0.33 per share for the same period in 2014. The increase was primarily due to higher underwriting income, specifically in the International division.

Direct written premiums increased by 26%, attributable primarily to growth in the International division and the inclusion of premiums written by ICPEI.

Investment income was $9.9 million compared to $11.6 million in the second quarter of 2014. Total pre-tax return on invested assets was $5.9 million compared to $15.9 million in the first half of 2014 driven by lower preferred share and fixed income returns. The fair value of Echelon’s investment portfolio, including finance receivables, was $532 million, down 1% from the fourth quarter of the prior year.

Operating expenses incurred in the first six months of 2015 increased by 13% over the prior year, below the 17% increase in net earned premiums.

On a consolidated basis, a net favourable development of prior year claims of $4.9 million was recorded in the six months ended June 30, 2015, compared to favourable development of $4.7 million in the same period in 2014.

Capital Management

The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at June 30, 2015, was 220%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 261% was in excess of provincial supervisory targets.

In addition, the Company has approximately $23 million of excess deployable capital invested in liquid assets in the holding company. All regulated entities remain well-capitalized. In June 2015, the Company injected $5 million of capital into its European subsidiary to support its strong premium growth and strengthen its regulatory ratios.

For the six months ended June 30, 2015, total shareholders’ equity increased by $4.1 million to $187.8 million from December 31, 2014.

Full Financial Statements and Management’s Discussion and Analysis (MD&A) are available on SEDAR and on the Company’s web site at Echelon.

Non-IFRS Financial Measures

EFH uses International Financial Reporting Standards (IFRS) and certain non-IFRS measures to assess performance. Readers are cautioned that non-IFRS measures do not have a standardized meaning under IFRS and may not be comparable to similar measures used by other companies. EFH analyzes performance based on operating income and underwriting ratios such as combined, expense and loss ratios.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies and outlook of EFH for 2015 and subsequent periods.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of and its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

EFH does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about Echelon’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

Conference Call

A conference call for analysts and interested listeners will be held on Friday, August 7, 2015, at 11:00 a.m. (ET). The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 76681768. A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at second quarter 2015 conference call.

A replay of the call will be available until August 14, 2015. To access the replay, call 416-849-0833, or toll free 1-855-859-2056, enter password 76681768.

About Echelon Insurance

Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions. The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, visit icpeiholdings.ca.

Company Contact Information

Kathy Shulman

Investor Relations Manager

Echelon Financial Holdings Inc.

Telephone: 905-214-7880

Email: ir@icpeiholdings.ca

ECHELON FINANCIAL HOLDINGS INC. – Reports

Settlement of Litigation and Special Distribution to Shareholders

Toronto, August 26, 2020– Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX:EFH) is announcing the settlement of outstanding litigation and the declaration of a special dividend.

In May 2019, EFH sold Echelon Insurance, its major asset, to CAA Club Group for net proceeds (after adjustments and expenses) of approximately C$170 million.

In June 2019, the EFH Board of Directors declared and paid a special distribution to shareholders of $8.80 per share, or approximately $106 million in the aggregate.

As previously disclosed, in March 2017 EFH sold its European operations, QIC Holdings A/S and Qudos Insurance A/S.  Subsequently, the purchaser commenced litigation in Denmark alleging that the Company had misrepresented the condition of the European operations and claiming significant damages of about C$70 million.  The Company has denied this claim and has been defending the litigation.

The Board has concluded that it is in the best interests of EFH and the shareholders to settle the litigation for a reasonable amount.  The parties have now agreed to a settlement upon payment by EFH of C$7 million.

Accordingly, the Directors have declared a special cash dividend in the amount of C$5.60 per share, for an aggregate of approximately C$67 million. The record date for shareholders entitled to receive the dividend will be September 4, 2020, and the payment date will be September 15, 2020.

The Toronto Stock Exchange (the “TSX”) has advised EFH that “Due Bills” are to be used in connection with the trading of the common shares through the facilities of the TSX for the period from and including September  3,  until the close of trading on September 15, 2020 (the “Due Bill Period”).  A Due Bill is defined in the TSX Company Manual as an instrument used to evidence the transfer of title to any dividend, distribution, interest, security or right to a listed security contracted for, or evidencing, the obligation of a seller to deliver such dividend, distribution, interest, security or right to a subsequent purchaser.

As a result, buyers of common shares during the Due Bill Period will receive the special Dividend, provided they continue to be holders of the applicable common share on the payment date.

The common shares will commence trading on an ex-dividend basis (i.e. without an attached Due Bill entitlement to the dividend) commencing at the opening of trading on September 16, 2020. The Due Bill redemption date will be September 17, 2020 (“Due Bill Redemption Date”).

As a result of the common shares trading on a Due Bill basis during the Due Bill Period, those shareholders entitled to be paid the special dividend owing on the Due Bills should expect to receive that payment by the Due Bill Redemption Date.  Shareholders prior to the Due Bill Period who do not purchase or sell common shares during the Due Bill Period will not have their applicable special dividend impacted by the Due Bill process.

Following the payment of this special dividend, EFH will continue to focus on its 75% ownership of the Insurance Company of Prince Edward Island which has recently been licensed in Quebec for all lines of business. EFH will have sufficient resources to meet its liquidity needs with roughly $2 million in cash, an additional $1 million in working capital, no meaningful long-term debt, and  its sole  investment in ICPEI which had a proportionate book value of roughly $13 million at the end of Q2, 2020.  The pro forma book value of EFH following payment of the special dividend will be approximately $1.39 per share, or an aggregate of $16.6 million. EFH intends to seek a listing on the Toronto Venture Exchange and to seek to delist from the Toronto Stock Exchange.

The annual general meeting of the shareholders of EFH had previously been scheduled for October 5, 2020. The Company has now rescheduled the AGM for October 27, 2020.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel.  The Company distributes insurance products through The Insurance Company of Prince Edward Island.  It trades on the Toronto Stock Exchange under the symbol EFH.  For more information, please visit icpeiholdings.ca

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of EFH. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “would”, “should”, “could”, “trend”, “predict”, “likely”, “potential” or “continue” or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

ICPEI Holdings Inc. Reports First Quarter 2022 Results

Toronto, May 18, 2022 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, today reported net income of $1.7 million for the quarter ended March 31, 2022 and $1.1 million in the same period of 2021.

Serge Lavoie, Chief Executive Officer, commented “We continue to build on our impressive growth last year with premiums increasing by 54% during the quarter compared to the same period last year and a combined ratio of 88.4% for Q1 2022.” ICPEI was granted licenses to write commercial business in Newfoundland and Labrador in January and Alberta in April 2022.

Highlights

Direct premiums written of $17.5 million in this quarter represent a 54% growth over the same period in 2021. Personal Lines increased by 47% and Commercial Lines increased by 60% in this period when compared to the same period last year. The growth is in line with our strategy to expand geographically in Quebec and Ontario and the commercial line of business.

• Underwriting income of $1.9 million in this quarter increased by 80% compared to the same period in 2021. Our growth in commercial business is contributing the majority of our underwriting income.
• Combined ratio improved from 90.4% in the first quarter of 2021 to 88.4% in this quarter.
• EPS increased by 83% to $0.11 in this quarter when compared to the same period in 2021.
• Issued 440,415 common shares of the Company through a non-brokered Private Placement for $0.85 million.
• Closing book value per share of $1.88 compared to $1.84 at the end of 2021. The EPS increased by $0.11 in the quarter, however due to unrealized losses in the investments reflected through Other Comprehensive Income resulted in the net change of $0.04 per share.

• Sum of Operating expenses and Corporate expense equal Operating Costs on Consolidated Statements of Income and Comprehensive Income.
• Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses.
• Book value per share is calculated by dividing shareholder’s equity by the number of common shares outstanding.
• Return on Equity is twelve months rolling net income attributable to shareholders on continued operations divided by average shareholder’s equity.

Underwriting Results

Capital Management

The Minimum Capital Test (“MCT”) ratio of ICPH’s subsidiary, The Insurance Company of Prince Edward Island (ICPEI) as at March 31, 2022 was 332%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

Currently, COVID-19 did not have any significant impact on the premiums, collections, investments or other operational activities of the Company, but the impact remains uncertain as the pandemic continues to evolve.

Non-IFRS Financial Measures

The Company uses both IFRS and certain non-IFRS measures to assess performance. Securities regulators require that companies caution readers about non-IFRS measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. The Company analyzes performance based on underwriting income and underwriting ratios such as combined, expense and loss ratios, which are non-IFRS measures. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses. Loss ratio is net claims incurred divided by net earned premiums. Expense ratio is net acquisition costs plus operating expenses divided by net earned premiums. Combined ratio is the sum of loss ratio and expense ratio. Return on Equity (“ROE”) is based on trailing twelve months net income attributable to shareholders on continued operations divided by average total equity. Book value per share (“BVPS”) is calculated by dividing total equity by the number of common shares outstanding.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of the Company. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “would”, “should”, “could”, “trend”, “predict”, “likely”, “potential” or “continue” or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

About ICPEI Holdings Inc.

Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary The Insurance Company of Prince Edward Island (ICPEI). ICPEI provides commercial and personal lines of insurance products exclusively through the broker channel.

The Company’s name was changed from EFH Holdings Inc. to ICPEI Holdings Inc. after receiving approval from shareholders on July 15, 2021. It trades on the TSX Venture Exchange under the symbol ICPH effective August 20, 2021 and prior to December 23, 2020 it traded on the Toronto Stock Exchange.

 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit www.icpeiholdings.ca

Investor Relations, 905-602-2150, ir@icpeiholdings.ca

TORONTO, October 6, 2015 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH) announced today acceptance by the Toronto Stock Exchange (“TSX”) of the Company’s notice of intention to make a normal course issuer bid.  Pursuant to the bid, EFH proposes to purchase through the facilities of TSX and alternative trading systems, from time to time over the next 12 months, if considered advisable, up to an aggregate of 619,265 common shares of EFH, representing approximately 10% of its public float, being 6,192,655 common shares as of September 23, 2015. As of September 23, EFH had 11,740,486 issued and outstanding common shares. Purchases may commence through the TSX on October 8, 2015 and will conclude on the earlier of the date on which purchases under the bid have been completed and October 7, 2016.  Daily purchases will be limited to 2,598 common shares, other than block purchase exceptions. The previous EFH normal course issuer bid (for the period August 21, 2014 to August 20, 2015) resulted in 302,900 shares repurchased at a volume-weighted average price of $13.40 per share, for a total of approximately $0.7 million. EFH believes that, from time to time, the market price of the common shares may not reflect their underlying value and, therefore, that the bid is in the best interests of the Company and is a desirable use of corporate funds.

All common shares purchased by EFH pursuant to the bid will be cancelled.  The program does not require the Company to repurchase a minimum number of shares, and it may be modified, suspended or terminated at any time without prior notice.

About Echelon Insurance

Founded in 1998, EFH operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions.  The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance.  It trades on the Toronto Stock Exchange under the symbol EFH.  For more information, visit icpeiholdings.ca.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the normal course issuer bid and EFH’s intentions for the bid.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of the Company and its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information, including, but not limited to, the inability of the Company to purchase and cancel common shares pursuant to the normal course issuer bid and market conditions that are not conducive to the bid.

EFH does not undertake to update any forward-looking information, except as required by law. Additional information about the risks and uncertainties about EFH’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

Company Contact Information

Kathy Shulman
Investor Relations Manager
Echelon Financial Holdings Inc.
Telephone: 905-214-7880
Email: ir@icpeiholdings.ca

TORONTO, November 2, 2016 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada and Europe, today reported net income attributable to shareholders on continued operations of $1.2 million, or $0.10 per diluted share, for the three months ended September 30, 2016.

All operating results below refer to continued operations.

Third Quarter 2016 Highlights

• Net operating income on continued operations of $0.13 per share compared to an income of $0.30 per share in the third quarter of 2015.
• A Canadian combined operating ratio of 97% compared to 92% in the third quarter of 2015, primarily due to strong commercial and motorcycle results, offset by weaker Ontario auto results.
• A 14% increase in net written premiums on continued operations over the same period in 2015 to $52.9 million, primarily driven by additional new products in personal lines and commercial lines premiums across Canada.
• Total pre-tax gain on invested assets of $3.7 million in the quarter compared to a pre-tax loss of $5.5 million in the third quarter of 2015, primarily due to stronger performance of the preferred share portfolio.
• Closing book value per share of $12.90.
• A change of control application has been submitted to the Danish Financial Services Authority for approval of the divestiture of the Company’s European operations.

“We continue to execute on our strategy outlined earlier in the year and have successfully launched our Surety and Commercial Auto products during the quarter. We have also made significant progress on the divestiture process of the European operations, which is now pending approval from the Danish regulatory authority” commented Serge Lavoie, Chief Executive Officer.

“I am pleased with the results for the third quarter, especially the Commercial Lines segment. Although Personal Lines was negatively impacted by an increase in claims frequency in Ontario auto, the results were offset by strong investment performance” he continued.  “We have a strong balance sheet that will provide us with a solid launching pad for 2017 and beyond”.

Financial Summary on Continued Operations

(1) Net operating income is defined as underwriting income plus interest and dividend income, net of tax, excluding catastrophe losses.

(2) Net operating income is adjusted to that attributable to shareholders for per share calculation.

Third Quarter Review

Net operating income of $1.6 million or $0.13 per share was recorded in the quarter, compared to an income of $3.6 million or $0.30 per share in the third quarter of 2015.  The decrease was due to an underwriting loss of $0.4 million compared to underwriting income of $1.4 million for the same period in 2015.

Personal Lines generated underwriting income of $0.2 million compared to an underwriting income of $1.9 million in the same period last year primarily due to weaker performance than the comparable period in Ontario Auto.

Commercial Lines generated an underwriting income of $1.3 million compared to $2.0 million underwriting income in the same period last year primarily due to expenses incurred in launching new lines of business in surety and commercial auto.  The Company continues to focus on growing the Canadian business through product expansion, technology investments and strong broker relationships.

Net written premiums increased by 14% to $52.9 million, primarily due to additional new products in personal lines and commercial lines across Canada.

Investment income was $4.5 million compared to a loss of $2.6 million in the third quarter of 2015 due to improved results on the Canadian preferred shares portfolio.  There was a total pre-tax return on invested assets of $3.7 million in the quarter compared to a pre-tax loss of $5.5 million in the third quarter of 2015, primarily due to stronger performance of the preferred share portfolio. The fair value of Echelon’s investment portfolio, including finance receivables, was $411 million.

Operating expenses increased by $0.4 million or 5%, to $7.5 million in the third quarter of 2016 compared to $7.1 million in the comparative quarter primarily due to increased hiring costs for the launches of the new surety and commercial auto lines.

On a consolidated basis, a net favourable development of prior year claims of $4.5 million was recorded in the third quarter of 2016 compared to favourable development of $6.0 million in the same period in 2015.

Operating Results

(1) Excluding head office overhead costs

Nine-Month Review

Net operating income of $5.5 million or $0.46 per share was recorded compared to $5.2 million or $0.44 per share for the same period in 2015.  The increase was due primarily to improved Personal Lines results in the year.

Personal Lines generated underwriting income of $0.4 million compared to break even underwriting income in the same period last year primarily due to better winter driving conditions experienced in Ontario and Atlantic auto in the first quarter of 2016.

Commercial Lines generated an underwriting income of $2.1 million compared to $2.7 million in the same period last year, primarily due to expenses incurred in launching new product lines in surety and commercial auto.

Net written premiums increased by 8%, attributable primarily due to growth in personal lines products written in Ontario and Quebec in addition to the strong launch of new commercial auto and surety product lines.

Investment income was $13.3 million compared to a $6.3 million in 2015, primarily due to strong performance of the preferred share portfolio compared to the prior period.  Total pre-tax return on invested assets was $8.2 million compared to $0.2 million in the same period of 2015.

Operating expenses incurred in 2016 increased by 10% over the prior year to $22.0 million primarily due to increased hiring costs for the launch of the new surety and commercial auto lines.

On a consolidated basis, a net favourable development of prior year claims of $13.8 million was recorded in the nine months ended September 30, 2016 compared to favourable development of $12.0 million in the same period in 2015.

Capital Management

The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at September 30, 2016, was 228%, which exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 331% was in excess of provincial supervisory targets. The Company’s European subsidiary, Qudos, had a Danish Financial Services Authority (DKFSA) Individual Solvency ratio of 110%, in excess of the supervisory target.

The Company has approximately $5 million of excess deployable capital invested in liquid assets in the holding company.  All regulated entities remain well-capitalized.

For the nine months ended September 30, 2016, total shareholders’ equity decreased by $33.4 million to $151.3 million from December 31, 2015 due to discontinued loss of $35.3 million, including impairment of $21.0 million.

Full Financial Statements and Management’s Discussion and Analysis (MD&A) are available on SEDAR and on the Company’s web site at Echelon.

Non-IFRS Financial Measures

EFH uses International Financial Reporting Standards (IFRS) and certain non-IFRS measures to assess performance.  Readers are cautioned that non-IFRS measures do not have a standardized meaning under IFRS and may not be comparable to similar measures used by other companies.  EFH analyzes performance based on operating income and underwriting ratios such as combined, expense and loss ratios.

Forward-looking Information

This news release contains forward-looking information based on current expectations.  This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies and outlook of EFH for 2016 and subsequent periods.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information.  By its nature, this information is subject to inherent risks and uncertainties that may be general or specific.  A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of and its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

EFH does not undertake to update any forward-looking information.  Additional information about the risks and uncertainties about Echelon’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

Conference Call

A conference call for analysts and interested listeners will be held on Friday, November 4, 2016, at 11:00 a.m. (ET).  The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 95997439.  A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at conference call.

A replay of the call will be available until November 11, 2016.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 95997439.  An archive will be available on our website following the event.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focusing on non-standard automobile insurance and other specialty P&C insurance products. The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit icpeiholdings.ca.

Company contact information: Kathy Shulman, Manager, Investor Relations  905-214-7880  ir@icpeiholdings.ca

TORONTO, Feb. 15, 2018 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported net loss attributable to shareholders on continued operations of $5.0 million, or $0.42 per diluted share, for the three months ended December 31, 2017.

TORONTO, May 14, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported a net loss attributable to shareholders of $9.1 million, or $0.76 per diluted share, for the three months ended March 31, 2019. Excluding costs related to the sale of Echelon Insurance and the unregulated warranty business of Echelon Financial Holdings Inc., the Company reported a net loss attributable to shareholders of $6.0 million or $0.50 per diluted share.

Discontinued Operations

Agreement to sell Echelon Insurance

On November 9, 2018 the Company entered into a definitive agreement to sell Echelon Insurance and its unregulated warranty business (“Discontinued Canadian operations”). The agreement was approved by the Company’s shareholders on January 23, 2019 at a special shareholders meeting, and is now subject to regulatory approvals. The Company anticipates that these approvals will be received during the second quarter of 2019. The detailed terms and conditions of the definitive agreement, including the potential impact of the sale are disclosed in greater detail in EFH’s recent SEDAR filings.

Discontinued European Operations

On August 4, 2016, Echelon entered into a definitive stock purchase agreement to sell its European insurance subsidiary to New Nordic Odin Guernsey Limited (NNGL), subject to regulatory approval. On February 28, 2017, regulatory approval was received from the Danish Financial Supervisory Authority, which completed the necessary approvals required for the sale. The Company completed the sale on March 7, 2017, and retains no residual insurance risk or other financial risk, other than credit risk associated with the loan receivable from the sale. The loan was repaid on June 29, 2018.

First Quarter 2019 Highlights

• Net operating loss of $0.36 per share compared to an income of $0.29 per share in the first quarter of 2018.
• A combined operating ratio of 109% compared to 95% in the first quarter of 2018.
• A 25% increase in direct written premiums over the same period in 2018 to $98.9 million as a result of organic growth in Personal and Commercial Lines nationally.
• A pre-tax gain on invested assets of $7.5 million in the quarter compared to $0.9 million in the prior year quarter, positively impacted by lower short-term bond yields resulting in better performance of the Fixed Income and Preferred Share portfolio.
• Closing book value per share of $11.74, a decrease of $0.47 from the fourth quarter of 2018. Costs related to the sale of the Discontinued Canadian operations reduced the book value per share by $0.26.

“Echelon reported a combined operating ratio of 109% for the first quarter of 2019, compared to 95% for 2018,” commented Serge Lavoie, Chief Executive Officer. “These results were driven by our Personal and Commercial Automobile lines of business in Ontario and Quebec, which were negatively impacted by extended winter weather conditions.”

“We continue to work towards the close of the sale of Echelon Insurance and EFH’s unregulated warranty business to CAA Club Group, and remain confident that this transaction will close during the second quarter.” he concluded.

Financial Summary on Continued Operations

^{(1) Net operating income is defined as underwriting income plus interest and dividend income, net of tax, excluding catastrophic losses.
(2) Net operating income is adjusted to that attributable to shareholders for per share calculation.}
First Quarter Review

The Company reported a net operating loss of $4.4 million or $0.36 per share in the quarter, compared to income of $3.5 million or $0.29 per share in the first quarter of 2018, a decrease of 224%.

Direct written premiums increased by 25% to $98.9 million. The increase in premiums was driven by continued organic growth in Ontario Personal Auto, supplemented by rate increases in both Commercial and Personal Lines.

Personal Lines generated an underwriting loss of $5.1 million, compared to an underwriting income of $2.0 million in the same period last year, a result driven by poor automobile results in Ontario and Quebec.

Commercial Lines recorded an underwriting loss of $2.0 million, compared to an underwriting income of $1.2 million in the same period last year, due to weaker warranty and surety results.

The Company’s expense ratio decreased over the prior period by 3.4%, attributable to operational efficiencies realized as a result of the Passport System rollout and reduced salary expense ratio from increased scale.

Investment income was $3.7 million, compared to $2.0 million in the first quarter of 2018. The pre-tax gain on invested assets was $7.5 million in the quarter, compared to $0.9 million in the first quarter of 2018. The fair value of Echelon’s investment portfolio, including finance receivables, was $536 million.

Net adverse development on prior year claims of $6.6 million was recorded in the first quarter of 2019, compared to favourable development of $3.6 million in the same period in 2018.

Operating Results

^{(1) Excluding head office overhead costs.}

Capital Management

All related entities remain well capitalized. The Minimum Capital Test (MCT) ratio of EFH’s subsidiary, Echelon Insurance, as at March 31, 2019, was 215%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 407% was also in excess of provincial supervisory targets.

For the period ended March 31, 2019, total shareholders’ equity decreased by $5.2 million to $140.4 million from December 31, 2018.

As of March 31, 2019, EFH has approximately $13.5 million of net liquid assets and will receive proceeds of $175 million from the sale of Echelon Insurance to CAA. Additionally, EFH holds 75% of ICPEI with proportional shareholder’s equity of $12 million.

Full Financial Statements and Management’s Discussion and Analysis (MD&A) are available on SEDAR and on the Company’s web site at echeloninsurance.ca.

Non-IFRS Financial Measures

EFH uses International Financial Reporting Standards (IFRS) and certain non-IFRS measures to assess performance.  Readers are cautioned that non-IFRS measures do not have a standardized meaning under IFRS and may not be comparable to similar measures used by other companies. EFH analyzes performance based on operating income and underwriting ratios such as combined, expense and loss ratios.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of EFH for 2019 and subsequent periods.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

EFH does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about Echelon’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit echeloninsurance.ca.

Company contact information: Jennifer Kew, Investor Relations, 905-214-7880, ir@echeloninsurance.ca

Toronto, October 23, 2020 – Echelon Financial Holdings Inc. (TSX: EFH) (“EFH” or the “Company”) announces that due to a variety of circumstances including COVID-19, it intends to delay its annual and special meeting of shareholders (the “Meeting”) from October 27, 2020 to December 11, 2020. The Meeting will be held in a virtual only meeting format.

The record date for the purposes of determining those shareholders entitled to receive notice of and to vote at, the Meeting has been set as November 10, 2020.  Detailed information on how to participate in the virtual Meeting will be included in the Company’s Management Information Circular and notice of meeting (the “Meeting Materials”) expected to be mailed to shareholders and filed following mailing thereof in November 2020.

In addition, the Company announces that it has received the resignations of Andrew Pastor and Lee Matheson as members of the board of directors, which resignations have been accepted by the board of directors of the Company.  The board of directors of the Company thanks Messrs. Pastor and Matheson for their services as directors of the Company and wishes them prosperity in their future endeavors.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information

includes, but is not limited to, statements about the timing of the Company’s annual and special general meeting of shareholders and the preparation of the accompanying information circular. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “would”, “should”, “could”, “trend”, “predict”, “likely”, “potential” or “continue” or the negative thereof and similar variations, and include the proposed date of the Meeting, the proposed record date, the format of the Meeting and the date of filing and content of the Meeting Materials.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH.

For more information, please visit www.icpeiholdings.ca

Investor Relations, 905-602-2150, ir@icpeiholdings.ca

ICPEI Holdings Inc. Reports Second Quarter 2022 Results

Toronto, August 17, 2022 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, today reported net income of $0.9 million for the quarter ended June 30, 2022.

Serge Lavoie, Chief Executive Officer, commented “We are executing on our growth strategy and continue our impressive growth this quarter with premiums increasing by 72% during the quarter compared to the same period last year and a combined ratio of 93.8% for Q2 2022.”

Highlights

• Premiums written of $31.2 million in this quarter represent a 72% growth over the same period in 2021. Personal Lines increased by 45% and Commercial Lines increased by 106% in this period when compared to the same period last year.
• ICPEI was granted a license to write commercial business in Alberta in April 2022.
• The business mix at the end of the second quarter of 2022 is Commercial Lines of 53% and Personal Lines 47% compared to Commercial Lines of 46% and Personal Lines 54% in the same period last year. The growth is in line with our strategy to expand geographically in Quebec and Ontario and the commercial line of business.
• A Combined ratio of 93.8% resulting in an underwriting income of $1.2 million. The higher combined ratio compared to 81.2% in the same period last year was the result of higher claim frequency in the personal line.
• Investment income recorded a loss of $0.2 million in the quarter compared to an income of $0.6 million in the same period last year. Majority of our investment is in fixed income and is marked to market. With rapidly rising interest rate, valuation dropped. On the positive side, the expected yield in our investment portfolio has increased from 3.15% to 4.04% in the quarter.
• The book value per share was increased by $0.06 to $1.94 from EPS in the quarter. Due to rapidly increasing interest rate environment, market value of our investment decreased and we recorded unrealized losses in Other Comprehensive Income that decreased the book value per share by $0.06. As a result, closing book value per share of $1.88 remained the same at end of last quarter.

• Sum of Operating expenses and Corporate expense equal Operating Costs on Consolidated Statements of Income and Comprehensive Income.
• Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses.
• Book value per share is calculated by dividing shareholder’s equity by the number of common shares outstanding.
• Return on Equity is twelve months rolling net income attributable to shareholders on continued operations divided by average shareholder’s equity.

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of ICPH’s subsidiary, The Insurance Company of Prince Edward Island (ICPEI) as at June 30, 2022 was 296%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

Currently, COVID-19 did not have any significant impact on the premiums, collections, investments or other operational activities of the Company, but the impact remains uncertain as the pandemic continues to evolve.

Non-IFRS Financial Measures

The Company uses both IFRS and certain non-IFRS measures to assess performance. Securities regulators require that companies caution readers about non-IFRS measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. The Company analyzes performance based on underwriting income and underwriting ratios such as combined, expense and loss ratios, which are non-IFRS measures. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses. Loss ratio is net claims incurred divided by net earned premiums. Expense ratio is net acquisition costs plus operating expenses divided by net earned premiums. Combined ratio is the sum of loss ratio and expense ratio. Return on Equity (“ROE”) is based on trailing twelve months net income attributable to shareholders on continued operations divided by average total equity. Book value per share (“BVPS”) is calculated by dividing total equity by the number of common shares outstanding

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of the Company. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “would”, “should”, “could”, “trend”, “predict”, “likely”, “potential” or “continue” or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

About ICPEI Holdings Inc.

Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary The Insurance Company of Prince Edward Island (ICPEI). ICPEI provides commercial and personal lines of insurance products exclusively through the broker channel.

The Company’s name was changed from EFH Holdings Inc. to ICPEI Holdings Inc. after receiving approval from shareholders on July 15, 2021. It trades on the TSX Venture Exchange under the symbol ICPH effective August 20, 2021 and prior to December 23, 2020 it traded on the Toronto Stock Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

For more information, please visit www.icpeiholdings.ca

Investor Relations, 905-602-2150, ir@icpeiholdings.ca

TORONTO, November 5, 2015 – Echelon Financial Holdings Inc. (“Echelon Insurance” or the “Company”) (TSX: EFH) today provided an update on its continued activity to maintain its best-of-class governance policies.  Echelon places considerable emphasis on governance and, in recent years, has implemented numerous best practices in the areas of compensation, independent assessments, performance evaluations, board renewal and diversity.

Most recently, an independent external review of practices has led to several enhancements, including a more thorough director recruitment process.  To that end, Echelon is looking to deepen the collective skills and experiences of its Board of Directors through the addition of new directors.  The Company expects two or more appointments to be made on an interim basis prior to its next annual meeting in May 2016.

Echelon’s policy is to recruit and retain the most qualified persons to serve on the Board and within the Company, ensuring a diverse balance of skills, experience and personal attributes.  Gender diversity is an important criterion to be considered in the selection process.  Information on Echelon’s policy on diversity and representation of women on its Board and in its executive officer positions is included in its third quarter, 2015, management discussion and analysis, which has been filed on SEDAR.  The Diversity Policy commits the Company to actively recruiting and advancing women into Board and executive management positions.  Echelon has not adopted specific targets for the level of representation of women.  Currently 25% of directors and 17% of executive officers of the Company and its subsidiaries are women.

About Echelon Insurance:
Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions. The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance.  It trades on the Toronto Stock Exchange under the symbol EFH.  For more information, visit icpeiholdings.ca.

Contact information:  Kathy Shulman, Manager, Investor Relations; 905-214-7880; ir@icpeiholdings.ca; www.icpeiholdings.ca

Toronto – January 25, 2017 – Echelon Financial Holdings Inc. (TSX: EFH) today announced that it will release its fourth quarter and year end financial results after market close on Thursday, February 16, 2017.
A conference call for analysts and interested listeners will be held on Friday, February 17, 2017, at 11:00 a.m. (ET). The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 56995968. A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at Conference Call.

A replay of the call will be available until February 24, 2017. To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 56995968. An archive will be available on our website following the event.

About Echelon Insurance
Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focusing on non-standard automobile insurance and other niche and specialty insurance products. The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, visit icpeiholdings.ca.

Company contact information: Kathy Shulman, Manager, Investor Relations
905-214-7880 ir@icpeiholdings.ca

Toronto – April 4, 2018 – Echelon Financial Holdings Inc. (TSX: EFH) today announced that it will release its first quarter financial results after market close on Thursday, May 3, 2018.

A conference call for analysts and interested listeners will be held on Friday, May 4, 2018, at 11:00 a.m. (ET). The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 5193545. A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at the following link.

A replay of the call will be available until May 11, 2018. To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 5193545. An archive will be available on our website following the event.

About Echelon Financial Holdings Inc.

Founded in 1998, Echelon Financial Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit icpeiholdings.ca.

COMPANY CONTACT INFORMATION:

Jennifer Kew
Investor Relations
905-214-7880
ir@icpeiholdings.ca

TORONTO, May 30, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which has historically operated in the property and casualty insurance industry in Canada, is pleased to confirm that final regulatory approval has been granted for the sale of its wholly-owned subsidiary, Echelon Insurance, to a subsidiary of CAA Club Group (“CCG”)  (the “Transaction”). “We are pleased to take this important step towards completing the sale of Echelon Insurance to a buyer that will support the continued growth of Echelon Insurance, and the employees behind its success,” commented Murray Wallace, Chairman of EFH.

“We are excited to welcome Echelon Insurance to the CAA Club Group of Companies,” said Jay Woo, President and CEO of CAA Club Group. “We look forward to the continued growth of Echelon Insurance, leveraging its expertise and market leadership in specialty and commercial insurance.  We will expand and deepen our relationships with Brokers across Canada to continually enhance insurance products and services to protect Canadians from coast-to-coast.”

The Transaction is scheduled to be completed on or about May 31, 2019. The net proceeds to EFH (after adjustments and expenses) is expected to be approximately C$166 million, which includes C$12 million that will be placed in escrow while EFH and CAA Club Group review and confirm the calculation of regulatory MCT at closing (which EFH has committed will be at least 220%) (the “Escrowed Proceeds”).

Conditional upon the closing of the Transaction as scheduled, the board of EFH has declared a special distribution in the amount of $8.80 (the “Special Distribution Payment”) per outstanding common share of EFH (the “Common Shares”). The record date for shareholders entitled to receive the Special Distribution Payment will be June 11, 2019 and the payment date will be June 17, 2019 (the “Payment Date”). Approximately $5.80 of the Special Distribution Payment will be paid to shareholders as a return of capital, with the balance of $3.00 paid to shareholders as an eligible dividend.

The Toronto Stock Exchange (the “TSX”) has advised EFH that “Due Bills” are to be used in connection with the trading of the Common Shares through the facilities of the TSX for the period from and including June 10, 2019 until the close of trading on June 17, 2019 (the “Due Bill Period”). A Due Bill is defined in the TSX Company Manual as an instrument used to evidence the transfer of title to any dividend, distribution, interest, security or right to a listed security contracted for, or evidencing, the obligation of a seller to deliver such dividend, distribution, interest, security or right to a subsequent purchaser.

As a result, buyers of Common Shares during the Due Bill Period will receive the Special Distribution Payment, provided they continue to be holders of the applicable Common Share on the Payment Date.

The Common Shares will commence trading on an ex-distribution basis (i.e., without an attached Due Bill entitlement to the Special Distribution Payment) commencing at the opening of trading on June 18, 2019. The Due Bill redemption date will be June 19, 2019 (“Due Bill Redemption Date”).

As a result of the Common Shares trading on a Due Bill basis during the Due Bill Period, those shareholders entitled to be paid the Special Distribution Payment owing on the Due Bills should expect to receive that payment by the Due Bill Redemption Date. Shareholders prior to the Due Bill Period who do not purchase or sell Common Shares during the Due Bill Period will not have their applicable Special Distribution Payment impacted by the Due Bill process.

Following the closing of the Transaction and the Special Distribution Payment, the only material assets remaining in EFH will be its 75% shareholding in The Insurance Company of Prince Edward Island, and a cash reserve of approximately $80 million (including EFH’s entitlement to receive the remaining Escrowed Proceeds). For more information see EFH’s management information circular dated December 21, 2018 available at www.sedar.com.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the Transaction, the Special Distribution Payment and the financial position of EFH following the closing of the Transaction and the Special Distribution Payment.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH’s control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

EFH does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about EFH’s business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

About EFH

Founded in 1998, EFH has operated in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. It trades on the TSX under the symbol EFH. For more information, please visit echeloninsurance.ca.

SOURCE Echelon Financial Holdings Inc.

For further information: Company contact information: Jennifer Kew, Investor Relations, 905-214-7880, ir@echeloninsurance.ca