TORONTO, August 6, 2019 – 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 income of $55.6 million or $4.55 per diluted share, for the three months ended June 30, 2019. These results included net income on discontinued operations of $55.4 million or $4.54 per diluted share. Net Income on continued operations was $0.2 million or $0.01 per diluted share for the three months ended June 30, 2019.

Second Quarter 2019 Highlights

• The sale of Echelon Insurance and the unregulated warranty business of Echelon Financial Holdings Inc. was completed on May 31, 2019. The gain on sale, net of expenses and taxes, was $56.2 million. The operations of discontinued businesses to the closing of May 31, 2019 lost $0.8 million in the second quarter. Net income on Discontinued Operations in this quarter were $55.4 million.
• Net Income of $4.55 per diluted share compared to an income of $0.33 per diluted share in the second quarter of 2018. Net Income on continued operations of $0.01 per share compared to a loss of $0.02 per share in the second quarter of 2018.
• Direct written premiums increased by $0.5 million over the same period in 2018 to $11.0 million as the Company is cautious in writing business while it is awaiting implementation of rate increases.
• Closing book value per share of $7.48 has decreased, despite Net Income per share of $4.55 for the quarter because the Company paid a dividend of $8.80 per share in this quarter.

Financial Summary

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 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 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:

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

TORONTO July 15, 2021 – EFH Holdings Inc. (“EFH” or the “Company”) (TSXV: EFH) is reporting that at the July 15, 2021 Annual General and Special Meeting of Shareholders (the “Meeting”) a special resolution was approved to change the name of the Company to “ICPEI Holdings Inc.”  The name change is subject to standard regulatory approvals and will be effective upon the filing of Articles of Amendment. The TSXV stock symbol will be changed and the new symbol will be announced once Exchange approval is received.

At the Meeting the Company shareholders elected James Falle, Robert Ghiz, Serge Lavoie, Sharon Ranson and Murray Wallace as directors.

At the Meeting the Company’s shareholders also approved the EFH Stock Option Plan and the EFH Share Unit Plan as presented. TSXV rules require the yearly approval by shareholders of the Stock Option Plan and Share Unit Plan.

The Company’s financial results for Q2 2021 will be reported in August 2021.

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 EFH Holdings Inc.

Founded in 1998, EFH 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. The Company’s name was changed from Echelon Financial Holdings Inc. to EFH Holdings Inc. after receiving approval from shareholders on December 11, 2020. It trades on the TSX Venture Exchange under the symbol EFH 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, March 22, 2016 /CNW/ – Echelon Financial Holdings Inc. (“Echelon Insurance” or the “Company”) (TSX: EFH) today announced the appointment of a financial advisor to the previously announced Special Committee of the Board of Directors for the purposes of exploring a structured divestiture process of the Company’s International business. The Committee and its financial advisor are considering a broad range of options and the process may not result in any transaction.

Given the nature of the process, the Company does not intend to provide further updates until such time as the Board of Directors approves any specific transactions, the review process is concluded, or the Board of Directors otherwise determines that further disclosure is advisable.

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 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.

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

TORONTO, August 9, 2017 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported net income attributable to shareholders  on continued operations of $3.1 million, or $0.26 per diluted share, for the three months ended June 30, 2017.

All operating results below refer to continued operations.

Second Quarter 2017 Highlights

• Net operating income on continued operations of $0.28 per share compared to income of $0.24 per share in the second quarter of 2016, an increase of 17%.
• A combined operating ratio of 94% compared to 98% in the second quarter of 2016 driven by strong results in Personal Auto and Commercial Property and Liability.
• A 25% increase in direct written premiums over the same period in 2016 to $85.0 million as a result of growth in existing products in Ontario and Quebec Personal Lines, in addition to Commercial Lines products launched in 2016.
• Total pre-tax gain on invested assets of $0.1 million in the quarter, negatively impacted by higher short-term bond yields, compared to a pre-tax gain of $5.1 million in the second quarter of 2016.
• Closing book value per share of $12.25, an increase of 1.2% over the first quarter of 2017.

“We are pleased with the results for the quarter with strong results reported in both Personal and Commercial lines”, commented Serge Lavoie, Chief Executive Officer.

“Our product suite continues to be well received by our brokers, with Direct Written Premiums increasing by 27% in the first half of the year compared to 2016”, he continued. “As we complete the roll out of our new policy management system, we look forward to enhancing our services and to further build our relationships with our brokers across Canada. In British Columbia, we continue to work closely with our brokers and customers to manage the impact of the ongoing wildfires in the region”.

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.

Second Quarter Review

The Company reported net operating income of $3.3 million or $0.28 per share in the quarter, compared to income of $2.9 million or $0.24 per share in the second quarter of 2016, an increase of 17%.

Direct written premiums increased by 25% to $85.0 million, primarily due to growth in both Quebec and Ontario Personal lines and the launch of Commercial lines products in 2016.

Personal Lines generated underwriting income of $1.4 million compared to an underwriting loss of $0.6 million in the same period last year, primarily due to strong performance in Ontario auto and overall in the Western region partially offset by weaker performance in Atlantic Canada related to large losses.

Commercial Lines generated an underwriting income of $2.1 million compared to a $1.6 million underwriting income in the same period last year, driven by strong performance in Commercial Property and Liability lines.

Investment income was $3.0 million compared to $4.9 million in the second quarter of 2016.  The total pre-tax gain on invested assets was $0.1 million in the quarter, negatively impacted by higher short-term bond yields, compared to a pre-tax gain of $5.1 million in the second quarter of 2016.  The fair value of Echelon’s investment portfolio, including finance receivables, was $440 million.

Net favourable development of prior year claims of $7.8 million was recorded in the second quarter of 2017, compared to favourable development of $7.3 million in the same period in 2016.

Operating Results

⁽¹⁾     Excluding head office overhead costs

Six-Month Review

The Company reported net operating income of $5.7 million or $0.47 per share compared to $3.9 million or $0.33 per share for the same period in 2016, an increase of 42%.

Direct written premiums increased by 27%, attributable to continued growth in Personal and Commercial lines, and portfolio transfers from existing and new brokers.

Personal Lines generated underwriting income of $3.2 million compared to an underwriting income of $0.2 million in the same period last year, primarily due to strong performance in Ontario auto and the Western region.

Commercial Lines generated an underwriting income of $3.1 million compared to $0.8 million in the same period last year, predominantly due to strong performance in commercial property and liability.

Investment income was $11.5 million compared to $8.9 million in 2016, due to stronger performance of the preferred share portfolio and realized foreign exchange gains arising on investment hedges from the sale of the European operations in the first quarter of 2017, partially offset by weak fixed income performance due to rising bond yields in the second quarter of 2017. The total pre-tax return on invested assets was $5.2 million compared to $4.5 million in the same period of 2016.

Operating expenses incurred in 2017 increased by 7% over the prior year to $15.6 million, due to higher information technology costs.

Net favourable development of prior year claims of $11.1 million was recorded in the six months ended June 30, 2017 compared to favourable development of $9.3 million in the same period in 2016.

Capital Management

All related entities remain well capitalized.  The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at June 30, 2017, was 242%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI).  ICPEI’s MCT ratio of 340%  was in excess of provincial supervisory targets.

The Company has approximately $16.5 million of excess deployable capital invested in liquid assets at the holding company.  All regulated entities remain well-capitalized.

For the six month period ended June 30, 2017, total shareholders’ equity increased by $7.6 million to $145.1 million from December 31, 2016.

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.

Change in Compensation

Following a review of senior management compensation, the Company has revived its stock option compensation plan, effective June 29, 2017.  Stock options will be issued to senior management, at the discretion of the Board and within the parameters of the stock option plan outlined in the Company’s Management Information Circular, dated March 10, 2017.

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 2017 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.

Conference Call

A conference call for analysts and interested listeners will be held on Thursday, August 10, 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 51025865.  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 August 17, 2017.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 51025865.  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, providing personal and commercial lines insurance exclusively through the broker channel. The Company operates and 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:

Kathy Shulman, Manager, Investor Relations,  905-214-7880   ir@icpeiholdings.ca

MISSISSAUGA, ON and RICHMOND HILL, ON (November 9, 2018) – Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) and CAA Club Group (“CAA”) announced today that they have entered into a definitive agreement (the “Agreement”) for EFH to sell Echelon Insurance, the Company’s main operating subsidiary that is incorporated under the Insurance Companies Act, and the unregulated warranty business held directly by EFH (together, the “Business”) to CAA for $175 million (the “Purchase Price”), payable in cash.

The announcement of the Agreement follows an extensive strategic review process overseen by a committee of EFH’s Board of Directors comprised exclusively of independent directors (the “Special Committee”). In its review, the Special Committee considered numerous alternatives and recommended to EFH’s Board of Directors that the sale of the Business to CAA is in the best interest of the Company.

Murray Wallace, Chairman of EFH’s Board of Directors commented, “We are excited about the sale of Echelon Insurance as it produces an attractive outcome to the shareholders of EFH and the continuation of employment for our staff. The success of this transaction can be directly attributed to the vision and commitment of the Echelon Insurance management team and staff who in 2015 implemented a strategy to develop multiple personal and commercial insurance lines of business across the country. We believe that CAA will enable Echelon Insurance to reach the next level of service for its brokers and customers.”

“The acquisition of Echelon Insurance represents an exciting opportunity to expand CAA Club Group’s insurance product offering into non-standard auto, property, and commercial insurance,” said Jay Woo, President and CEO of CAA Club Group. “CAA is committed to the success of its independent insurance brokers, and is excited to offer them new products to meet their customers’ needs. CAA looks forward to inviting Echelon Insurance’s brokers into one of Canada’s most trusted brands, and supporting them with industry-leading IT systems, support and infrastructure. CAA will continue to give brokers the transparency, tools and fairness they need to grow their business.”

Agreement Details

After considering the recommendation of the Special Committee, EFH’s Board of Directors has determined that the Agreement is in the best interest of the Company, and has unanimously approved entering into the Agreement. EFH’s Board of Directors recommends that shareholders vote in favour of approving the Agreement at a special shareholder meeting expected to be held in January 2019 (the “Meeting”).

The Purchase Price of $175 million represents a 42% premium to the book value of Echelon Insurance as at June 30, 2018. Pursuant to the terms of the Agreement, EFH has committed to deliver Echelon Insurance to CAA with a Minimum Capital Test (“MCT”) ratio of 220% at closing. In addition, CAA will assume up to $4 million of EFH’s transaction expenses in relation to the Agreement.

National Bank Financial Inc. and Blair Franklin Capital Partners Inc. provided opinions to EFH’s Board of Directors and EFH’s Special Committee, respectively, that the consideration pursuant to the Agreement is fair, from a financial point of view, to EFH.

Shareholder Approval and Other Considerations

The Agreement is subject to the approval of at least 66⅔% of EFH shares voted in person or by proxy at the Meeting. Certain shareholders including EdgePoint Investment Group, Cymbria Corporation, Foyston, Gordon & Payne Inc., Franklin Templeton Investments Corp., and the directors and senior officers of the Company, together representing over 50% of the Company’s outstanding common shares (calculated on a non-diluted basis), have entered into voting support agreements with CAA pursuant to which they have agreed to vote their shares in favour of the Agreement. Such voting agreements can be terminated in certain circumstances.

Completion of the Agreement is subject to customary conditions including receipt of shareholder approval, required insurance regulatory approvals and Competition Act approval.

The Agreement includes non-solicitation covenants, as well as customary fiduciary protections including the ability to consider and support a superior proposal with respect to the Business or the Company (a “Superior Proposal”). CAA will have five business days to match any Superior Proposal. EFH will be required to pay a break fee of $6.1 million in the event the Board accepts or supports a Superior Proposal.

The terms and conditions of the Agreement will be disclosed in greater detail in EFH’s information circular (the “Information Circular”) that is anticipated to be mailed to shareholders in December 2018. In the event of a postal strike that prevents mailing, EFH intends to discuss other options with its regulators and issue a further news release as necessary. It is expected that the proposed Agreement will be completed in the first half of 2019 once all required approvals are obtained.

Copies of the Agreement and of the Information Circular for the Meeting will be filed with Canadian securities regulators and will be available on the SEDAR profile of EFH at www.sedar.com. In addition, EFH shareholders may obtain free copies of the Agreement and of the Information Circular by writing to Echelon Financial Holdings Inc., 2680 Matheson Boulevard East, Suite 300, Mississauga, Ontario, L4W 0A5 Attention: Corporate Secretary. EFH shareholders are urged to read the Information Circular and the other relevant materials when they become available as such materials will contain important information regarding the Agreement.

Remaining Assets of EFH

EFH continues to own a 75% interest in its other active subsidiary, the Insurance Company of Prince Edward Island (“ICPEI”). ICPEI is a leading provider of personal and business insurance sold exclusively through a network of 17 brokers in 68 offices across all three of Canada’s Maritime provinces. In the coming months, EFH expects to work collaboratively to assist ICPEI in setting up stand-alone operations in order to ensure business continuity including supporting its broker partners after the closing of the sale of the Business.

Based on EFH’s reported balance sheet as at June 30^th, 2018 and excluding the contribution from the Business, EFH estimates that at such date it had approximately $30 million in net tangible assets in addition to its 75% interest in ICPEI which had an equity book value of approximately $10 million. EFH intends to review its alternatives to return capital to its shareholders and will assess other value maximization alternatives for its remaining assets in due course. EFH will provide supplementary details in the Information Circular and will provide updates to the stakeholders as appropriate.

Advisors

National Bank Financial Inc. acted as the exclusive financial advisor to Echelon Financial Holdings in connection with the strategic review process and the Agreement. National Bank Financial Inc. and Blair Franklin Capital Partners provided opinions to EFH’s board of directors and EFH’s Special Committee, respectively, that the consideration pursuant to the Agreement is fair, from a financial point of view, to EFH. McCarthy Tétrault LLP acted as legal advisor to EFH. Cassels Brock & Blackwell LLP acted as insurance regulatory counsel to EFH. Stikeman Elliottt LLP acted as legal advisor to CAA Club Group.

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.

About CAA Club Group

For over a hundred years, CAA has been helping Canadians stay mobile, safe and protected. The CAA Club Group of Companies is comprised of two automobile clubs, CAA South Central Ontario and CAA Manitoba, providing roadside assistance, travel, insurance service and Member savings for over 2.2 million members. It also includes the CAA Insurance Company, a national property and casualty insurance company, and the Orion Travel Insurance company.

TORONTO, November 14, 2019 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported direct premium written of $10.3 million in the third quarter this year, which was $1.0 million increase over the same period last year. Due largely to Hurricane Dorian, the Company reported a net loss of $0.7 million in its third quarter this year or $0.04 per share.

Third Quarter 2019 Highlights

• Net loss of $0.04 per diluted share on continued operations compared to net loss of $0.16 per diluted share in the third quarter of 2018. In the third quarter of 2018, the Company had net income from discontinued operations of $2.2 million or $0.18 per diluted share. Discontinued operations includes results of Echelon Insurance and the unregulated warranty business of Echelon Financial Holdings Inc. that have been sold May 31, 2019.
• Direct written premiums increased by $1.0 million over the same period in 2018 to $10.3 million as the Company increased rates in property lines across all provinces and personal auto in PEI.
• Closing book value per share of $7.46, has decreased by $0.02 per share from end of second quarter of 2019.

Financial Summary

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 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 expenses, general expenses, integration costs and excludes any impact of change in discount rate on claims and corporate expenses.

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 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:      Investor Relations

905-602-2150

ir@icpeiholdings.ca

ICPEI Holdings Inc. Reports Second Quarter 2021 Results and Stock Symbol Change

 Toronto, August 19, 2021 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, today reported net income of $2.0 million for the quarter ended June 30, 2021 compared to $0.9 million in the same period of 2020.

The Company received shareholders’ approval to change its name to ICPEI Holdings Inc. from EFH Holdings Inc. on July 15, 2021 and it has also received approval to change its name on the TSX Venture Exchange and its stock symbol on the TSXV to “ICPH” effective August 23, 2021.

Highlights

• Net income per share of $0.14 per share this quarter compared to $0.05 per share in the second quarter of 2020.
• A combined ratio of 81.2% this quarter compared to 92.1% in the second quarter of 2020.
• A 54% increase in Direct Written Premiums over the same period in 2020 to $18.1 million. Personal lines increased by 28% and commercial lines increased by 104% in this period when compared to the same period last year.
• Successful completion of purchase of 25% non-controlling interest making The Insurance Company of Prince Edward Island (“ICPEI”) a 100% subsidiary.
• Issued 2,735,600 common shares of the Company through a non-brokered private placement at a price of $1.42 per share for $3.9 million.
• ICPEI was granted a license and began to write commercial business in Ontario in May 2021.
• Closing book value per share of $1.63 compared to $1.65 at the end of the first quarter of 2021. The slight decrease from the last quarter is the result of decrease of $0.17 book value per share from purchase of non-controlling interest, issuance of common shares, offset by growth in equity from comprehensive income in the second quarter of 2021.

• 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.

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of the Company’s subsidiary, Insurance Company of Prince Edward Island (ICPEI) as at June 30, 2021 was 322%, which comfortably exceeds the supervisory target of 150%.

The Company also entered into a bank credit facility consisting of $3 million Term Loan and $2 million revolving credit and drew on the $3 million Term Loan on April 1, 2021.

COVID-19 Pandemic Update

Due to the strict restrictions on activity in early spring combined with rapid gains in vaccinations, the numbers of COVID-19 cases have gradually decreased and this should pave the way for the opening up of the Canadian economy in the second half of 2021. However, the risk of COVID-19 still remains but varies between and within communities and regions. Currently, COVID-19 did not have any significant impact on the results of the Company, but the impact remains uncertain as the pandemic evolves.

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.

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 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. 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, May 3, 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 loss attributable to shareholders of $4.4 million, or $0.38 per diluted share, for the three months ended March 31, 2016.

First Quarter 2016 Highlights

• Net operating loss of $0.33 per share compared to an income of $0.17 per share in the first quarter of 2015.
• An underwriting loss of $9.4 million for the quarter compared to an underwriting loss of $3.5 million in the first quarter of 2015.
• A combined operating ratio of 112% compared to 105% in the first quarter of 2015 primarily due to weak performance in the International segment. The Canadian business remains solid with stable direct written premiums and improved year-over-year underwriting results overall.
• A 10% decrease in net written premiums over the same period in 2015 to $63.1 million, primarily driven by additional co-insurance and reinsurance on motor programs written in the International segment.
• Total pre-tax loss on invested assets of $3.1 million in the quarter compared to a pre-tax return of $8.8 million in the first quarter of 2015, primarily due to poor performance of the preferred share portfolio.
• Book value per share of $15.16 per share, a decrease of 3.7% in the quarter.

“Our Canadian business, particularly Personal Lines, continues to produce stable, consistent profits,” commented Steve Dobronyi, Chief Executive Officer.  “However, the Canadian results are overshadowed by the challenges in our International business.  As we’ve previously announced, we are exploring a structured process and a broad range of options to divest the International segment.  This will allow us to focus on our top priority of building and growing our Canadian operations.”

“The strategy for Canada is to build on our strengths,” added Serge Lavoie, President Echelon Insurance.  “We’re enhancing our product offering coast-to-coast and launching a new technology platform for speed and agility.  Our team is fully committed to the broker channel with a highly responsive, hands-on, flexible approach to partnerships.”

Dividend

The Board of Directors has elected to suspend the quarterly common share dividend until further notice.  This decision provides the opportunity to retain capital for future Canadian growth initiatives.

Financial Summary

• Net operating income is defined as underwriting income plus interest and dividend income, net of tax.
• Net operating income is adjusted to that attributable to shareholders for per share calculation.

First Quarter Review

Net operating loss of $4.0 million or $0.33 per share was recorded in the quarter, compared to an income of $2.1 million or $0.17 per share in the first quarter of 2015.  The decrease was due to an underwriting loss of $9.4 million compared to underwriting loss of $3.5 million for the same period in 2015.

Personal Lines generated underwriting income of $0.7 million compared to an underwriting loss of $3.7 million in the same period last year primarily due to benign driving conditions in Ontario and Atlantic auto.

Commercial Lines generated an underwriting loss of $0.8 million compared to $0.4 million underwriting income in the same period last year primarily due to a large loss in commercial property. The Company continues to focus on growing the Canadian business through product expansion, technology investments, and strong broker relationships.

The International division generated an underwriting loss of $7.4 million compared to an income of $1.8 million in the same period primarily due to losses in the UK and Irish auto programs. We have initiated a full claims review on these programs. A decision on continuity of these programs will be taken very shortly. In addition, Michel Trudeau has been appointed CEO of our European subsidiary, Qudos, replacing Brian Clausen.

Net written premiums decreased by 10%, primarily due to de-risking efforts on the UK and Irish programs in the International segment which started in the fourth quarter of 2015.

Investment income was $5.2 million compared to an income of $5.9 million in the first quarter of 2015.  There was a total pre-tax loss on invested assets of $3.1 million in the quarter compared to a pre-tax return of $8.8 million in the first quarter of 2015.  The fair value of Echelon’s investment portfolio, including finance receivables, was $547 million, a slight decrease of 0.5% from the fourth quarter of the prior year.

Operating expenses increased by $0.7 million or 8%, to $9.2 million in the first quarter of 2016 compared to $8.5 million in the comparative quarter primarily due to an increase in salaries and benefits.

On a consolidated basis, a net favourable development of prior year claims of $1.4 million was recorded in the first quarter of 2016 compared to favourable development of $2.4 million in the same period in 2015.

Operating Results

⁽¹⁾     Excluding head office overhead costs.

Capital Management

The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at March 31, 2016, was 225%, which exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 291% was in excess of provincial supervisory targets. The Company’s European subsidiary, Qudos, had a Danish Financial Services Authority (DKFSA) Individual Solvency ratio of 118%, in excess of the DKFSA minimum.

The Company has approximately $5 million of excess deployable capital invested in liquid assets in the holding company.

For the three months ended March 31, 2016, total shareholders’ equity decreased by $7.2 million to $177.5 million from December 31, 2015.

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 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 Wednesday, May 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 83738254.  A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at http://event.on24.com/r.htm?e=1166187&s=1&k=40246B903D006FF9B683971A54B349D8.

A replay of the call will be available until May 11, 2016.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, enter password 83738254.  An archive will be available on our website following the event.

About Echelon Financial Holdings Inc.

Founded in 1997, 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:  Kathy Shulman, Manager, Investor Relations  905-214-7880  ir@icpeiholdings.ca

Toronto – October 3, 2017 – Echelon Financial Holdings Inc. (TSX: EFH) today announced that it will release its third quarter financial results after market close on Thursday, November 2, 2017.

A conference call for analysts and interested listeners will be held on Friday, November 3, 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 95265092.  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 10, 2017.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 95265092.  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, providing personal and commercial lines insurance exclusively through the broker channel. The Company operates and 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:  Kathy Shulman, Manager, Investor Relations
905-214-7880      ir@icpeiholdings.ca

TORONTO, Nov. 14, 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 income attributable to shareholders on continued operations of $0.3 million, or $0.02 per diluted share, for the three months ended September 30, 2018.

Agreement to sell Echelon Insurance

On November 9, 2018, the Company announced that it has entered into a definitive agreement to sell Echelon Insurance, its main operating subsidiary, and the unregulated warranty business held directly by EFH to CAA Club Group for $175 million, payable in cash. This agreement is subject to customary conditions including receipt of shareholder approval, required insurance regulatory and government approvals, Toronto Stock Exchange approval and Competition Act approval. The terms and conditions of the Agreement will be disclosed in greater detail in EFH’s information circular (the “Information Circular”) that is anticipated to be mailed to shareholders in December 2018.

Based on EFH’s reported balance sheet as at September 30, 2018, The Company estimates that after the sale, the remaining liquid net tangible assets are $28 million in addition to its interest in ICPEI which is approximately $10 million.

Third Quarter 2018 Highlights

• Net operating income of $0.18 per share compared to $0.10 per share in the third quarter of 2017.
• A combined operating ratio of 98% compared to 103% in the third quarter of 2017.
• A 35% increase in direct written premiums over the same period in 2017 to $105.0 million as a result of organic growth in Personal and Commercial Lines nationally.
• A pre-tax gain on invested assets of $1.8 million in the quarter compared to a pre-tax loss of $1.0 million in the prior year quarter, as a result of positive returns from both the Fixed Income and Preferred Share portfolios.
• Closing book value per share of $12.89, an increase of $0.01 from the second quarter of 2018.

“Echelon reported positive third quarter results, with a 98% combined operating ratio, and strong growth in both Personal and Commercial Lines,” commented Serge Lavoie, Chief Executive Officer.

“Our Personal Lines segment performed well, with a 94% combined ratio overall. These results were again driven by strong performance in Ontario Auto, a segment that continues to grow profitably. We saw some deterioration in our Commercial Lines results during the quarter, however, this segment remains profitable year-to-date, with a 99.4% combined ratio,” he continued.

“During the quarter, we saw strong growth and profitability in our largest regions, Ontario and Quebec. These results were offset by weaker performances in Atlantic and Western Canada. We are actively conducting rate and underwriting reviews to address profitability in these regions.

“We continued to focus and invest in our systems during the quarter. In addition to enhancing our Passport Portal in preparation for its launch to Alberta and Quebec brokers, we introduced a new data warehouse and analytics platform, which our Actuarial team will leverage to conduct enhanced data analysis, and predictive modeling,” he continued. “Our Brokers are enthusiastic about our improved technology, and are increasing their use of our direct upload feature. During the end of the quarter, 70% of new business submissions were uploaded directly to our Passport System for processing and issuance, bringing us closer to our goal of 90% usage.”

“Overall, we are pleased with our recent progress, and are satisfied with the gradual return to profitability that we are seeing in our third quarter results year over year.” 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.}

Third Quarter Review

The Company reported net operating income of $2.1 million or $0.18 per share in the quarter, compared to income of $1.2 million or $0.10 per share in the third quarter of 2017, an increase of 80%.

Direct written premiums increased by 35% to $105.0 million. The increase in premiums was driven by organic growth in Ontario Personal Auto and rate increases in Quebec Commercial Lines.

Personal Lines generated an underwriting income of $3.9 million, compared to an underwriting loss of $0.2 million in the same period last year, driven by exceptional results in Ontario auto.

Commercial Lines generated an underwriting loss of $1.8 million compared to an underwriting loss of $1.5 million in the same period last year due to strengthening of prior year reserves.

The Company’s expense ratio decreased by 0.5% over the prior period, attributable to operational efficiencies realized as a result of the Passport system rollout.

Investment income was $3.0 million compared to $2.4 million in the third quarter of 2017. The pre-tax gain on invested assets was $1.8 million in the quarter, compared to a pre-tax loss of $1.0 million in the third quarter of 2017. The fair value of Echelon’s investment portfolio, including finance receivables, was $528 million.

Net favourable development of prior year claims of $2.1 million was recorded in the third quarter of 2018, compared to favourable development of $12.3 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 September 30, 2018, was 231%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 297% was also in excess of provincial supervisory targets.

For the period ended September 30, 2018, total shareholders’ equity increased by $10.9 million to $153.7 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.
Discontinued 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.

On October 29, 2018, the Company filed a Statement of Defence in response to a claim filed with the Danish Institute of Arbitration by New Nordic Advisors Limited (NNAL). The claim by NNAL relates to the sale of the Company’s European Operations to NNGL. The Company denies all allegations made against it by NNAL and believes there is no merit to NNAL’s claim for €45.8 million in damages.

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

TORONTO, February 21, 2020 – Echelon Financial Holdings Inc. ( “EFH” or the “Company”) (TSX:EFH), which operates in the property and casualty insurance industry in Canada, today reported direct written premium of $8.6 million in the fourth quarter of 2019, which represents a $1.2 million increase over the same period in 2018. For the financial year ended December 31, 2019, direct written premium increased by $2.9 million over the financial year ended December 31, 2018, from $33.9 million to $36.8 million. These increases were largely due to increased rates in 2019 over 2018. The Company’s investment income increased by $0.8 million in the fourth quarter of 2019 over the same period in 2018 and increased by $1.5 million in the financial year ended December 31, 2019 over the financial year ended December 31, 2018. The increases were mostly due to interest earned on its increased cash position over last year as a result of the sale of Echelon Insurance and improvement in the performance of preferred shares.

In the fourth quarter of 2019, the Company had an underwriting loss of $0.8 million compared to an underwriting income of $1.8 million for the same period in 2018. For the financial year ended December 31, 2019, the Company had an underwriting loss of $1.6 million compared to an underwriting loss of $1.1 million in the financial year ended December 31, 2018. The underwriting loss in the financial year ended December 31, 2019 was largely due to Hurricane Dorian ($0.9 million) and unfavorable developments in prior years’ unpaid claims ($2.4 million). Without these events, the Company would have an underwriting income of $1.7 million.

The Company is pleased with The Insurance Company of Prince Edward Island’s successful transition to become fully operational on its own after the sale of Echelon Insurance and with its implemented rate increases and support from brokers.

Fourth Quarter 2019 Highlights

• Net loss of $0.5 million in fourth quarter 2019 compared to net loss of $7.4 million in the fourth quarter of 2018.
• Net income of $0.01 per diluted share on continued operations compared to net income of $0.06 per diluted share on continued operations in the fourth quarter of 2018.
• Closing book value per share of $7.45 is comparable to $7.46 at end of third quarter of 2019.

Financial Summary

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, which is non-IFRS measure. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition expenses, general expenses, and excludes any impact of change in discount rate on claims and corporate expenses.  Underwriting income is commonly used in the insurance industry.

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

Company contact information:                 Investor Relations

905-602-2150

ir@icpeiholdings.ca

ICPEI Holdings Inc. Reports Third Quarter 2021 Results

Toronto, November 18, 2021 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, today reported net income of $1.1 million for the quarter ended September 30, 2021 compared to a net loss of $2.8 million in the same period of 2020.

Highlights

·         A combined ratio of 89.7% this quarter compared to 95.4% in the third quarter of 2020.

·         A 57% increase in Direct Written Premiums over the same period in 2020 to $18.4 million. Personal lines increased by 34% and commercial lines increased by 114% in this period when compared to the same period last year.

·         Underwriting income was $1.4 million in this quarter compared to $0.4 million in the third quarter of 2020. This is the result of improved combined ratio and the increase in premium earned in this quarter over the same period last year.

·         Closing book value per share of $1.71 compared to $1.63 at the end of the second quarter of 2021. The $0.08 per share increase from the last quarter is the result of earnings per share in the third quarter of 2021.

• 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.

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of the Company’s subsidiary, Insurance Company of Prince Edward Island (ICPEI) as at September 30, 2021 was 309%, which comfortably exceeds the supervisory target of 150%.

The Company also entered into a bank credit facility consisting of $3 million Term Loan and $2 million revolving credit and drew on the $3 million Term Loan on April 1, 2021. During the third quarter, a repayment of $0.15 million was made to the bank.

COVID-19 Pandemic Update

Due to the strict restrictions on activity in early spring combined with rapid gains in vaccinations, the numbers of COVID-19 cases have gradually decreased and we are seeing the gradual re-opening of the Canadian economy in the second half of 2021. However, the risk of COVID-19 still remains but varies between and within communities and regions. Currently, COVID-19 did not have any significant impact on the results of the Company, but the impact remains uncertain as the pandemic evolves.

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.

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 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. 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, May 5, 2016 – Echelon Financial Holdings Inc. (“Echelon”) (TSX: EFH) today announced the voting results for the election of its board of directors at its annual general meeting of shareholders.

All nine nominees listed in Echelon’s management information circular dated March 10, 2016, were elected as directors.  The detailed results of the vote held at its annual general meeting of shareholders on May 5, 2016, are set out below.

The resolutions to re-appoint PricewaterhouseCoopers LLP as the auditors of the Corporation, to approve the increase in the number of securities issuable under the Corporation’s Executive Share Unit Plan and to approve amendments to By-law No. 1 were each carried.

Mr. Purves, Chairman of the Board, thanked the departing directors, Steve Dobronyi and Carol Poulsen, for their valuable contributions during their service as director.

About Echelon Financial Holdings Inc.

Founded in 1997, 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.

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

TORONTO, November 2, 2017 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada, today reported net income attributable to shareholders on continued operations of $0.9 million, or $0.07 per diluted share, for the three months ended September 30, 2017.

All operating results below refer to continued operations.

Second Quarter 2017 Highlights

• Net operating income on continued operations of $0.28 per share compared to income of $0.24 per share in the second quarter of 2016, an increase of 17%.
• A combined operating ratio of 103% compared to 97% in the third quarter of 2016, driven by the impact of the British Columbia (BC) wildfires, one large loss in Commercial Auto, and increased Motorcycle claims due to unusually dry late summer weather experienced in Excluding the impact of the wildfires, the Company would have reported a combined operating ratio of 99.5% for the quarter.
• A 34% increase in direct written premiums over the same period in 2016 to $78.0 million as a result of organic growth in Personal Lines and new Commercial Lines products launched in 2016.
• Net favourable development of prior year claims of $12.3 million was recorded in the third quarter of 2017 compared to net favourable development of $4.5 million in the same period in 2016 driven by better than expected development of prior year claims, particularly in Personal Lines, in addition to an increase in discount rate.
• A pre-tax loss on invested assets of $1.0 million in the quarter that was negatively impacted by lower returns on the fixed income portfolio due to higher short-term bond yields in the quarter, compared to a pre-tax gain of $3.7 million in the third quarter of 2016.
• Closing book value per share of $12.14, a decrease of 0.9% over the second quarter of 2017.

“Our results for the quarter were adversely impacted by the wildfires in British Columbia, a large loss in Commercial Auto and an unusual number of large losses in Motorcycle.” commented Serge Lavoie, Chief Executive Officer. “We remain committed to supporting our customers who have experienced losses in BC, and across the country.” he added. “We continue to execute on our broker-focused strategy, which has been well received by brokers across the country. We have also made good progress in the deployment of our new policy management system leading to improved broker connectivity and customer service in the future.”

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

The Company reported net operating income of $1.2 million or $0.10 per share in the quarter, compared to income of $1.6 million or $0.13 per share in the third quarter of 2016, a decrease of 23%.

Direct written premiums increased by 34% to $78.0 million, primarily due to organic growth in Personal Lines and the growth of Commercial Lines products launched in 2016.

Personal Lines generated an underwriting loss of $0.2 million compared to an underwriting income of $0.2 million in the same period last year, due to a $2.0 million adverse impact from the wildfires in British Columbia in addition to an unusual number of large losses in the Motorcycle line of business. Excluding the impact of the wildfires, Personal Lines would have reported a combined ratio of 95.8% for the quarter.

Commercial Lines generated an underwriting loss of $1.5 million compared to an underwriting income of $1.3 million in the same period last year, driven by one large loss in Commercial Auto.

Investment income was $2.4 million compared to $4.5 million in the third quarter of 2016. The pre-tax loss on invested assets was $1.0 million in the quarter, negatively impacted by lower returns on the fixed income portfolio due to increased underlying government bond yields in the quarter, compared to a pre-tax gain of $3.7 million in the third quarter of 2016. The fair value of Echelon’s investment portfolio, including finance receivables, was $452 million.

Net favourable development of prior year claims of $12.3 million was recorded in the third quarter of 2017, compared to favourable development of $4.5 million in the same period in 2016. Although the Company has experienced significant favourable development of prior year claims in the quarter there can be no assurance that this level of favourable development will recur in the future.

Operating Results

⁽¹⁾     Excluding head office overhead costs

Nine-Month Review

The Company reported net operating income of $6.9 million or $0.57 per share compared to $5.5 million or $0.46 per share for the same period in 2016, an increase of 24%.

Direct written premiums increased by 30% as a result of organic growth in Personal Lines and growth in new Commercial Line products launched in 2016.

Personal Lines generated underwriting income of $3.1 million compared to an underwriting income of $0.4 million in the same period last year, primarily due to strong performance in Ontario and Quebec auto.

Commercial Lines generated an underwriting income of $1.6 million compared to $2.1 million in the same period last year, predominantly due to one large loss in commercial auto.

Investment income was $13.9 million compared to $13.3 million in 2016, due to realized foreign exchange gains arising on investment hedges from the sale of the European operations in the first quarter of 2017, partially offset by lower interest and dividend income. The total pre-tax return on invested assets was $4.2 million compared to $8.2 million in the same period of 2016 as a result of lower returns on the fixed income portfolio due to increased underlying government yields.

Operating expenses incurred in 2017 increased by 4% over the prior year to $22.9 million, primarily due to increased headcount and information technology costs.

Net favourable development of prior year claims of $23.5 million was recorded in the nine months ended September 30, 2017 compared to favourable development of $13.8 million in the same period in 2016. Although the Company has experienced significant favourable development of prior year claims in the year, there can be no assurance that this level of favourable development will recur in the future.

Capital Management

All related entities remain well capitalized. The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at September 30, 2017, was 228%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 329% was in excess of provincial supervisory targets.

The Company has approximately $16.3 million of excess deployable capital invested in liquid assets at the holding company. EFH currently intends to use any excess capital in addition to capital generated from its operations to fund its growth.

For the nine month period ended September 30, 2017, total shareholders’ equity increased by $6.8 million to $144.2 million from December 31, 2016.

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 and outlook of EFH for 2017 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.

Conference Call

A conference call for analysts and interested listeners will be held on Friday, November 3, 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 95265092. 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 10, 2017. To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 95265092. 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, providing personal and commercial lines insurance exclusively through the broker channel. The Company operates and 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:

Kathy Shulman,
Manager, Investor Relations
905-214-7880
ir@icpeiholdings.ca

Echelon Financial Holdings Inc. Reports First Quarter 2020 Results

Toronto, May 26, 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 first quarter of 2020.

The rapid spread of the COVID-19 virus, which was declared by the World Health Organization to be a pandemic on March 11, 2020, and actions taken in Canada and globally in response to COVID-19, have significantly disrupted business activities. ICPEI implemented its emergency operational plan which included transitioning most employees to work from home and only a small number of staff in the office to perform functions which could not be performed remotely. Although the office was closed to the public, claim services and support for brokers continued during this time. Since May 4, 2020, ICPEI has begun a partial reopening of its office in Charlottetown.

ICPEI has provided a number of accommodations to its policyholders if they experience hardship because of COVID-19 and adjust 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 in the first quarter of 2020 as it recorded a provision of $200.

The number of motor vehicle claims decreased significantly in the month of March and its impact is reflected in the lower claims expense in the first quarter of 2020. The experience for April is similar to March of this year. ICPEI suspended a recently approved auto rate increase in New Brunswick which was to be effective June 1, 2020 and filed for a slight reduction in auto rates in the Halifax Nova Scotia territory.

The effects on the Company’s development of critical estimates during the first 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. As a result of the market volatility in March, the Company recorded a loss in investment of $749 in its profit and loss and $2,370 of unrealized loss in its other comprehensive loss. Market volatility continued and in April the Company recovered some of those losses.

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. No provision has been made. ICPEI will monitor all developments.

Credit risk

During the first quarter of 2020, the Company’s exposure to credit risk increased primarily due to the 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 first 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.

There has been no development in the arbitration proceedings relating to the claim filed by New Nordic Odin Denmark against the Company other than it has been delayed due to the COVID-19 pandemic and the case is not expected to be heard until the fourth quarter of this year.

FIRST QUARTER HIGHLIGHTS

• Direct written premiums increased in the first quarter by $1.1 million over the same period in 2019 as the Company implemented rate increases. The COVID-19 pandemic did not have a significant impact on direct premiums written for the first quarter of 2020.

• Underwriting income was $0.4 million better than the same period in 2019 as earned premium was $0.9 million higher while net incurred claims was $0.2 million lower; offset by higher net acquisition and operating expenses.

• Investment income was $0.6 million lower in the first quarter compared to same period in 2019 largely due to adverse performance of preferred shares portfolio which had negative fair value change of $ 0.8 million that was charged to income. The equity market had a major downturn in the month of March 2020 because of the COVID 19 pandemic resulting in a net unrealized loss of $2.4 million in other comprehensive loss and a $0.1 million write down on equity investment in this quarter.
• Closing book value per share of $7.29 compared to $7.45 at end of 2019; largely due to the other comprehensive loss to shareholders.

Financial Summary
3 months ended
March 31
($ THOUSANDS except per share amounts) 2020 2019
Direct written and assumed premiums 8,037 6,957
Net earned premiums 8,459 7,541
Net claims incurred 4,386 4,551
Net acquisition costs 1,890 1,663
Operating expenses 1,337 922
Corporate expense 340 503
Underwriting income (1) 846 405
Investment (loss) income (2) (21) 555
Impact of change in discount rate on claims 131 (171)
Net income before income taxes 616 286
Income tax expense 168 83
Net income on continued operations 448 203
Net (loss) on discontinued operations – (9,187)
Net Income ( loss) 448 (8,984)
Net income (loss) attributed to:
Shareholders of the Company – continued operations 331 82
Shareholders of the Company – discontinued operations – (9,187)
Non-controlling interest – continued operations 117 121

Earnings (loss) per share
Continued operations
Basic $0.03 $0.01
Diluted $0.03 $0.01
Discontinued operations
Basic – ($0.77)
Diluted – ($0.77)
(1) Underwriting income excludes impact of change in claims discount rates and corporate expenses.
(2) 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 expenses, general expenses, integration costs and excludes any impact of change in discount rate on claims and corporate expenses.

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. announces its intention to complete a private placement.

Toronto, November 26, 2021 – ICPEI Holdings Inc. (the “Company“) (TSX-V: ICPH) is pleased to announce that it intends to complete a non-brokered private placement financing of up to $850,000 (the “Private Placement”). The Private Placement will consist of the sale of up to 440,415 common shares of the Company (“Shares”) at a price of $1.93 per Share.

The proceeds of the Private Placement will be used as reserve for capital injection into its subsidiary, The Insurance Company of Prince Edward Island (“ICPEI”). ICPEI is going through rapid growth which it aims to continue while increasing its commercial underwriting capacity in the coming year. As a result, additional capital may be required by the insurance regulator.

The Shares issued pursuant to the Private Placement will be subject to a hold period of four (4) months and one day from the date of closing of the Private Placement. In addition, the Private Placement is subject to the approval of the TSX Venture Exchange.

The Private Placement will constitute a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), given that certain insider of the Company has indicated their intention to subscribe for Shares under the Private Placement. On closing of the Private Placement, it is expected that certain insider will subscribe for an aggregate of $100,000 of Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, given that the fair market value of the participation in the Private Placement by certain insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Private Placement has been approved by the independent directors of the Company.

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 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 targets, ongoing objectives, strategies, timelines for completing the Private Placement, amounts to be raised pursuant to the Private Placement 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; Investor Relations, 905-602-2150, ir@icpeiholdings.ca

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.

MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or the “Company“) (TSX: EFH) announced today that the sale of Echelon Insurance, the Company’s main operating subsidiary that is incorporated under the Insurance Companies Act, and the unregulated warranty business held directly by EFH to a subsidiary of CAA Club Group for $175 million was approved by the requisite majority of shareholders at the special meeting of shareholders held on January 23, 2019 (the “Special Meeting“). Shareholders also approved a reduction in the stated capital of the Company to permit a special distribution to shareholders.

Final voting results from the Special Meeting will be filed with the Canadian securities regulatory authorities and will be available on the Company’s SEDAR profile 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.

TORONTO, August 14, 2020 – Echelon Financial Holdings Inc. (TSX: EFH) (“EFH” or the “Company“) announces that due to circumstances created by the COVID-19 pandemic, it will be postponing the reporting of its interim financial statements and accompanying management’s discussion and analysis for the three (3) month period ended June 30, 2020 (the “Interim Filings”), required to be filed by August 15, 2020 pursuant to National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“).

This news release is being issued in accordance to the blanket relief of a 60-day extension provided by the Canadian Securities Administrators and Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements for periodic filings normally required to be made by issuers during the period from June 2, 2020 to September 30, 2020.

EFH expects to file its Interim Filings by August 20, 2020.

The Company confirms that management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company confirms that there have been no material business developments that have occurred since the filing of its annual financial statements and management’s discussion and analysis for the year ended December 31, 2019 on February 21, 2020.

For further information please contact:

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

CO: Echelon Financial Holdings Inc.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, the expected filing date of the Interim Filings. 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.

Toronto, January 4, 2022 – ICPEI Holdings Inc. (the “Company“) (TSX-V: ICPH) is pleased to announce, further to the Company’s news release dated November 26, 2021, that it has closed its non-brokered private placement (the “Private Placement”) for gross proceeds of $850,000 raised through the sale of 440,415 common shares of the Company (“Shares”) at a price of $1.93 per Share.

Proceeds from the financing will allow the Company to inject capital into its subsidiary The Insurance Company of Prince Edward Island (“ICPEI”). ICPEI is going through rapid growth, which it aims to continue while increasing its commercial underwriting capacity. Consequently, additional capital may be required by the insurance regulator. The Shares issued pursuant to the Private Placement are subject to a four-month-and-one-day hold period ending on May 5, 2022. The Private Placement has received conditional approval from the TSX Venture Exchange and is subject to final approval by the TSX Venture Exchange.

The Private Placement is a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), given that certain insider of the Company has subscribed for an aggregate of $100,000 of Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, given that the fair market value of the participation in the Private Placement by certain insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Private Placement was approved by the independent directors of the Company.

The Company also announces that its Board of Directors has approved the grant of an aggregate of 177,000 restricted share units (“RSUs”) to its CEO, as his employment contract was renewed effective January 1, 2022. Each RSU is exercisable into one common share of the Company upon vesting. The RSUs will vest upon a change in control of either ICPEI Holdings or The Insurance Company of Prince Edward Island (ICPEI), the wholly owned subsidiary of the Company.

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 visit 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 4, 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 $1.8 million, or $0.15 per diluted share, for the three months ended June 30, 2016.

The Company also announced today that it has entered into a definitive stock purchase agreement to sell its European insurance operations.

All operating results below refer to continued operations.

Second Quarter 2016 Highlights

• Net operating income on continued operations of $0.24 per share compared to an income of $0.21 per share in the second quarter of 2015.
• An underwriting loss on continued operations of $0.5 million for the quarter compared to an underwriting income of $0.3 million in the second quarter of 2015, negatively impacted by losses from Fort McMurray wildfires and a few unusually large auto claims.
• A combined operating ratio of 101% compared to 99% in the second quarter of 2015.
• Canadian operations generated a combined ratio of 97.7%.
• A 9% increase in net written premiums on continued operations over the same period in 2015 to $63.5 million, primarily driven by increased personal lines premiums.
• A loss of $2.23 per share on the International operations, consisting of an operating loss of $0.37 per share and a loss on the sale of the business of $1.86 per share.
• Total pre-tax gain on invested assets of $5.1 million in the quarter compared to a pre-tax loss of $1.1 million in the second quarter of 2015, primarily due to improved performance of the Canadian preferred share portfolio.
• An increase of $0.15 in book value per share from continued operations, less $2.23 per share for the International results, resulting in book value per share of $13.08.

“I am very pleased that we are executing on our strategy outlined in early 2016. We will have exited the European market expeditiously with no residual liabilities, allowing us to allocate our capital to grow the Canadian operations. At the same time we have completed the build of our surety, commercial auto and commercial property teams in order to offer our brokers a full product suite”, commented Serge Lavoie, Chief Executive Officer.

“The second quarter was negatively impacted by the Fort McMurray wildfires and a very unusual number of large claims in Personal Lines. Our best wishes to those who have suffered losses and we continue to support our customers to manage their losses”, he continued.  “Our Canadian business has produced solid underwriting profits over time and the introduction of new products and enhanced systems will help accelerate growth through 2017 and beyond.  We are building a much stronger and sustainable specialty insurance business in Canada directly aligned to the needs of our brokers and clients.”

Financial Summary on Continued Operations

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

Second Quarter Review

Net operating income of $2.9 million or $0.24 per share was recorded in the quarter, compared to an income of $2.6 million or $0.21 per share in the second quarter of 2015.  The increase was due to improved underwriting income of $1.5 million excluding the $2 million net impact of the Fort McMurray wildfire compared to underwriting income of $0.3 million for the same period in 2015.

Personal Lines generated an underwriting loss of $0.6 million compared to an underwriting income of $1.8 million in the same period last year primarily due to the net impact of the Fort McMurray wildfire on Personal Lines of $1.0 million and a few unusually large auto losses in the quarter.

Commercial Lines generated an underwriting income of $1.6 million compared to $0.3 million underwriting income in the same period last year primarily due to favourable development on prior year claims.  The Company continues to focus on growing the Canadian business through product expansion, technology investments, and strong broker relationships.

Net written premiums increased by 9% to $67.8 million, reflecting strong broker relationships and an increase in policies in force in Ontario and Western Canada.

Investment income was $4.9 million compared to an income of $3.8 million in the second quarter of 2015 due to improved results on Canadian preferred shares portfolio.  There was a total pre-tax return on invested assets of $5.1 million in the quarter compared to a pre-tax loss of $1.1 million in the second quarter of 2015.  The fair value of Echelon’s investment portfolio, including finance receivables, was $415 million.

Operating expenses increased by $1.0 million or 17%, to $7.2 million in the second quarter of 2016 compared to $6.2 million in the comparative quarter, primarily due to an increase in salaries and benefits.

On a consolidated basis, a net favourable development of prior year claims of $7.3 million was recorded in the second quarter of 2016 compared to favourable development of $3.2 million in the same period in 2015.

Operating Results

(1)   Excluding head office overhead costs

Six-Month Review

Net operating income of $3.9 million or $0.33 per share was recorded compared to $1.7 million or $0.14 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 $0.2 million compared to an underwriting loss of $1.9 million in the same period last year, primarily due to higher favourable development on prior year claims.

Commercial Lines generated an underwriting income of $0.8 million compared to $0.7 million in the same period last year, primarily due to increased favourable development on prior year claims.

Net written premiums increased by 6%, attributable primarily to increases in personal lines policies.

Investment income was $8.9 million, in line with 2015. The total pre-tax return on invested assets was $4.5 million compared to $5.9 million in the same period of 2015.

Operating expenses incurred in 2016 increased by 12% over the prior year to $14.5 million reflecting an increase in salaries and benefits to support the Company’s product and geographic expansion.

On a consolidated basis, a net favourable development of prior year claims of $9.3 million was recorded in the six months ended June 30, 2016 compared to favourable development of $6.0 million in the same period in 2015.

Capital Management

All related entities remain well capitalized.  The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at June 30, 2016, was 240%, which exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 320% was in excess of provincial supervisory targets. The Company’s European subsidiary, Qudos, had a Danish Financial Services Authority (DKFSA) Individual Solvency ratio of 113%, in excess of the DKFSA 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 six months ended June 30, 2016, total shareholders’ equity decreased by $31.3 million to $153.4 million from December 31, 2015.

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 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, August 5, 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 45538275.  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 August 12, 2016.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 45538275.  An archive will be available on our website following the event.

About Echelon Financial Holdings Inc.

Founded in 1997, 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