Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) is providing an update on the New Nordic Arbitration.

As disclosed previously, arbitration proceedings were commenced on September 18, 2018 in Denmark against EFH alleging misrepresentations by the Company at the time EFH sold Qudos Insurance to New Nordic Advisors Limited (“NNAL”). Although the Share Sale Agreement specifically provided that it was not assignable, NNAL purported to assign it to a third party, who commenced the arbitration. The arbitration panel in Denmark has now dismissed entirely the arbitration proceedings, with costs awarded to EFH, on the basis that the third party had no standing to bring them.

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:
Teddy Chien
Chief Financial Officer
ir@icpeiholdings.ca

EFH Holdings Inc. announces its intention to complete a private placement and acquire the remaining shares in The Insurance Company of Prince Edward Island not already owned by EFH Holdings Inc.    

Toronto, March 11, 2021 – EFH Holdings Inc. (the “Company” or “EFH“) (TSX-V: EFH) is pleased to announce that it has entered into a letter of intent with Cooke Holdings Inc. (“Cooke”) to acquire the remaining 25% ownership of The Insurance Company of Prince Edward Island (“ICPEI”) that the Company currently does not own (the “Acquisition”).

Terms of the Acquisition

Under the terms of the Acquisition, the Company will acquire from Cooke all of the remaining issued and outstanding shares of ICPEI not already owned by EFH (the “ICPEI Shares”) for a total cash consideration of approximately $6,315,000 (the “Purchase Price”).The Acquisition is an arm’s length transaction and is expected to close on or before April 1st, 2021.

Completion of the Acquisition is subject to a number of conditions precedent, including but not limited to, the completion to the satisfaction of EFH of due diligence, the negotiation and execution of definitive documentation, and the approval of the TSX Venture Exchange. Accordingly, there can be no assurance that the Acquisition will be completed on the terms proposed above or at all.

Concurrent Private Placement

As a condition to completing the Acquisition, the Company intends to complete a non-brokered private placement financing of up to $3,739,002 (the “Private Placement”). The Private Placement will consist of the sale of up to 2,633,100 common shares of the Company (“Shares”) at a price of $1.42 per Share.

The proceeds of the Private Placement will be held in escrow, pending the Company receiving all applicable regulatory approvals and will be used to pay the Purchase Price on the closing of the Acquisition. If the Acquisition is not completed, the proceeds of the Private Placement will be returned to the subscribers.

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 insiders of the Company have indicated their intention to subscribe for Shares under the Private Placement. On closing of the Private Placement, it is expected that certain insiders will subscribe for an aggregate of $897,098 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 insiders 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. The Company expects that it will not file a material change report in respect of the Private Placement more than 21 days before the expected closing date of the Private Placement as the Company wishes to close the Private Placement on an expedited basis for sound business reasons and in a timeframe consistent with usual market practice for transactions of this nature.

About The Insurance Company of Prince Edward

Founded in 1987, The Insurance Company of Prince Edward Island offers market-leading home, auto and commercial insurance solutions. Its products are sold exclusively through a network of brokers across all three Maritime Provinces and Quebec. ICPEI has established a longstanding record of underwriting profitability, rooted in its disciplined approach to risk selection. On July 1, 2014, EFH acquired 75% ownership of ICPEI.

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. It trades on the TSX Venture Exchange under the symbol EFH.

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 Acquisition and the Private Placement, Purchase Price, amounts to be raised pursuant to the Private Placement 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.

For further information: please visit www.icpeiholdings.ca; Investor Relations, 905-602-2150, ir@icpeiholdings.ca

Related Links

https://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.

ICPEI HOLDINGS INC. SHAREHOLDERS APPROVE PRIVATIZATION TRANSACTION

TORONTO, ON, February 13, 2023– ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) is pleased to announce that at the special meeting (the “Meeting”) of holders (the “Shareholders”) of common shares of the Company (the “Shares”) held today, the Shareholders overwhelmingly approved the previously announced plan of arrangement pursuant to which certain key members of management and other existing Shareholders (collectively, the “Rollover Shareholders”), Desjardins General Insurance Group Inc., and certain other investors would indirectly acquire all of the outstanding Shares for $4.00 per Share (other than with respect to certain Shares held by Rollover Shareholders) (the “Arrangement”).

At the Meeting, a total of 10,473,583 Shares were voted in favour of the Arrangement, representing approximately 95.20% of the votes cast on the special resolution approving the Arrangement (the “Arrangement Resolution”). In addition, a total of 5,014,488 Shares, representing approximately 90.46% of the votes cast on the Arrangement Resolution, excluding votes cast by Shareholders whose votes were required to be excluded pursuant to MI 61-101 – Protection of Minority Security Holders in Special Transactions, were voted in favour of the Arrangement. The Shareholders who participated in the vote represented approximately 72.32% of the outstanding Shares entitled to vote on the Arrangement Resolution.

The completion of the Arrangement is subject to the approval and issuance of a final order by the Ontario Superior Court of Justice (Commercial List) (the “Court”) and the satisfaction or waiver of other customary closing conditions. The Company intends to seek a final order from the Court on February 22, 2023 and, assuming all other closing conditions are satisfied or waived, the Arrangement is expected to be completed on or about February 28, 2023.

Following completion of the Arrangement, the Shares will be delisted from the TSX Venture Exchange.

Further details regarding the terms and conditions of the Arrangement are set out in the management information circular of the Company dated January 11, 2023 (the “Circular”) and the arrangement agreement dated December 9, 2022, each of which are available under the Company’s profile at www.sedar.com.

Enclosed with the Circular was a letter of transmittal explaining how registered Shareholders can submit their Shares in order to receive consideration pursuant to the Arrangement. Registered Shareholders who have questions or require assistance with submitting their Shares in connection with the Arrangement may direct their questions to Computershare Investor Services Inc., which is acting as depositary in connection with the Arrangement, toll free at 1-800-564-6253 or by email at corporateactions@computershare.com.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information relates to future events or future performance, reflect current expectations or beliefs regarding future events and is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and similar expressions suggesting future outcomes or statements regarding an outlook. Forward-looking information includes, but is not limited to, statements with respect to the Arrangement, including statements regarding the final order hearing, the expected timing of closing, the delisting of the Shares and other statements that are not historical facts.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information. There can be no assurance that such information will prove to be accurate. Such information is based on numerous assumptions, including assumptions regarding the ability to complete the Arrangement on the contemplated terms or at all, that the conditions precedent to closing of the Arrangement can be satisfied, and assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company operates.

Although the Company believes that the forward-looking information in this news release is based on information and assumptions that are current, reasonable and complete, this information is by its nature subject to a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information, including, without limitation, the following factors: (a) the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all due to a failure to obtain or satisfy, in a timely manner or otherwise, required court approvals or satisfy other conditions of closing necessary to complete the Arrangement or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; (c) risks relating to the retention of key personnel during the interim period; (d) the possibility of litigation relating to the Arrangement; (e) risks related to the diversion of management’s attention from the Company’s ongoing business operations; and (f) other risks inherent to the Company’s business and/or factors beyond its control which could have a material adverse effect on the Company or the ability to consummate the Arrangement. The Company cautions that the foregoing list is not exhaustive of all possible factors that could impact the Company’s results.

Investors and others should carefully consider the foregoing factors and other uncertainties and potential events and should not rely on the Company’s forward-looking information to make decisions with respect to the Company. Furthermore, the forward-looking information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained herein is expressly qualified by this cautionary statement.

About ICPEI Holdings Inc.

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

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

For further information, please contact:

Ken Coulson, General Counsel of ICPEI Holdings Inc., at 905-602-2150 or ir@icpeiholdings.ca or visit our website at www.icpeiholdings.ca.

TORONTO, January 29, 2016 – Echelon Financial Holdings Inc. (“Echelon Insurance” or the “Company”) (TSX: EFH) today announced the formation of a Special Strategic Review Committee comprised of four of the Company’s independent directors. The Chair of the Committee is Murray Wallace. The other members of the Committee are Brian Reeve, Peter Crawford and Angus Ross. The Committee is responsible for assessing, examining and providing advice to the Board with respect to strategic and financial opportunities facing the Company, including its International operations. The Committee has met several times recently with senior management and is in the process of selecting an independent financial advisor to assist in the assessment, strategy and future of the Company’s International operations.

Given the nature of the process, the Company does not intend to provide updates until such time as the Board of Directors approves a strategic direction, or otherwise determines that further disclosure is advisable.

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

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

Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) today provided an update on the proceeds related to the sale of Echelon Insurance, and announced that it will release its second quarter financial results after market close on Tuesday, August 6, 2019.

Echelon Insurance sale proceeds

As previously disclosed, EFH agreed to sell Echelon Insurance for a sale price of C$175 million, subject to adjustments and subject to Echelon Insurance having a Minimum Capital Test Ratio (“MCT”) on the closing date of May 31, 2019 of 220%. Funds were set aside at closing to be paid into Echelon Insurance if the MCT at closing was less than 220%. After the adjustments related to closing and a payment from the escrowed funds of C$8 million to fix the MCT calculation at 220%, the net proceeds to EFH from the sale of Echelon Insurance are approximately C$170.3 million, less expenses related to the sale. The final expense number will be included in the Company’s Q2 financial statements.

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:

Teddy Chien
Chief Financial Officer
ir@icpeiholdings.ca

EFH Holdings Inc. announces upsize of non-brokered private placement    

Toronto, March 29, 2021 – EFH Holdings Inc. (the “Company” or “EFH“) (TSX-V: EFH) is pleased to announce that, due to over subscription, it has increased its previously announced non-brokered private placement (the “Private Placement”) to $ $3,884,552, consisting of  2,735,600 common shares of the Company (“Shares”) at a price of $1.42 per Share. The closing of the Private Placement is expected to occur on or about April 1st, 2021.

As previously stated in the press release dated March 11, 2021, the proceeds of the Private Placement will be used exclusively to finance the acquisition of the remaining 25% ownership of The Insurance Company of Prince Edward Island (“ICPEI”) that the Company currently does not own (the “Acquisition”). Furthermore, if the Acquisition is not completed, the proceeds of the Private Placement will be returned to the subscribers.

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.

About The Insurance Company of Prince Edward

Founded in 1987, The Insurance Company of Prince Edward Island offers market-leading home, auto and commercial insurance solutions. Its products are sold exclusively through a network of brokers across all three Maritime Provinces and Quebec. ICPEI has established a longstanding record of underwriting profitability, rooted in its disciplined approach to risk selection. On July 1, 2014, EFH acquired 75% ownership of ICPEI.

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. It trades on the TSX Venture Exchange under the symbol EFH.

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 Acquisition and the Private Placement, amounts to be raised pursuant to the Private Placement 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.

For further information: please visit www.icpeiholdings.ca; Investor Relations, 905-602-2150, ir@icpeiholdings.ca

Related Links

https://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.

TORONTO, February 24, 2023 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) today announced net income of $1.6 million for the year ended December 31, 2022, and a net loss of $1.7 million in the fourth quarter of 2022.

Serge Lavoie, Chief Executive Officer, commented “We had an impressive premium growth of 54% over last year and managed to generate an underwriting income of $3.1 million for the year despite the impact of Hurricane Fiona in the Maritimes provinces. Our previously announced plan of arrangement is proceeding well and subject to the satisfaction or waiver of customary closing conditions, we look forward to completing the arrangement shortly.”

Highlights

• In 2022, total premiums written of $102.4 million is an increase of 54% over last year and $29.4 million in the fourth quarter represent a 57% growth over the same period in 2021, driven by the growth of business in Quebec and Ontario.
• The business mix for 2022 is Commercial Lines of 52% and Personal Lines 48% compared to Commercial Lines of 46% and Personal Lines 54% in the same period last year. The growth is in line with our strategy to expand our business in commercial lines.
• A Combined ratio of 96.1% for the year resulting in an underwriting income of $3.1 million. Hurricane Fiona and adverse development in claims related to accident years prior to 2020 had a significant impact on the results in the year.
• Adverse development in claims related to prior years in the amount of $2.4 million and expenses of the Company’s going private transaction of $1.5 million negatively impacted the results in the fourth quarter of 2022.

For 2022, investment income was $1.0 million compared to $2.6 million last year and in the fourth quarter of 2022, investment income was $0.7 million compared to $0.8 million in the same period last year. With increasing interest rates during the year, the valuation of the investment portfolio decreased as a majority of the portfolio is in fixed income securities and is marked to market. On the positive side, the expected yield in our investment portfolio has increased to 4.90% at the end of 2022 from 2.09% at the end of 2021.

TORONTO, February 3, 2016 /CNW/ – Echelon Financial Holdings Inc. (or “the “Company”) (TSX: EFH) today announced that Steve Dobronyi has decided to step down as Chief Executive Officer.  He has agreed to remain with the Company until the annual general meeting on May 5, at which time, Serge Lavoie will be appointed Chief Executive Officer.

Mr. Lavoie is currently President and Chief Executive Officer of Echelon Insurance.  Prior to that, he was a Director of Echelon Insurance from May, 2014 to November, 2015.  Until 2012, he was Chief Executive Officer of Jevco Insurance Company.

Rob Purves, Chairman of the Board, thanked Mr. Dobronyi for his strong contribution. “Steve successfully led the Company with creativity and energy through several challenging business cycles.  Over his six year tenure, he steadily grew the Canadian operations and restored profitability to target levels.  He divested the unprofitable US operations and other non-core businesses and led the acquisitions of ICPEI and CUISA MGA”, said Mr. Purves.

Mr. Purves continued, “Serge brings deep and proven experience in the Canadian property and casualty insurance industry to Echelon’s leadership. We look forward to working with him to utilize Echelon’s business platform and accelerate our growth plans in Canada.”

“I’m excited to lead the Company on a path of growth and profitability in the ensuing years. The Company has many fine employees whom I have come to know and I’m certain that together we will ensure the future success of Echelon”, said Mr. Lavoie.

About Echelon Insurance

Founded in 1998, the Company 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, icpeiholdings.ca.

Toronto – April 4, 2017 – Echelon Financial Holdings Inc. (TSX: EFH) today announced that it will release its first quarter financial results after market close on Wednesday, May 3, 2017.

A conference call for analysts and interested listeners will be held on Thursday, May 4, 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 2940919.  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 May 11, 2017.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, password 2940919.  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, primarily focusing on non-standard automobile insurance and other niche and specialty insurance products.  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, visit icpeiholdings.ca.

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

TORONTO, August 23, 2018 – Echelon Financial Holdings Inc. (TSX: EFH) today announced the resignation of Alvin Sharma as Echelon’s Chief Financial Officer and a member of the Company’s Senior Management team.

After nearly six years with the Company, Mr. Sharma has decided to pursue another opportunity as a CFO in the life insurance industry.

“Alvin has been a key member of our management team during Echelon’s recent growth, and we would like to thank him for all his contributions,” commented Serge Lavoie, President and CEO. “We will miss him greatly, and wish him well in his future endeavours.”

Mr. Sharma’s resignation is effective September 14^th, and the Company will immediately begin a search for Mr. Sharma’s successor. In the meantime, Patrick Espeut, Vice President of Finance and Corporate Controller, will act as interim CFO for the Company.

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

August 6, 2019 – Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) is providing an update on the New Nordic Arbitration.

As disclosed previously, arbitration proceedings were commenced on September 18, 2018 in Denmark against EFH alleging misrepresentations by the Company at the time EFH sold Qudos Insurance to New Nordic Advisors Limited (“NNAL”). Although the Share Sale Agreement specifically provided that it was not assignable, NNAL purported to assign it to a third party, who commenced the arbitration. The arbitration panel in Denmark has now dismissed entirely the arbitration proceedings, with costs awarded to EFH, on the basis that the third party had no standing to bring them.

A statement of claim naming New Nordic Odin Denmark as plaintiff was filed on August 2, 2019 in the Danish Institute of arbitration. The Company continues to deny all allegations made against it by NNGL and states that there is no merit to NNGL’s claim for €45.8 million in damages.

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:
Teddy Chien
Chief Financial Officer
ir@icpeiholdings.ca

Toronto, May 20, 2021 – EFH Holdings Inc. (“EFH” or the “Company”) (TSXV: EFH) which operates in the property and casualty insurance industry in Canada, today reported net income of $1.1 million for the quarter ended March 31, 2021 compared to $0.4 million in the same period of 2020.

Highlights

• Net income per share of $0.06 per share this quarter compared to $0.03 per share in the first quarter of 2020.
• Direct Written Premiums of $11.4 million in this quarter represents a 42% increase over the same period in 2020. Personal lines increased by 9% and commercial lines increased by 104% in this period when compared to the same period last year. The increase in Commercial Lines was largely due to $2.4 million new business written in Quebec that started operating in the fourth quarter last year.
• Investment income was $0.7 million higher in this quarter compared to same period in 2020, largely due to the positive change in Fair Value of Preferred Shares compared to the same period last year.
• Closing book value per share of $1.65 compared to $1.59 at the end of 2020. The increase from the last quarter is the result of $0.06 from earnings per share in the first quarter of 2021.

Subsequent Event

On April 1, 2021, the Company made further investment in ICPEI by purchasing the remaining 25% ownership of ICPEI that it did not already own. The Company paid cash of $6.3 million plus assumption of $0.5 million liabilities. This represents 4.9 times ICPEI’s trailing twelve months earnings before interest, taxes, depreciation and amortization (EBITDA). The transaction was financed partly by issuing 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. The Company also entered into a credit facility with National Bank consisting of $3 million Term Loan and $2 million revolving credit and drew on the $3 million Term Loan on April 1, 2021.

As a result of this investment, non-controlling interest will be eliminated and the excess of the cash paid plus the assumption of certain liabilities and expenses will be charged to shareholders’ equity. The book value per share is estimated to be $1.48 per share after taking effect of this investment.

The Company believes this investment will be accretive to shareholders’ value as it further expands into Quebec and Ontario.

• 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 EFH’s subsidiary, Insurance Company of Prince Edward Island (ICPEI) as at March 31, 2021 was 327%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

ICPEI continues to implement 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.

ICPEI continued to provide a number of accommodations to its policyholders if they experienced hardship because of COVID-19 and adjusted their auto premiums due to reduction of use. ICPEI has only experienced a 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.

Non-IFRS Financial Measures

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

Forward-looking Information

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

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

About 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, February 24, 2023 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) today announced that the Ontario Superior Court of Justice (Commercial List) has approved its previously announced plan of arrangement pursuant to which certain key members of management and other existing shareholders of the Company (collectively, the “Rollover Shareholders”), Desjardins General Insurance Group Inc., and certain other investors would indirectly acquire all of the outstanding common shares of the Company (the “Shares”) for $4.00 per Share (other than certain Shares held by Rollover Shareholders) (the “Arrangement”).

The Arrangement was approved by shareholders of the Company at a special meeting held on February 13, 2023. Subject to the satisfaction or waiver of customary closing conditions, the Arrangement is expected to be completed on or about February 28, 2023, subject to the issuance of a certificate of arrangement under the Business Corporations Act (Ontario).

Following completion of the Arrangement, the Shares are expected to be delisted from the TSX Venture Exchange and the Company intends to apply to cease to be a reporting issuer under the securities legislation of each province and territory of Canada.

Further details regarding the terms and conditions of the Arrangement are set out in the management information circular of the Company dated January 11, 2023 (the “Circular”) and the arrangement agreement dated December 9, 2022 each of which are available under the Company’s SEDAR profile at www.sedar.com.

Enclosed with the Circular was a letter of transmittal explaining how registered shareholders of the Company can submit their Shares in order to receive consideration pursuant to the Arrangement. Registered shareholders who have questions or require assistance with submitting their Shares in connection with the Arrangement may direct their questions to Computershare Investor Services Inc., which is acting as depositary in connection with the Arrangement, toll free at 1-800-564-6253 or by email at corporateactions@computershare.com. Non-registered shareholders may direct their questions to their broker or other intermediary.

Forward-looking statements

 Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information relates to future events or future performance, reflect current expectations or beliefs regarding future events and is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and similar expressions suggesting future outcomes or statements regarding an outlook. Forward-looking information includes, but is not limited to, statements with respect to the expected timing of closing of the Arrangement, the delisting of the Shares, the Company’s application to cease to be a reporting issuer and other statements that are not historical facts.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information. There can be no assurance that such information will prove to be accurate. Such information is based on numerous assumptions, including assumptions regarding the ability to complete the Arrangement on the contemplated terms or at all, that the conditions precedent to closing of the Arrangement can be satisfied, and assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company operates.

Although the Company believes that the forward-looking information in this news release is based on information and assumptions that are current, reasonable and complete, this information is by its nature subject to a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information, including, without limitation, the following factors: (a) the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all due to a failure to satisfy, in a timely manner or otherwise, conditions of closing necessary to complete the Arrangement or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; (c) risks relating to the retention of key personnel during the interim period; (d) the possibility of litigation relating to the Arrangement; (e) risks related to the diversion of management’s attention from the Company’s ongoing business operations; and (f) other risks inherent to the Company’s business and/or factors beyond its control which could have a material adverse effect on the Company or the ability to consummate the Arrangement. The Company cautions that the foregoing list is not exhaustive of all possible factors that could impact the Company’s results.

Investors and others should carefully consider the foregoing factors and other uncertainties and potential events and should not rely on the Company’s forward-looking information to make decisions with respect to the Company. Furthermore, the forward-looking information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained herein is expressly qualified by this cautionary statement.

About ICPEI Holdings Inc.

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

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

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

 For further information, please contact:

 Ken Coulson, General Counsel of ICPEI Holdings Inc., at 905-602-2150, ir@icpeiholdings.ca or visit our website at www.icpeiholdings.ca.

TORONTO, February 8, 2016 /CNW/ – Echelon Financial Holdings Inc. (“Echelon Financial” or the “Company”) (TSX: EFH) today announced that Douglas McIntyre has tendered his resignation as a member of the Board of Directors of Echelon Financial, in order to pursue other opportunities. Mr. McIntyre also resigned his directorships of the Company’s subsidiaries, Echelon Insurance, Qudos Insurance A/S and CIM Reinsurance Company Ltd.

Mr. McIntyre was one of the key contributors to Echelon’s growth, starting with Canadian Insurance Marketing Inc., a predecessor of the Company. In 2002, Mr. McIntyre was appointed Chief Executive Officer of Echelon Insurance and three years later led the Company’s IPO. He retired as CEO of the Company in 2010.

Rob Purves, the Chairman of the Company’s Board of Directors, thanked Mr. McIntyre on behalf of the Board and the Company for his long-time dedication. “Doug has been an integral part of Echelon Insurance for the past 14 years and was the guiding force in Echelon’s rehabilitation and revitalization in the early 2000s. Doug is a consummate insurance professional and astute financier. We wish him well in his future endeavours.”

About Echelon Insurance

Founded in 1998, the Company 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, icpeiholdings.ca.

TORONTO, May 3, 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 $7.5 million, or $0.62 per diluted share, for the three months ended March 31, 2017.

 All operating results below refer to continuing operations.

First Quarter 2017 Highlights

• Net operating income on continued operations of $0.19 per share compared to an income of $0.09 per share in the first quarter of 2016.
• A Canadian combined operating ratio of 94% compared to 100% in the first quarter of 2016 driven by strong results in both Personal Lines and Commercial Lines.
• A 30% increase in direct written premiums over the same period in 2016 to $54.6 million as a result of growth in existing products in Personal Lines and new Commercial Lines products.
• Total pre-tax gain on invested assets of $5.1 million in the quarter compared to a pre-tax loss of $0.6 million in the first quarter of 2016 due to strong Preferred Share and Fixed Income performance.
• Closing book value per share of $12.10, an increase of 3.4% over the fourth quarter of 2016.

“We are pleased to report strong results this quarter in both Personal and Commercial lines, despite adverse weather conditions in the Maritime provinces” commented Serge Lavoie, Chief Executive Officer.

“Direct Written Premiums increased by 30% compared with the prior year quarter, driven by growth in both new and existing business lines”, he continued. “Our full suite of products is being well received by the broker community, and the introduction of our enhanced systems will continue to support Echelon’s growth in 2017 and beyond. We look forward to further building our relationships with our brokers across Canada, and are committed to building strong and sustainable insurance solutions, aligned directly to their needs”.

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.

First Quarter Review

Net operating income of $2.3 million or $0.19 per share was recorded in the quarter, compared to an income of $1.0 million or $0.09 per share in the first quarter of 2016.

Personal Lines generated underwriting income of $1.9 million compared to an underwriting income of $0.7 million in the same period last year primarily due to strong performance in non-standard auto and motorcycle, partially offset by weaker performance in Atlantic Canada related to severe winter weather conditions.

Commercial Lines generated an underwriting income of $1.0 million compared to a $0.8 million underwriting loss in the same period last year primarily due to strong performance in warranty, commercial property and liability lines.  The Company continues to focus on growing the Canadian business through product expansion, technology investments, and strong broker relationships.

Direct written premiums increased by 30% to $54.6 million, primarily due to growth in Ontario personal lines and Quebec commercial lines, driven by broker transfers on existing products and the launch of new products in 2016.

Investment income was $8.5 million compared to $3.9 million in the first quarter of 2016 primarily due to realized foreign exchange gains arising on investment hedges from the sale of the European operations.  The total pre-tax gain on invested assets was $5.1 million in the quarter compared to pre-tax loss of $0.6 million in the first quarter of 2016, primarily due to strong performance of Preferred Share and Fixed Income investments.  The fair value of Echelon’s investment portfolio, including finance receivables, was $417 million.

Net favourable development of prior year claims of $3.3 million was recorded in the first quarter of 2017 compared to favourable development of $2.1 million in the same period in 2016.

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 Canadian subsidiary, Echelon Insurance, as at March 31, 2017, was 258%, which exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 354% was in excess of provincial supervisory targets.

The Company has approximately $10 million of excess deployable capital invested in liquid assets in the holding company.  All regulated entities remain well-capitalized.

For the three months ended March 31, 2017, total shareholders’ equity increased by $5.6 million to $143.0 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.

Director Elections

Daniel Courtemanche has, for personal reasons, withdrawn his name as director nominee for the Company Board of Directors. The Board of Directors has resolved that 8 directors will be elected at the May 9, 2017 Annual General Meeting. With the exception of Mr. Courtemanche, the slate of director nominees will remain the same as previously set out in the Proxy and Management Information Circular.

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, May 4, 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 2940919.  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 May 11, 2017.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, enter password 2940919. 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, primarily focusing on non-standard automobile insurance and other specialty P&C insurance products. 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, August 6, 2019 /CNW/ – Echelon Financial Holdings Inc. (the “Company”) (TSX: EFH) today announced the voting results for the election of its board of directors at its annual general meeting of shareholders on August 6, 2019. The six nominees listed in the Company’s management information circular dated July 2, 2019, were elected as directors. The detailed results of the vote held at its AGM are set out below.

The resolution to re-appoint PricewaterhouseCoopers LLP as the auditors of the Company was carried.

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.

For further information:

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

EFH Holdings Inc. Reports Appointment of Ken Coulson as General Counsel

Toronto, June 9, 2021 – EFH Holdings Inc. (“EFH” or the “Company”) (TSXV: EFH) Board of Directors is pleased to announce that Ken Coulson has been appointed as the Company’s General Counsel and Corporate Secretary.  Mr. Coulson, called to the Ontario bar in 1989, re-joins the Company after a two year hiatus.  As a senior officer of the Company, Mr. Coulson’s compensation includes a grant of 42,000 Restricted Share Units (“RSUs”), made pursuant to the Company’s Share Unit Plan for Eligible Employees.  Each RSU is exercisable into one common share of the Company upon vesting. The RSUs will vest in three equal installments on the anniversary of the date of grant.  Serge Lavoie, Chief Executive Officer of EFH, said “We are very pleased that Ken has re-joined the EFH team.  With his experience and background, Ken is a very welcome addition to EFH’s management team.”

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