ICPEI Holdings Inc. Reports Third Quarter 2022 Results

Toronto, November 16, 2022 – ICPEI Holdings Inc. (the “Company”) (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, today reported net income of $0.8 million for the quarter ended September 30, 2022.

Serge Lavoie, Chief Executive Officer, commented “Despite the significant impact of Hurricane Fiona in the Maritimes provinces, we managed to generate an underwriting income of $1 million in the third quarter”.

Highlights

• Premiums written of $24.3 million in this quarter represent a 32% growth over the same period in 2021. Personal Lines increased by 25% and Commercial Lines increased by 43% in this period when compared to the same period last year.
• The business mix at the end of the third quarter of 2022 is Commercial Lines of 49% and Personal Lines 51% compared to Commercial Lines of 43% and Personal Lines 57% in the same period last year. The growth is in line with our strategy to expand our business in commercial line.
• A Combined ratio of 95.2% resulting in an underwriting income of $1.0 million. Hurricane Fiona had a significant impact on the results in the quarter. Loss before reinsurance was estimated at $6.4 million and $1.2 million after recovery from reinsurance. Without Fiona, combined ratio would be 89.5% compared to 89.7% in the same period last year.
• Investment income of $0.3 million in the quarter compared $0.5 million in the same period last year. The higher interest environment increased our interest income in this quarter compared to the same period last year but also caused losses in our fixed income investments and preferred shares. Changes in preferred share fair value are charged to income. On the positive side, the expected yield in our investment portfolio has increased from 4.04% at the end of the last quarter to 4.62% in the quarter.
• The book value per share was increased by $0.05 to $1.92 from EPS in the quarter. Due to rapidly increasing interest rate environment, market value of our fixed income investment decreased and we recorded unrealized losses in Other Comprehensive Income that decreased the book value per share by $0.01. As a result, closing book value per share increased by $0.04 from end of last quarter.

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

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of ICPH’s subsidiary, The Insurance Company of Prince Edward Island (ICPEI) as at September 30, 2022 was 284%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

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

Non-IFRS Financial Measures

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

Forward-looking Information

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

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

About ICPEI Holdings Inc.

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

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

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

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

release.

For more information, please visit www.icpeiholdings.ca

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

TORONTO, November 5, 2015 – Echelon Financial Holdings Inc. (“EFH” or “the Company”) (TSX: EFH), which operates in the property and casualty insurance industry in Canada and Europe, today reported a net loss attributable to shareholders of $3.6 million, or $0.31 per diluted share, for the three months ended September 30, 2015.

The Company also announced a 9% increase in its quarterly dividend to 12 cents per share.

Third Quarter 2015 Highlights

• Net operating income of $0.15 per share compared to $0.33 in the third quarter of 2014.
• An underwriting loss of $0.7 million for the quarter compared to underwriting income of $0.1 million in the third quarter of 2014.
• Combined operating ratio of 100.8% compared to 99.8% in the third quarter of 2014.
• A 25% increase in direct written premiums over the same period in 2014 to $131.2 million, mostly driven by growth in the International division.
• Total pre-tax loss on invested assets of $1.2 million in the quarter compared to pre-tax return of $4.3 million in the third quarter of 2014, primarily due to mark-to-market losses on Canadian preferred shares.
• A decrease in book value per share of 2.8% in the quarter to $15.55 per share, primarily due to weak investment results.

“Overall, it was a mixed quarter for the company,” said Steve Dobronyi, Chief Executive Officer.  “Strong underwriting results in Canada were more than offset by volatility in capital markets and disappointing results in Europe.”

“Ontario, Quebec and the Maritimes all made strong contributions to underwriting profits,” he commented. “In Europe, results were impacted by a spike in claims frequency on young drivers and as a result we continue to build prudent reserves to support the business.  We have already taken immediate action on the affected areas and have de-risked the underwriting profile through program cancellations, underwriting restrictions and other management initiatives.”

“We’re proud of the business that we’ve built in Europe over the past several years,” he continued.  “We are well positioned to selectively underwrite only the risks with the highest profit margins and are excited by the opportunity to now realize the value that’s been built.  Coupled with the consistent profitability of our Canadian business and an increase in our shareholder dividend, Echelon continues to offer an attractive mix of value, growth and income to our shareholders.”

Dividend

The Board of Directors increased the quarterly dividend by 9% to 12 cents per outstanding common share.  The dividend is payable on January 4, 2016, to shareholders of record on December 8, 2015.

Financial Summary

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

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

Third Quarter Review

Net operating income of $1.8 million or $0.15 per share was recorded in the quarter, compared to $3.9 million or $0.33 per share in the third quarter of 2014.  The decrease was primarily due to lower underwriting income in the International segment, in addition to higher corporate expenses. Corporate expenses include a $1.0 million one-time payment to SGI Canada for favourable development on prior year claims reserves at The Insurance Company of Prince Edward Island (“ICPEI”).

Personal Lines generated underwriting income of $1.9 million compared to $0.5 million in the same period last year, due to strong performance in Atlantic Canada, Quebec and Western Canada.

Commercial Lines generated underwriting income of $2.0 million compared to $0.8 million in the same period last year, due to strong results in Quebec Commercial lines and Western Canada commercial property.

The International division generated an underwriting loss of $2.1 million compared to underwriting income of $0.6 million in the same period last year primarily due to higher claims frequency than expected from the UK-based telematics learner driver‎ program. Details of de-risking initiatives in the European operations are provided below.

Direct written premiums increased by 25%, attributable primarily to a $23.1 million, or 40%, growth in the International division.

Investment losses were $2.8 million compared to investment gains of $6.3 million in the third quarter of 2014.  The total pre-tax loss on invested assets was $1.2 million in the quarter compared to $4.3 million pre-tax gain in the third quarter of 2014.  The preferred share portfolio was adversely impacted by decreasing interest rates in Canada.  Fixed income was adversely impacted by increasing interest rates in Europe and widening corporate spreads globally.  These losses were partially offset by currency gains due to the strengthening of the Euro to the Canadian dollar.  The fair value of Echelon’s investment portfolio, including finance receivables, was $545 million, up 3% from the third quarter of 2014.

Total operating and corporate expenses, including a $1.0 million ICPEI purchase adjustment, incurred in the third quarter of 2015 were in line with the prior year. Excluding the ICPEI purchase price adjustment of $1 million, total operating expenses decreased by 11% compared to the comparative quarter, primarily due to lower technology-related amortization.

On a consolidated basis, a net favourable development of prior year claims of $4.8 million was recorded in the third quarter of 2015 compared to favourable development of $5.6 million in the same period in 2014.

De-Risking of the International Segment

After a full review, the following management actions have been undertaken to limit the risk of the International segment:

• A telematics learner driver‎ program has now been provided with provisional notice of cancellation.
• A marginally profitable Accident and Sickness program has been cancelled, effective January 1, 2016.
• A new program moratorium has been implemented with immediate effect.
• An increase in external reinsurance and coinsurance has been implemented, in addition to premium volume caps on all UK and Irish motor insurance programs. Over 85% of the UK and Irish motor business will be ceded externally in 2016, an increase from approximately 50% in 2015.  As a result, the net premiums for UK and Irish motor, as a percentage of our overall European business, will decrease from approximately 50% in 2015 to about 20% in 2016.

We believe the actions above will result in a smaller International segment, but one that is more profitable, more proven, less volatile and less capital intensive.  It will have a more balanced risk profile and greater diversification by both product and geography, and it will allow management to focus more of its time and efforts on the highly profitable and successful Scandinavian business.

Nine-Month Review

Net operating income of $8.9 million or $0.74 per share was recorded compared to $8.3 million or $0.68 per share for the same period in 2014 primarily due to higher underwriting, interest and dividend income. Direct written premiums increased by 26%, attributable primarily to a $60.0 million, or 42%, growth in the International division and the inclusion of a full year of ICPEI premiums.

Investment income was $7.1 million compared to $18.0 million in the third quarter of 2014 primarily due to mark-to-market losses on Canadian preferred shares.  The total pre-tax return on invested assets was $5.3 million compared to $20.1 million in the same period of 2014.

Total operating and corporate expenses, including the $1.0 million ICPEI purchase adjustment incurred in the first nine months 2015, increased by 8% over the prior year, lower than the 14% increase in net earned premiums.

On a consolidated basis, a net favourable development of prior year claims of $9.7 million was recorded in the nine months ended September 30, 2015, compared to favourable development of $10.2 million in the same period in 2014.

Operating Results

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

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

Capital Management

The Minimum Capital Test (MCT) ratio of EFH’s Canadian subsidiary, Echelon Insurance, as at September 30, 2015, was 216%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 267% was in excess of provincial supervisory targets. The Company’s European subsidiary, Qudos, had a Danish Financial Services Authority (DKFSA) Individual Solvency ratio of 120%, in excess of the DKFSA target. In September 2015, the Company injected $5 million of capital into its European subsidiary to support its premium growth and strengthen its regulatory ratios. The Company’s ownership stake has increased to 95.5% from 93% as at June 30, 2015.

The Company repurchased 27,700 common shares at an average price of $14.21 for a total consideration of $0.4 million under an automatic share repurchase plan as at November 5, 2015. Year-to-date, the Company re-purchased and cancelled 74,600 common shares under the NCIB program at an average price of $13.41 per share for a total consideration of $1.0 million.

In addition to excess capital at Echelon Insurance, the Company has approximately $17 million of excess deployable capital invested in liquid assets in the holding company.

For the nine months ended September 30, 2015, total shareholders’ equity decreased by $1.1 million to $182.5 million from December 31, 2014.

Full Financial Statements and Management’s Discussion and Analysis (MD&A) are available on SEDAR and on the Company’s web site at 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 2015 and subsequent periods.

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

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

Conference Call

A conference call for analysts and interested listeners will be held on Friday, November 6, 2015, at 11:00 a.m. (ET).  The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 62642570.  A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at third quarter 2015 conference call.

A replay of the call will be available until November 13, 2015.  To access the replay, call 416-849-0833, or toll free 1-855-859-2056, enter password 62642570.  An archive will be available on our website following the event.

About Echelon Insurance:
Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focusing on non-standard automobile insurance and other niche and specialty insurance 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, February 16, 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 $2.6 million, or $0.22 per diluted share, for the three months ended December 31, 2016.

All operating results below refer to continued operations.

Fourth Quarter 2016 Highlights

• Net operating income on continued operations of $0.40 per share compared to an income of $0.39 per share in the fourth quarter of 2015.
• A Canadian combined operating ratio of 90% compared to 88% in the fourth quarter of 2015 driven by exceptionally strong commercial lines results in the quarter, offset by weak performance in Ontario auto.
• A 15% increase in direct written premiums over the same period in 2015 to $49.4 million, primarily driven by additional new commercial lines products across Canada.
• Total pre-tax loss on invested assets of $0.6 million in the quarter compared to a pre-tax gain of $6.2 million in the fourth quarter of 2015, largely due to higher government bond yields and lower gains on Preferred Shares compared to prior year quarter.
• Closing book value per share of $11.70.
• We are currently awaiting approval for the change of control application submitted to the Danish Financial Services authority for the divestiture of the European operations.

“We have made meaningful progress on our strategy, which was outlined earlier in the year. In addition to improving our personal lines operations, we have built strong teams to support our surety, commercial auto and commercial property products. These expanded business lines have been very well received by existing and new brokers, and we look forward to continuing to build and develop our relationships with them” commented Serge Lavoie, Chief Executive Officer. “We are also scheduled to roll out our policy management system to the majority of our brokers in Ontario, Quebec and Alberta in the next few weeks which will greatly improve our ability to transact seamlessly with them.  We continue to wait for approval from the Danish Financial Services authority on the sale on of our European operations. Our expectation is that we will have a decision within the next two or three weeks.

“Our fourth quarter results were mixed. We were very pleased by the exceptional results reported in commercial lines across the country, however, our Personal Lines performance was negatively impacted by increased claims severity in Ontario auto, in line with market experience” he continued. “Most of these claims were reported prior to the introduction of the June 2016 reforms, which we hope will reduce catastrophic claims moving forward. We will continue to monitor our claims closely”.

Financial Summary on Continued Operations

(1) Net investment income consists of interest income, dividend income and premium financing charges, less interest expense.

(2) Net operating income is defined as underwriting income plus interest and dividend income, net of tax. Underwriting income excludes impact of change in claims discount rates, foreign exchange on unpaid claims and investments, and non-recurring items.  Net operating income is adjusted to that attributable to shareholders for per share calculation.

Fourth Quarter Review

Net operating income of $4.9 million or $0.40 per share was recorded in the quarter, compared to an income of $4.7 million or $0.39 per share in the fourth quarter of 2015.

Personal Lines generated an underwriting loss of $3.5 million compared to an underwriting income of $3.3 million in the same period last year, primarily due to weak performance in Ontario auto driven by increased severity in claims. Commercial Lines generated an underwriting income of $7.9 million compared to $2.2 million in the same period last year due to strong performance across Canada. The Company continues to focus on growing the Canadian business through product expansion, investments in technology and strong broker relationships.

Direct written premiums increased by 15% to $49.4 million, primarily due to new product lines

Investment income was $3.2 million compared to $6.3 million in the fourth quarter of 2015 primarily due to lower preferred shares mark-to-market gains in the quarter compared to prior year quarter.  The total pre-tax loss on invested assets was $0.6 million in the quarter compared to a pre-tax gain of $6.2 million in the fourth quarter of 2015, primarily due to higher government bond yields and weaker Preferred Share performance compared to the prior year quarter.  The fair value of Echelon’s investment portfolio, including finance receivables, was $410 million.

Net favourable development of prior year claims of $3.4 million was recorded in the fourth quarter of 2016 compared to favourable development of $8.3 million in the same period in 2015.

Operating Results

(1) Excluding head office overhead costs

Twelve-Month Review

Net operating income of $10.4 million or $0.86 per share was recorded compared to $9.9 million or $0.83 per share for the same period in 2015.

Personal lines generated an underwriting loss of $3.2 million compared to an underwriting income of $3.3 million in the same period last year, primarily due to weaker performance in Ontario auto. Commercial lines generated an underwriting income of $10.0 million compared to $4.9 million in the same period last year due to strong performance of property and liability, warranty and commercial auto products.

Direct written premiums increased by 9%, attributable predominantly to new product lines in surety and commercial auto and stronger broker relationships.

Investment income was $16.5 million compared to a $12.6 million in 2015, primarily due to improved performance of the preferred share portfolio compared to the prior period.  Total pre-tax return on invested assets was $7.5 million compared to $6.0 million in the same period of 2015.

Operating expenses incurred in 2016 increased by 5% over the prior year to $29.2 million due to costs associated with upgrading and rolling out a new policy management system.

Net favourable development of prior year claims of $17.2 million was recorded in the twelve months ended December 31, 2016 compared to favourable development of $20.3 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 December 31, 2016, was 237%, which exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 340% comfortably exceeded provincial supervisory targets. In addition, the Company has approximately $5 million of excess deployable capital invested in liquid assets in the holding company.

For the twelve months ended December 31, 2016, total shareholders’ equity decreased by $43.5 million to $137.4 million from December 31, 2015, including impairment of $23.4 million relating to discontinued operations.

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, February 17, 2017, at 11:00 a.m. (ET).  The call-in numbers for participants are 647-427-7450 or toll free 1-888-231-8191, Conference ID 56995968.  A live audio feed of the call will be available online through the Company’s website at icpeiholdings.ca, or directly at conference call.

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

About Echelon 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, The Insurance Company of Prince Edward Island and Qudos Insurance. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit icpeiholdings.ca.

Company contact information:

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

TORONTO, May 3, 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 $5.8 million, or $0.48 per diluted share, for the three months ended March 31, 2018.

All operating results below refer to continued operations.

First Quarter 2018 Highlights

• Net operating income on continued operations of $0.29 per share compared to $0.19 per share in the first quarter of 2017.
• A combined operating ratio of 95% compared to 94% in the first quarter of 2017.
• A 45% increase in direct written premiums over the same period in 2017 to $79.3 million as a result of organic growth, supported by rate increases in Commercial Lines.
• A pre-tax gain on invested assets of $0.9 million in the quarter, compared to a pre-tax gain of $5.1 million in the prior year quarter, attributable to weak performance of the preferred shares portfolio.
• Closing book value per share of $12.47, an increase of $0.46 or 4% from the fourth quarter of 2017. The increase is driven by strong underwriting income, investment returns, the impact on claims liabilities from the change in discount rate and the recognition of a $0.17 per share deferred tax asset from the utilization of capital losses.

“Our first quarter results were positive,” commented Serge Lavoie, Chief Executive Officer. “We finished the quarter with an overall combined ratio of 95%. While the industry as a whole experienced severe losses during the early winter months, our results were largely unaffected, due to our focus on small to mid-sized customers, and our prudent retention limits.”

“We experienced an increase in written premium across all lines and regions, attributable to organic growth and rate increases, particularly in Commercial Lines,” he continued. “We are actively implementing further rate and underwriting changes to ensure ongoing profitability.”

“We are pleased with the accomplishments made in systems this quarter,” he explained. “We added additional automation functionality to our policy management system, and piloted the launch of our Passport Portal in Ontario. These enhancements have begun to streamline our business submission and policy issuance process internally, and for our broker partners,” he concluded. “Our brokers have been very receptive to the latest round of system improvements, and are eager to see these features cascaded across our other regions and lines of business.”

Financial Summary on Continued Operations

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

First Quarter Review

The Company reported net operating income of $3.5 million or $0.29 per share in the quarter, compared to income of $2.3 million or $0.19 per share in the first quarter of 2017, an increase of 53%.

Direct written premiums increased by 45% to $79.3 million, due to organic growth in all lines supported by Commercial rate increases.

Personal Lines generated an underwriting income of $2.0 million, comparable to an underwriting income of $1.9 million in the same period last year, with stable growth coming largely from our automobile lines of business.

Commercial Lines generated an underwriting income of $1.2 million compared to an underwriting income of $1.0 million in the same period last year due to strong performance in commercial property.

Investment income was $2.0 million compared to $8.5 million in the first quarter of 2017. The pre-tax gain on invested assets was $0.9 million in the quarter, compared to a pre-tax gain of $5.1 million in the first quarter of 2017. This was due to weak performance in the preferred shares portfolio. The fair value of Echelon’s investment portfolio, including finance receivables, was $461 million.

Net favourable development of prior year claims of $3.6 million was recorded in the first quarter of 2018, compared to favourable development of $3.3 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 March 31, 2018, was 235%, which comfortably exceeds the supervisory regulatory capital level required by the Office of the Superintendent of Financial Institutions (OSFI). ICPEI’s MCT ratio of 335% was also in excess of provincial supervisory targets.

As at March 31, 2018, the Company has approximately $21 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 the growth in its insurance operating companies.

For the three-month period ended March 31, 2018, total shareholders’ equity increased by $6.0 million to $148.9 million from December 31, 2017.

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

Non-IFRS Financial Measures

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

Forward-looking Information

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

Conference Call

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

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

About Echelon Financial Holdings Inc.

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

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

MISSISSAUGA, ON and RICHMOND HILL, ON, May 31, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or the “Company“) (TSX: EFH) and CAA Club Group (“CAA“) are pleased to announce today that they have completed the previously announced 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 CAA (the “Sale Transaction”).

The net proceeds to EFH (after adjustments and expenses) was approximately C$166 million, which includes C$12 million that will be held in escrow for the next 30 days while EFH and CAA review and confirm the calculation of regulatory MCT at closing (which EFH has committed will be at least 220%). In the event that the MCT Ratio is less than 220%, monies held in the escrow account will be used to bring the MCT ratio to 220%.

Additional details are available in the Information Circular published by EFH on December 21, 2018.

Advisors

National Bank Financial Inc. acted as the exclusive financial advisor to Echelon Financial Holdings in connection with the strategic review process conducted by EFH’s Special Committee and the Sale Transaction. 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 Sale Transaction is fair, from a financial point of view, to EFH. Graham Gow and McCarthy Tétrault LLP acted as legal advisor to EFH. Cassels Brock & Blackwell LLP acted as insurance regulatory counsel to EFH. Stikeman Elliott LLP acted as legal advisor to CAA Club Group.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information. Such forward-looking information involves numerous assumptions, risks, uncertainties and other factors that could cause actual events to differ materially from those expressed or implied by such forward-looking information. All information, other than statements of historical fact, is forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the 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 Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, please visit echeloninsurance.ca.

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.

EFH  Appoints Robert Ghiz, President and CEO of the Canadian Wireless Telecommunications Association and former Premier of Prince Edward Island , and Sharon Ranson, President of the Ranson Group Inc.,  to Board of Directors

Toronto, November 12, 2020 – Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) announces that Robert Ghiz and Sharon Ranson have been appointed to the Company’s Board of Directors, effective today.

Robert Ghiz is President and CEO of the Canadian Wireless Telecommunications Association and former Premier of Prince Edward Island. He is a member of the board of directors and Chair of the audit and risk committee of the Insurance Company of Prince Edward Island, the Company’s subsidiary.

Sharon Ranson is President of the Ranson Group Inc. and has served as a director on numerous companies’ boards and currently a member of the board of directors of Sprott Inc., Dorel Industries, and Fire & Flower.

Mr. Ghiz and Ms. Ranson will be subject to election at the Company’s annual and special general meeting of shareholders on December 11, 2020.  Both have been appointed to serve on the Company’s Audit and Risk Committee.

“I am delighted to welcome Robert and Sharon to our board of directors,” said Murray Wallace, EFH’s chairman. “They bring a wealth of expertise and experience to our board and will benefit the Company in its next phase of growth and expansion delivering value to our customers and shareholders.”

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

TORONTO, November 13, 2015 – Echelon Financial Holdings Inc. (“Echelon Insurance” or the “Company”) (TSX: EFH) today announced that Serge Lavoie has resigned as a Director of the Company and has been appointed President of its Canadian subsidiary.

Mr. Lavoie has extensive executive experience in the Canadian property and casualty insurance industry and will be responsible for profitably growing the Company’s Canadian operations.  The effective date of the appointment is December 1, 2015.

“I’m pleased to welcome Serge to our management team.  He’s very familiar with our organization and well known in the broker community across the country”, said Steve Dobronyi, Chief Executive Officer.

Mr. Lavoie commented, “I’m very excited to be returning to the insurance industry and working with Steve and the Echelon team to enhance the company’s position in the Canadian market, offering a strong, independent Canadian alternative for insurance brokers.”

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

TORONTO, February 28, 2017 – Echelon Financial Holdings Inc., “Echelon” or “the Company” (TSX: EFH), announced today that it has received regulatory approval from the Danish Financial Services Authority, for the sale of its European operations. This completes the necessary regulatory approvals for the sale.  The sale is scheduled to close prior to March 15, 2017. The Company will retain no residual insurance risk from the sale.

“The completion of this transaction is an important milestone in the transformation of our Company,” commented Serge Lavoie, Chief Executive Officer of Echelon.  “It will allow us to focus our time and resources on executing our Canadian strategy.”

Further details will be announced following the close.

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.

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 Echelon’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.

Echelon 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.

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

MISSISSAUGA, ON, July 4, 2019 /CNW/ – Echelon Financial Holdings Inc. (“EFH” or the “Company“) (TSX: EFH) announced today that due to the pending regulatory approval of the sale of Echelon Insurance to CAA Club Group, the scheduling of the Company’s 2019 Annual General Meeting was delayed.

The Company has notified the TSX of the delay.

Now that the sale of Echelon Insurance has been completed, the Company’s 2019 Annual General Meeting has been scheduled for August 6, 2019 at 2 p.m. EDT. The meeting will be held at Cassels Brock & Blackwell LLP, 40 King Street West, Suite 2100, Toronto, Ontario.

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.

EFH Holdings Inc. Reports Fourth Quarter and Full Year 2020 Results

Toronto, March 4, 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 from continuing operations of $4.9 million for the year and $0.5 million for the three months ended December 31, 2020.

Highlights

• Net income from continued operations of $4.9 million for 2020 compared to a loss of $0.3 million for 2019 and $0.5 million in Q4 2020 compared to a loss of $0.03 million in Q4 2019.
• Net income per share on continued operations of $0.35 per share for 2020 compared to a net loss of $0.01 per share for 2019. Net income per share on continued operations of $0.02 per share for Q4 2020 compared to $0.01 per share for Q4 2019.
• Combined ratio improved from 104.8% in 2019 to 93.2% in 2020 and from 109.5% in Q4 2019 to 94.9% in Q4 2020 largely due to growth in premium and lower frequency of claims.
• A 17% increase in Direct Written Premiums in 2020 over 2019 and 35% increase in Q4 2020 over the same period in 2019 as a result of growth in both the Personal and Commercial Lines. Company also started writing business in Quebec in Q4 2020.
• Closing book value per share of $1.59 compared to $1.55 at the end of the third quarter. The increase from the third quarter is the results of $0.02 from earnings per share in the fourth quarter and $0.02 from increase in accumulated other comprehensive income.
• The financial information below compares three and twelve months ended December 31, 2020 results with the same periods in 2019.

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

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of EFH’s subsidiary, Insurance Company of Prince Edward Island (ICPEI) as at December 31, 2020 was 312%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

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

ICPEI continued to provide a number of accommodations to its policyholders if they experienced hardship because of COVID-19 and adjusted their auto premiums due to reduction of use. ICPEI has only experienced a 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, le 9 déc. 2022 /CNW/ – ICPEI Holdings Inc. (la « Société ») (TSXV: ICPH) a annoncé aujourd’hui qu’elle a conclu une convention d’arrangement datée du 9 décembre 2022 (la « convention d’arrangement ») aux termes de laquelle des membres clés de la direction de la Société et certains autres employés et actionnaires de la Société (les « actionnaires dont la participation est reconduite »), Desjardins Groupe d’assurances générales inc. (« Desjardins ») et certains autres investisseurs (collectivement avec Desjardins et les actionnaires dont la participation est reconduite, le « consortium ») acquerront indirectement la totalité des actions ordinaires émises et en circulation de la Société (les « actions de la Société ») pour une contrepartie au comptant de 4,00 $ par action de la Société aux termes d’un plan d’arrangement en vertu de la Loi sur les sociétés par actions (Ontario) (l’« opération »). Les parties à la convention d’arrangement sont la Société, 1000379990 Ontario Limited (la « société de portefeuille »), entité par l’intermédiaire de laquelle les actionnaires dont la participation est reconduite et certains autres investisseurs détiendront finalement leur participation indirecte dans la Société, et 1000379969 Ontario Limited (l’« acquéreur »), entité dont la société de portefeuille est propriétaire à hauteur de 72,5 % et dont Desjardins est propriétaire à hauteur de la participation restante.

Le prix d’achat de 4,00 $ par action de la Société représente une prime de 90,5 % par rapport au cours de clôture de 2,10 $ par action de la Société à la Bourse de croissance TSX le 8 décembre 2022, une prime de 74,7 % par rapport au cours moyen pondéré en fonction du volume des actions de la Société sur les 30 derniers jours de bourse et un multiple du ratio cours/valeur comptable estimatif de 2,1x en fonction du bilan de la Société en date du 30 septembre 2022.

À la clôture de l’opération, les actionnaires dont la participation est reconduite, qui comprennent, entre autres, Serge Lavoie, président et chef de la direction de la Société, Murray Wallace, président du conseil d’administration de la Société (le « conseil »), Robert Ghiz, administrateur de la Société, Teddy Chien, chef des finances de la Société, et Ken Coulson, chef du contentieux de la Société, devraient être collectivement propriétaires, directement et indirectement, d’une participation d’environ 66,1 % dans la Société; certains autres investisseurs devraient être collectivement propriétaires, directement ou indirectement, d’une participation d’environ 6,4 % dans la Société; et Desjardins devrait détenir indirectement la participation restante de 27,5 %. À l’heure actuelle, les actionnaires dont la participation est reconduite sont propriétaires véritables d’environ 33,1 % des actions de la Société ou exercent une emprise sur un tel pourcentage d’entre elles.

Sharon Ranson, administratrice et coprésidente du comité spécial d’administrateurs indépendants (le « comité spécial »), a déclaré ceci : « Après mûre réflexion, le comité spécial estime que l’opération représente la meilleure voie d’avenir possible pour la Société et ses actionnaires. L’opération fournira aux actionnaires, mis à part les actionnaires dont la participation est reconduite, une valeur au comptant immédiate et certaine, tout en donnant à la Société une plus grande marge de manœuvre pour exercer ses activités en tant que société fermée pouvant compter sur un investisseur à long terme engagé. »

Le comité spécial, composé de Sharon Ranson et de James Falle, a été mis sur pied afin d’examiner l’opération. Origin Merchant Partners, le conseiller financier du comité spécial, a remis au comité spécial un avis selon lequel, à la date de cet avis et sous réserve des diverses hypothèses, limites et réserves formulées dans celui‑ci, la contrepartie que recevront les actionnaires de la Société (mis à part les actionnaires dont la participation est reconduite et les membres de leur groupe respectif) dans le cadre de l’opération est équitable, du point de vue financier, pour ces actionnaires.

Après avoir reçu la recommandation unanime du comité spécial, le conseil (à l’exclusion des administrateurs en conflit d’intérêts) a approuvé à l’unanimité la convention d’arrangement. Le comité spécial et le conseil ont conclu que l’opération est dans l’intérêt véritable de la Société et qu’elle est équitable pour ses actionnaires (mis à part les actionnaires dont la participation est reconduite); ainsi, le conseil (à l’exclusion des administrateurs en conflit d’intérêts) recommande à l’unanimité aux actionnaires de la Société (mis à part les actionnaires dont la participation est reconduite) de voter en faveur de l’opération à l’assemblée extraordinaire des actionnaires qui se tiendra aux fins de l’approbation de l’opération (l’« assemblée extraordinaire »).

L’opération doit être réalisée au moyen d’un plan d’arrangement approuvé par le tribunal en vertu de la Loi sur les sociétés par actions (Ontario). La réalisation de l’opération est assujettie à l’approbation de l’opération à l’assemblée extraordinaire par (i) au moins les deux tiers des voix exprimées par les actionnaires de la Société et (ii) la majorité simple des voix exprimées par les actionnaires de la Société (à l’exclusion des actionnaires dont la participation est reconduite et de tout autre actionnaire de la Société qui doit être exclu pour l’application du Règlement 61‑101 sur les mesures de protection des porteurs minoritaires lors d’opérations particulières). La réalisation de l’opération est également assujettie à d’autres conditions usuelles, notamment l’obtention de l’approbation du tribunal. L’opération n’est assujettie à aucune condition de financement.

La convention d’arrangement renferme des dispositions habituelles de protection de l’opération. La Société est soumise à des dispositions de non-sollicitation et, dans certaines circonstances, le conseil peut résilier la convention d’arrangement en faveur d’une proposition supérieure non sollicitée, sous réserve du paiement d’une indemnité de résiliation de 2,4 M$ et sous réserve du droit de l’acquéreur d’égaler la proposition supérieure. La convention d’arrangement prévoit également que l’acquéreur doit payer une indemnité de résiliation inversée de 2,4 M$ si la convention d’arrangement est résiliée dans certaines circonstances précises, notamment si l’acquéreur ne respecte pas son obligation de fournir des fonds suffisants pour réaliser l’opération.

La Société compte tenir l’assemblée extraordinaire pour que les actionnaires examinent l’opération et votent sur celle‑ci en février 2023. Si l’opération est approuvée à l’assemblée extraordinaire, sa clôture devrait avoir lieu au premier trimestre de 2023, sous réserve de l’approbation du tribunal et des autres conditions de clôture usuelles. Après la clôture de l’opération, les actions de la Société devraient être radiées de la cote de la Bourse de croissance TSX.

Dans le cadre de l’opération, chacun des actionnaires dont la participation est reconduite a conclu une convention de soutien et de vote irrévocable aux termes de laquelle il s’est engagé à exercer les droits de vote rattachés à ses actions de la Société en faveur de l’opération à l’assemblée extraordinaire. Les membres du comité spécial ont également conclu des conventions de soutien et de vote aux termes desquelles ils se sont engagés à exercer les droits de vote rattachés à leurs actions de la Société en faveur de l’opération à l’assemblée extraordinaire, sous réserve de certaines exceptions usuelles.

Les actions de la Société visées par les conventions de soutien et de vote représentent environ 33,8 % des actions de la Société en circulation.

Origin Merchant Partners agit à titre de conseiller financier exclusif du comité spécial dans le cadre de l’opération. Blake, Cassels & Graydon S.E.N.C.R.L./s.r.l. agit à titre de conseiller juridique du comité spécial.

McCarthy Tétrault S.E.N.C.R.L., s.r.l. agit à titre de conseiller juridique de l’acquéreur, et Desjardins Marché des capitaux, à titre de conseiller financier de l’acquéreur.

De plus amples renseignements sur les modalités et conditions de l’opération sont présentés dans la convention d’arrangement, que la Société déposera publiquement sous son profil au www.sedar.com. Des renseignements supplémentaires au sujet de l’opération seront fournis dans la circulaire de sollicitation de procurations qui sera envoyée aux actionnaires avant l’assemblée extraordinaire et qui sera également déposée au www.sedar.com.

Certains énoncés formulés dans les présentes, y compris des énoncés portant sur des questions qui ne sont pas des faits historiques et des énoncés indiquant les croyances, les intentions et les attentes de la Société à l’égard des faits, des résultats et des événements qui se produiront ou pourraient se produire dans l’avenir, constituent de l’« information prospective » au sens de la législation en valeurs mobilières canadienne applicable. L’information prospective se rapporte aux événements ou au rendement futurs, reflète les attentes ou les croyances actuelles quant aux événements futurs et se reconnaît généralement à l’emploi de verbes au futur et au conditionnel ainsi que de termes et expressions tels que « prévoir », « croire », « pouvoir », « estimer », « s’attendre à », « avoir l’intention de », « probable », « planifier », « viser » ou d’autres termes et expressions semblables suggérant des résultats futurs ou des perspectives. L’information prospective comprend, entre autres, des énoncés concernant l’opération, y compris le moment prévu de l’assemblée extraordinaire, de la clôture et de diverses autres étapes à franchir dans le cadre de l’opération, la participation indirecte prévue de chacun des membres du consortium dans la Société après la clôture de l’opération, la radiation de la cote prévue des actions de la Société après la clôture de l’opération et d’autres énoncés qui ne sont pas des faits historiques.

L’information prospective repose sur certaines hypothèses et d’autres facteurs importants qui, s’ils se révèlent inexacts, pourraient faire en sorte que les réalisations, le rendement ou les résultats réels de la Société diffèrent sensiblement des réalisations, du rendement ou des résultats futurs qui sont exprimés ou sous‑entendus dans cette information. Rien ne garantit que cette information se révélera exacte. Les nombreuses hypothèses qui sous-tendent cette information se rapportent notamment à la capacité de réaliser l’opération, ou de le faire selon les modalités prévues, au respect des conditions préalables à la clôture de l’opération, aux stratégies commerciales actuelles et futures, à la conjoncture économique locale et mondiale et au contexte dans lequel la Société exerce ses activités.

Bien que la Société estime que l’information prospective figurant dans le présent communiqué est fondée sur des renseignements et des hypothèses qui sont à jour, raisonnables et complets, cette information est, par sa nature, soumise à divers facteurs, dont bon nombre sont indépendants de la volonté de la Société, en conséquence desquels les résultats réels pourraient différer sensiblement des attentes et des plans de la direction tels qu’ils sont présentés dans cette information prospective, notamment les facteurs suivants, dont bon nombre sont indépendants de la volonté de la Société et dont les effets peuvent être difficiles à prévoir : a) la possibilité que l’opération ne soit pas réalisée selon les modalités et conditions ou selon l’échéancier actuellement envisagés, voire qu’elle ne soit pas réalisée du tout en raison de l’incapacité d’obtenir, en temps opportun ou autrement, les approbations requises des actionnaires et du tribunal ou de respecter d’autres conditions de clôture nécessaires à sa réalisation ou pour d’autres raisons; b) la possibilité de réactions défavorables ou de changements défavorables dans les relations commerciales par suite de l’annonce ou de la réalisation de l’opération; c) les risques liés au maintien en poste du personnel clé pendant la période transitoire; d) la possibilité de litiges relatifs à l’opération; e) les risques liés au détournement de l’attention de la direction des activités commerciales courantes de la Société; et f) d’autres risques inhérents à l’entreprise de la Société et/ou des facteurs indépendants de sa volonté qui pourraient avoir un effet défavorable important sur la Société ou sur sa capacité de réaliser l’opération. La Société tient à préciser que la liste des facteurs susceptibles d’avoir une incidence sur les résultats de la Société présentée ci‑dessus n’est pas exhaustive.

Les lecteurs sont priés de ne pas se fier outre mesure à l’information prospective. Par sa nature, l’information prospective repose sur de nombreuses hypothèses et comporte de multiples incertitudes et risques inhérents, tant généraux que spécifiques, qui accroissent la possibilité que les résultats prévus ne se concrétisent pas. D’autres événements ou circonstances pourraient faire en sorte que les résultats réels de la Société diffèrent considérablement des résultats qui sont estimés ou projetés et qui sont exprimés ou sous-entendus dans cette information prospective.

Les investisseurs et autres parties intéressées devraient examiner attentivement les facteurs qui précèdent et d’autres incertitudes et événements potentiels et ne devraient pas se fier à l’information prospective de la Société pour prendre des décisions à son sujet. En outre, l’information prospective figurant dans les présentes n’est valable qu’à la date du présent document, et la Société ne s’engage nullement à mettre à jour ou à réviser cette information prospective, que ce soit par suite de renseignements nouveaux ou d’événements futurs ou pour d’autres raisons, sauf exigence contraire des lois applicables. Toute l’information prospective qui figure dans les présentes est présentée expressément sous réserve de la présente mise en garde.

Fondée en 1998, ICPEI Holdings Inc. exerce ses activités dans l’industrie canadienne de l’assurance de dommages par l’intermédiaire de sa filiale en propriété exclusive, The Insurance Company of Prince Edward Island (ICPEI). ICPEI fournit des gammes de produits d’assurance des particuliers et des entreprises exclusivement par l’intermédiaire d’un réseau de courtiers.

Auparavant appelée EFH Holdings Inc., la Société a changé sa dénomination pour ICPEI Holdings Inc. après avoir reçu l’approbation des actionnaires le 15 juillet 2021. Ses actions se négocient à la Bourse de croissance TSX sous le symbole ICPH depuis le 20 août 2021, et avant le 23 décembre 2020, elles se négociaient à la Bourse de Toronto.

La Bourse de croissance TSX et son fournisseur de services de réglementation (au sens attribué à ce terme dans les politiques de la Bourse de croissance TSX) n’acceptent aucune responsabilité quant à la pertinence ou à l’exactitude du présent communiqué.

www.icpeiholdings.ca

SOURCE ICPEI Holdings Inc.

Renseignements: Ken Coulson, chef du contentieux d’ICPEI Holdings Inc., au 905-602-2150, ir@icpeiholdings.ca ou visiter notre site Web au www.icpeiholdings.ca.

TORONTO, December 3, 2015 – Echelon Financial Holdings Inc. (“EFH” or the “Company”) (TSX: EFH) today announced that the Company has appointed Mr. Murray Wallace and Mr. Brian Reeve to its Board of Directors, subject to regulatory approval.

Mr. Wallace is the Executive Chairman of Financial Horizons Group. He is currently a director of the Canada Pension Plan Investment Board and Axia NetMedia Corporation. He is a former director of Western Surety Ltd., Ontario Hydro, London Insurance Group, IPSCO Inc., Crown Life Insurance Co. and Queen’s University School of Business (Advisory Committee), among others. Mr. Wallace’s other qualifications include being a Fellow of the Institute of Chartered Professional Accountants of Ontario and previous executive experience with Granite Global Solutions, Avco Financial Services Canada Ltd. and companies in the Trilon Financial Group, including Wellington Insurance where he was the CEO. He has extensive experience in the financial services industry and both public and private company management.

Mr. Reeve is a Partner and Chair of the Corporate and Regulatory Insurance Group of Cassels Brock & Blackwell LLP. He has extensive experience in the regulation of insurance companies and was previously a member of the Legal Advisory Committee to the Ontario Superintendent of Financial Services and an adviser to the Ontario Ministry of Financial Institutions regarding the redrafting of the Insurance Act. Mr. Reeve is the Chief Agent in Canada for several foreign insurance companies and holds an MBA in addition to his law degree.

Robert Purves, the Chair of the Board of Directors of the Company, said, “We welcome these new directors to our Board. These appointments follow extensive consultations with my fellow directors and our principal shareholders. I’m confident that these new director appointments, together with the recent appointment of Serge Lavoie, previously the driving force behind Jevco Insurance acquired by Intact in 2013, as President of Echelon Insurance, will enhance the collective skills and experience of our Board and management team.”

Some of the institutional shareholders of the Company, holding in aggregate approximately 8% of the Company’s shares, had been advocating for the appointment of new directors, and have confirmed they support the Company’s appointment of Mr. Wallace and Mr. Reeve. With the conclusion of these consultations, the Company has entered into an agreement with those shareholders in which, in return for the Company nominating Mr. Wallace and Mr. Reeve now and as part of the management slate of director nominees for the next two annual shareholders meetings, and subject to certain conditions, those institutional shareholders confirmed their support and agreed to vote at those meetings in favour of the management slate of director nominees. Further information will be provided in the Company’s continuous disclosure filings on SEDAR.

About Echelon Financial:
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, March 7, 2017 – Echelon Financial Holdings Inc., “Echelon” or “the Company” (TSX: EFH), announced today that it has completed the sale of its European operations. The closing is effective March 7, 2017.

As previously announced, on August 4, 2016 Echelon entered into a definitive stock purchase agreement to sell its European insurance subsidiary, subject to regulatory approval. On February 28, 2017, regulatory approval was received from the Danish Financial Services Authority, which completed the necessary approvals required for the sale. The Company will retain no residual insurance risk from the sale. At current exchange rates, the Company will receive approximately $5.1 million on closing and an additional $17.2 million prior to December 31, 2017.

“I would like to recognize and thank the employees and management in Europe for their effort and commitment over the last five years” commented Serge Lavoie, Chief Executive Officer of Echelon. “They have built a solid base and launching pad for the new Danish-based shareholder to invest strategically in the business.”

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.

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 Echelon’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.

Echelon 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.

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

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