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

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

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

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

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

COMPANY CONTACT INFORMATION:

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

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

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

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

About Echelon Financial Holdings Inc.

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

Company contact information:
Teddy Chien
Chief Financial Officer
ir@icpeiholdings.ca

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

Highlights

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

Subsequent Event

On April 1, 2021, the Company made further investment in ICPEI by purchasing the remaining 25% ownership of ICPEI that it did not already own. The Company paid cash of $6.3 million plus assumption of $0.5 million liabilities. This represents 4.9 times ICPEI’s trailing twelve months earnings before interest, taxes, depreciation and amortization (EBITDA). The transaction was financed partly by issuing 2,735,600 common shares of the Company through a non-brokered private placement at a price of $1.42 per Share for $3.9 million. The Company also entered into a credit facility with National Bank consisting of $3 million Term Loan and $2 million revolving credit and drew on the $3 million Term Loan on April 1, 2021.

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

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

• Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses.

Underwriting Results:

Capital Management

The Minimum Capital Test (“MCT”) ratio of EFH’s subsidiary, Insurance Company of Prince Edward Island (ICPEI) as at March 31, 2021 was 327%, which comfortably exceeds the supervisory target of 150%.

COVID-19 Pandemic Update

ICPEI continues to implement its emergency operational plan, which included transitioning most employees to work from home and only a small number of staff in the office to perform functions which could not be performed remotely.

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

Non-IFRS Financial Measures

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

Forward-looking Information

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

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

About EFH Holdings Inc.

Founded in 1998, EFH Holdings Inc. operates in the property and casualty insurance industry in Canada, providing personal and commercial lines insurance exclusively through the broker channel. The Company distributes insurance products through The Insurance Company of Prince Edward Island. The Company’s name was changed from Echelon Financial Holdings Inc. to EFH Holdings Inc. after receiving approval from shareholders on December 11, 2020. It trades on the TSX Venture Exchange under the symbol EFH and prior to December 23, 2020 it traded on the Toronto Stock Exchange.

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

For more information, please visit www.icpeiholdings.ca

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

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

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

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

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

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

Forward-looking statements

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

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

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

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

About ICPEI Holdings Inc.

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

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

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

 For further information, please contact:

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