Echelon Insurance Agrees to Sell European Subsidiary

Echelon Financial Holdings Inc., an operator in the property/casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance products, reported that it has entered into a definitive stock purchase agreement to sell its European insurance subsidiary. The transaction is anticipated to close in the fall 2016, subject to customary closing conditions and regulatory approval.

According to Robert Purves, board chair, the company expects an expedited closing.

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

Source: Echelon Financial Holdings Inc.