Canada’s Echelon Insurance Gets Danish Regulatory Nod to Sell Europe Unit

Canada-based Echelon Financial Holdings Inc. announced 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, Echelon said, noting that the sale is scheduled to close prior to March 15 and it will retain no residual insurance risk from the sale.

Further details of the sale will be announced following the close, the company said.

“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.”

Founded in 1998 and headquartered in Mississauga, Ontario, Echelon operates in the Canadian property and casualty insurance industry, 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.