A holding company that invests in insurance turned over a new leaf in mid-July.
Following its annual general meeting, Echelon Financial Holdings (EFH) announced that it will change its name. The holding company will now be called ICPEI Holdings. However, the name change requires standard regulatory approvals to become official.
The move reflects the evolution of the company’s insurance presence in recent years. The holding company was the majority shareholder of Echelon Insurance until its sale to CAA Group in the fall of 2018. The transaction had closed in spring 2019.
The holding company also held a majority interest in another insurer, The Insurance Company of Prince Edward Island (ICPEI). It has been the sole shareholder of this insurer since March, and underwrites risks in Québec through the wholesaler GroupAssur.
The board of directors features one name well known to Québec brokers: Serge Lavoie, former CEO of Jevco and Echelon. Other directors include:
- James Falle, former CFO of Aviva Canada, Transamerica and Zurich;
- Robert Ghiz, former Premier of Prince Edward Island and current CEO of the Canadian Wireless Telecommunications Association;
- Sharon Ranson, President of The Ranson Group Inc., and
- Murray Wallace, a seasoned director who has sat on several insurance company boards.
