Canadian insurance company Echelon Financial Holdings, which offers specialised insurance programs distributed through managing general agents in the UK, has announced that it has been cleared by the Danish Financial Services Authority to sell its European operations.
According to a release, the sale is scheduled to close prior to March 15, 2017.
Echelon Financial will retain no residual insurance risk from the sale, a release noted.
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“The completion of this transaction is an important milestone in the transformation of our company,” said Echelon CEO Serge Lavoie. “It will allow us to focus our time and resources on executing our Canadian strategy.”
The company said that further details will be announced following the close.
Echelon first made known its plans to sell its European operations in August 2016.
“We are very pleased with the outcome of our process to divest the European operations,” said board chair Robert Purves in a statement last year. “We believe all stakeholders' interests have been accounted for in the best of possible outcomes in the circumstances inherent and look to an expedited closing. Our advisors, senior management team and directors involved are to be commended”.
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