Full Story:
Echelon General Insurance Company is entering the Emergency Travel Health insurance market
Transmitted At: 2007-09-17 11:04
EGI Financial announces new Emergency Travel Health programs
TORONTO, Sept. 17 /CNW/ - EGI Financial Holdings Inc. ("EGI") today
announced that its wholly owned subsidiary, Echelon General Insurance Company,
is entering the Canadian emergency travel health insurance market through
agreements with key distributors, which are expected to generate $16 million
in annual premiums. Revenues in the emergency travel health line of business
are recorded on an exposure basis with premiums predominantly earned over the
September to March travel period.
Until earlier this year, EGI was prevented by a now-expired
non-competition agreement from participating in the emergency travel health
insurance business. EGI's Niche Products division staff has extensive
experience in this line of business. The travel health insurance market
continues to grow steadily due to the increased affluence and aging of the
Canadian population. These new programs will contribute to the continuing
growth of the Niche Products division, with most of the written premiums from
these new programs being generated prior to the end of 2007.
Echelon has developed these new programs with a group of highly respected
specialist distributors of travel health insurance. Destination: Travel Health
Plans of Toronto, Ontario; Travel Insurance Specialists Ltd. of Newmarket,
Ontario; Snowbird Medi-Quote Inc. of Calgary, Alberta and Securiglobe, Cabinet
de Services Financier of Brossard, Quebec are four of the top distributors of
travel health insurance in Canada.
"Establishing agreements with these new distributors marks Echelon's
first move into the Emergency Travel Health insurance business since the
expiry of EGI's non-competition agreement." said Douglas McIntyre, Chief
Executive Officer of Echelon. "Our entry into this niche marketplace is
consistent with our ongoing strategy to profitably expand our Niche Products
division and broaden market awareness of our capabilities."
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