MGA acquires Echelon’s surety division
Montreal-based managing general agency REVAU Advanced Underwriting Inc. has acquired Echelon Insurance’s surety division.
“This acquisition aligns with REVAU’s focus on expanding its existing surety operations across Canada,” the MGA said in a press release Monday. “The teams’ shared values, goals and focus on customer service make this a strong strategic fit for us.”
Echelon’s entire surety underwriting team has joined REVAU as part of the transaction, the MGA reported. The primary contacts for broker partners remain unchanged; the same team will continue to assist brokers with immediate and future surety needs.
Rahim Tejani, REVAU’s chief risk officer and newly appointed president of REVAU Surety, will manage the transition process. “His focus will be to ensure a seamless integration of operations and resources to help create a platform for growth,” the release said, adding the customers can expect uninterrupted service.
“This transaction is an important step in Echelon’s evolution as we look to focus our commercial portfolio on integrated commercial property and auto products,” said Echelon Insurance president Robin Joshua.
“While surety will not be a part of Echelon’s future, we’ve built a strong business backed by experienced people,” Joshua said. “REVAU has recognized this and provided a foundation upon which this business and the people behind it can continue to grow.”
Founded in 1998, Echelon Insurance is a speciality insurer offering personal and commercial solutions, including non-standard auto, motorcycle, commercial property, and long-haul trucking, among others.
CAA Club Group acquired Echelon more than four years ago. A subsidiary of CAA bought Echelon Insurance, as well as Echelon’s unregulated warranty business from Mississauga, Ont.-based Echelon Financial, in a deal that closed May 31, 2019.
For its part, REVAU focuses on specialty property and casualty lines and offers solutions for specialized insurance risks through a Canada-wide broker network. In addition to surety, the MGA’s offerings include aviation and marine, transport, commercial, residential building, professional and construction insurance.
REVAU is headquartered in Montreal, with additional offices in Quebec, Ontario and British Columbia, and teams in Alberta, Manitoba and the Maritimes.
Feature image by iStock.com/nespix
