Canadian specialty insurer
Echelon Insurance has announced that it has hired a financial advisor to explore selling the company’s international business – which has resulted in a n almost immediate jump in its share price by 2%.
Echelon’s principal focus is specialty auto insurance covering must-have items like ATVs, collectors cars and businesses such as auto dealerships. Echelon’s international business includes specialized insurance programs distributed through managing general agencies, mostly in the UK and Scandinavia. Products include coverage for motorcycles, taxis, non-standard auto and home warranty.
According to a company statement issued announcing the appointment, “the Committee and its financial advisor are considering a broad range of options and the process may not result in any transaction.“
