Toronto-based EGI Financial Holdings Inc. reported that its wholly-owned subsidiary, Echelon General Insurance Company, is entering the Ontario motorcycle insurance market with a $5 million brokerage agreement with Riders Plus Insurance.
Riders Plus, an Ontario motorcycle insurance brokerage, has agreed to place $5 million of motorcycle insurance premiums with Echelon in the first 12 months following the start of sales under the agreement, scheduled to begin on Jan. 15, 2006.
The brokerage commission terms under the agreement are comparable to Echelon’s existing private passenger automobile insurance agreements, except that Riders Plus will be paid an expense allowance on new policies, as compensation for their expanded internal underwriting processes.
The Financial Services Commission of Ontario (FSCO) approved Echelon’s Ontario motorcycle insurance rules and rates on Jan. 6, 2006.
Was this article valuable?
Here are more articles you may enjoy.
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Damage From Hurricane Beryl May Cost Insurers $2.7B in US, $510M in Caribbean: KCC 
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns. 
Biden Administration Raises FEMA Bar for Flood Resilience 
