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.
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