Industrial and specialised insurance coverage supplier REVAU has acquired the surety division of Canadian firm Echelon Insurance coverage for an undisclosed quantity.
The strategic acquisition will enable REVAU to develop its current surety enterprise presence throughout Canada.
REVAU’s current surety enterprise focuses solely on work with brokerage corporations to handle contractors’ wants for surety bonds for his or her tasks.
These contractors embrace common and specialised contractors, builders and repair corporations.
Following this acquisition, all the Surety Underwriting workforce working at Echelon Insurance coverage has now joined REVAU.
REVAU stated that every one its main contacts for the dealer companions will proceed to stay the identical.
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In addition to, REVAU’s present workforce will proceed to handle fast and future surety necessities of dealer companions.
Based on REVAU, the method of transitioning the surety division from Echelon to REVAU might be managed by REVAU chief danger officer and newly appointed REVAU Surety president Rahim Tejani.
Tejani will primarily be accountable for ‘seamless’ integration of various operations and sources to additional develop a platform for the corporate’s development and to handle prospects’ wants.
Tejani stated: “We’re more than happy that all the underwriting workforce from Echelon’s surety division has joined REVAU guaranteeing a clean transition for our Dealer companions.
“We sit up for your continued help and thanks on your belief.”
Echelon Insurance coverage president Robin Joshua added: ‘’This transaction is a crucial step in Echelon’s evolution as we glance to focus our business portfolio on built-in business property and auto merchandise.
“We’re happy to have discovered a brand new dwelling for the surety enterprise that Echelon has constructed with a powerful companion of ours, REVAU.
“Whereas surety won’t be part of Echelon’s future, we’ve constructed a powerful enterprise backed by skilled folks. REVAU has recognised this and supplied a basis upon which this enterprise and the folks behind it may possibly proceed to develop.”
In Could final 12 months, Echelon Insurance coverage introduced the adoption of Guidewire’s options to rework its operations.
