Commercial and specialised insurance provider REVAU has acquired the surety division of Canadian company Echelon Insurance for an undisclosed amount.
The strategic acquisition will allow REVAU to expand its existing surety business presence across Canada.
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REVAU’s existing surety business focuses exclusively on work with brokerage companies to address contractors’ needs for surety bonds for their projects.
These contractors include general and specialised contractors, developers and service companies.
Following this acquisition, the entire Surety Underwriting team working at Echelon Insurance has now joined REVAU.
REVAU said that all its primary contacts for the broker partners will continue to remain the same.
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By GlobalDataBesides, REVAU’s current team will continue to address immediate and future surety requirements of broker partners.
According to REVAU, the process of transitioning the surety division from Echelon to REVAU will be managed by REVAU chief risk officer and newly appointed REVAU Surety president Rahim Tejani.
Tejani will primarily be responsible for ‘seamless’ integration of different operations and resources to further develop a platform for the company’s growth and to address customers’ needs.
Tejani said: “We are very pleased that the entire underwriting team from Echelon’s surety division has joined REVAU ensuring a smooth transition for our Broker partners.
“We look forward to your continued support and thank you for your trust.”
Echelon Insurance president Robin Joshua added: ‘’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.
“We are pleased to have found a new home for the surety business that Echelon has built with a strong partner of ours, REVAU.
“While surety will not be a part of Echelon’s future, we have built a strong business backed by experienced people. REVAU has recognised this and provided a foundation upon which this business and the people behind it can continue to grow.”
In May last year, Echelon Insurance announced the adoption of Guidewire’s solutions to transform its operations.
