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Economical reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%
August 4, 2017 by Canadian UnderwriterEconomical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written…
Economical launches data breach coverage for Canadian businesses
August 2, 2017 by Canadian UnderwriterWaterloo, Ont.-based Economical Insurance announced on Wednesday that it has launched EXPERT Cyber, coverage that is available to commercial policies for Canadian businesses in the event of a data breach. “Cybersecurity is a growing area of concern for businesses of…
Economical Insurance simplifies its business with changes to legal entities
June 6, 2017 by Canadian UnderwriterEconomical Insurance announced on Tuesday that it is “migrating to a simpler legal entity structure while continuing to offer a wide range of products and excellent service to broker partners and customers” as it continues its journey to become a…
Federal government invests $2.5 million to examine Canadian start-ups
April 28, 2017 by Canadian UnderwriterThe Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced a “non-repayable contribution” of up to $2.5 million to Wilfrid Laurier University in Waterloo, Ont. to support a national “scale-up data platform.” The platform will “capture and track…
Federal, Ontario governments invest in Ford Canada centre focusing on connectivity
March 30, 2017 by Canadian UnderwriterJustin Trudeau has announced a joint federal and Ontario government investment in the Ford Motor Company of Canada, part of which will help establish a new research and engineering centre focusing on connectivity research and development. Prime Minister Justin Trudeau…
Economical Insurance completes acquisition of Canada’s largest pet insurer
January 3, 2017 by Canadian UnderwriterEconomical Mutual Insurance Company announced on Tuesday that is has completed its previously announced acquisition of Western Financial Insurance Company (WFIC) and its flagship brand Petsecure from Desjardins Group. Concurrent with the acquisition, WFIC changed its legal name to Petline…
Port Lands of Toronto receive nearly $49 million in federal and provincial funding for flood protection
September 15, 2016 by Canadian UnderwriterThe governments of Canada and Ontario have announced a bilateral agreement that will make more than $1.1 billion in combined funding available under the new Clean Water and Wastewater Fund (CWWF). Amarjeet Sohi, the federal Minister of Infrastructure and Communities,…