Canadian Underwriter

Economical announces changes to operational structure

February 26, 2018   by Staff

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16120673 - business people silhouettes in a modern officeEconomical Insurance has announced it will be updating its operational structure over the next 18 months, in a move designed “to optimize efficiency and simplicity for broker partners and customers,” the insurer said in a news release.

With an eye toward improving future operating results, the insurer plans to reduce its headcount by 10% over the next year and a half, and cut down substantially on third-party costs.

Related: Economical to launch new platform for brokers

Products currently offered under the Western General, Economical Select and Perth brands will take on the Economical Insurance brand name later this year, creating what the insurer calls a “more streamlined and broader offering.”

Earlier this month, Economical announced it had generated a net loss of $92.7 million in 2017. The structural changes announced on Monday come as the insurer moves closer to becoming a publicly traded company.

“We have great ambitions for our company and are focused on nothing short of excellence,” Economical president and CEO Rowan Saunders said in a news release. “Economical has grown to become one of Canada’s largest P&C insurers over the past 146 years. We are making a commitment to our legacy, with our sights set on a long and profitable future as we prepare to become a public company.”

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This story was originally published by Canadian Insurance Top Broker.