February 26, 2018 by Staff
Economical 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.
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.