Economical Insurance closes Hamilton, Ont. branch, eliminates 29 positions

Just days after announcing the closure of its Moncton, N.B. branch, Economical Insurance said Thursday it is also closing its branch in Hamilton, Ont.

“Underwriting operations managed out of that office will transition to other Economical locations in southwestern Ontario while several claims, commercial insurance and business development staff were offered the opportunity to work from home or at other Economical locations,” the Waterloo, Ont.-based company’s statement said.

The closure means the elimination of 29 positions, according to Economical, which added that those employees will receive fair severance packages and career transition services.

“These location changes are important to our ability to streamline our operations and processes, which are essential to improved service for our broker partners and customers,” Jorge Arruda, senior vice president of sales, distribution and underwriting operations noted in the statement.

The Moncton and Hamilton closures are not expected to have a material financial impact for the company, its statement added.