Canadian Underwriter

Economical Insurance closes Moncton branch, moves location’s underwriting operations to Halifax

November 4, 2013   by Canadian Underwriter

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Economical Insurance announced Monday it is closing its Moncton, N.B. branch, as part of its ongoing “streamlining” efforts.

Underwriting operations managed out of the Moncton office will transition over to the company’s Halifax location.

The move will include the elimination of 22 positions in Moncton, and Economical said it would be offering “fair severance packages and career transition services.”

Some claims and business development employees who reported to the Moncton location will be transitioning to home offices, the company said.

“Although our physical presence has changed, our business development presence continues in Moncton and we remain fully committed to the broker distribution channel,” Jorge Arruda, senior vice president of sales, distribution and underwriting operations for Economical noted in a statement.

Economical said it will continue to report on the financial impact of its “business transformation program,” including restructuring expenses, in its quarterly earnings releases.