January 3, 2017 by Canadian Underwriter
Economical 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.
Bringing the market leader in the growing Canadian pet insurance industry into the Economical family of companies is consistent with the strategy of Economical and its focus on profitable growth, both organic and by acquisition, the release said. With net written premiums exceeding $50 million in 2015, Petline provides Canadian pet owners with comprehensive, veterinarian-recommended coverage for dogs and cats.
Petline will remain headquartered in Winnipeg, ensuring consistency of service in maintaining its products, sales force, customer experience and relationships with veterinarians, shelters and breeders, Economical said. Economical initially announced the acquisition in May 2016.
“This transaction is a step in our growth plan, which includes increasing scale and diversification through acquisitions,” said Rowan Saunders, president and CEO of Economical Insurance.
Founded in 1871, Economical Insurance reported $2.1 billion in premiums during 2015 and $5.5 billion in assets as at Sept. 30, 2016. Based in Waterloo, Ont., the Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petline, Family Insurance Solutions and Economical Financial.
Petline is Canada’s largest pet insurance provider, offering pet insurance to Canadians for 25 years. Its core brand, Petsecure, offers comprehensive pet insurance coverage options to pet owners in Canada.