June 6, 2017 by Canadian Underwriter
Economical Insurance announced on Tuesday that it is “migrating to a simpler legal entity structure while continuing to offer a wide range of products and excellent service to broker partners and customers” as it continues its journey to become a public company.
Currently, Assurance Economical in Quebec is underwritten by The Missisquoi Insurance Company; Economical Select group car and home insurance is underwritten by Waterloo Insurance Company; and Perth special risk insurance is underwritten by Perth Insurance Company. Going forward, Assurance Economical, Economical Select, Perth and Western General will be underwritten by a single legal entity – Economical Mutual Insurance Company, Economical said in a press release.
“We’re streamlining our legal entities for improved efficiency and better alignment with our distribution channels,” said Tom Reikman, chief distribution officer at Economical, in a release. “A simpler structure lets us focus on customers first and deliver the most value to our broker partners.”
The operational and regulatory steps to process this change are now underway and will be effective sometime in 2018.
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with $2 billion in premiums during 2016 and $5.4 billion in assets as at Dec. 31, 2016. Based in Waterloo, Ont., this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial and Family Insurance Solutions.