Economical launches new brand name at AGM, re-iterates it does not prefer one form of demutualization over another

Economical Insurance launched a refreshed brand at its annual general meeting on June 15, featuring an uncomplicated, cleaner, three-dot logo and a new tagline — “good to know.”

“We’re good to know for an individual, family or business seeking financial security, and we’re good to know for a broker in need of a strong, stable, professional and responsive partner,” said Karen Gavan, president and CEO, in a press release explaining the new tagline.

“We’re good to know for a skilled professional looking for a rewarding employment experience. We’re also good to know as a responsible, reliable corporate citizen. We are experts who give valuable and timely information that is good to know.”

Economical says its refreshed brand includes a closer alignment of the member company brands under the Economical banner. The “TEIG” acronym is being dropped, as is reference to “The Group.”

While the company’s legal name – Economical Mutual Insurance Company – is not changing at this time:

· The Economical Insurance Group is now, simply, Economical Insurance.

· Waterloo Insurance is now Economical Select.

· The Missisquoi Insurance Company in Montreal is now Economical Insurance.

· Westmount Financial, Economical’s broker lending arm, is now Economical Financial.

In addition to launching its refreshed brand at its annual general meeting, Economical re-iterated its commitment to the dual-track process of demutualization, which includes the potential of either an initial public offering (IPO) or a “sponsored demutualization” involving a sale of all or parts of the company.

At the AGM, John Bowey, chair of Economical’s special committee on demutualization, said the company’s position that “the board has taken no view at this point as to which would be the best for Economical.”

He added the board’s decision will be influenced by the government’s forthcoming regulations for the demutualization of property and casualty insurers.

“Once regulations are in place, the board will choose the path which aligns with the best interests of the company, while working with OSFI for its approval of our proposal for demutualization.”