Keyword
Demutualization
How Economical plans to remain independent after demutualization
May 9, 2018 by Greg MeckbachIf Economical Insurance becomes publicly-traded on the stock exchange, it could eventually be acquired, but company officials have no intention of making Economical an easy acquisition target. “We certainly made a determination a long time ago that we were not…
Economical’s demutualization fraught with uncertainty
May 8, 2018 by Greg MeckbachIt’s been more than two years since Economical Insurance’s mutual policyholders voted in favour of demutualization and it’s not clear how much longer the process will take – assuming it happens at all. “This process was much more complex and…
Economical Insurance aims to ‘participate in acquisitions’
March 8, 2018 by Greg MeckbachIf Economical Insurance demutualizes and becomes traded on the stock market, it will be looking for other insurers to acquire, CEO Rowan Saunders told Canadian Underwriter Wednesday. “Part of the rationale” of going through demutualization is to raise money from…
Economical policyholders reach demutualization agreement in principle
February 9, 2018 by Greg MeckbachEconomical Insurance appears to be a step closer to demutualization, but a conversion proposal has been held over until June 30, Economical said Thursday. A proposal to convert Waterloo, Ont.-based Economical to a stock company was originally due to the…
Mutual mergers: stepping stone to demutualization?
January 8, 2018 by Jason ContantWith Economical Insurance on the road to demutualization, the question has always been: will other mutuals follow suit? But another possibility is that some of the smaller Canadian mutual insurers may merge to form larger entities in anticipation of demutualizing…
P&C mutuals line up against demutualization
December 15, 2017 by Canadian UnderwriterTwo years after Economical left the gate on the track to demutualization, the Waterloo, Ont.-based mutual insurer appears to be the lone horse among its industry peers. Four Canadian life insurers demutualized in 1999-2000 but regulations allowing mutual property and…
Who’d want to buy Economical?
November 21, 2017 Greg Meckbach, Associate EditorIf Economical Insurance gets permission to demutualize, it is “likely” the company will attract interest from a large insurer as a potential takeover target, an investment analyst predicts. “A very widely held assumption among investors is that Intact would look…
‘Clock is running’ as Economical Insurance prepares for public offering: Saunders
October 26, 2017 Greg Meckbach, Associate EditorEconomical Insurance is looking to “expand its appetite and capabilities into other segments” of the market as it prepares for an initial public offering, president and chief executive officer Rowan Saunders suggested Thursday to Ontario brokers in Ottawa, while Gore…
Small Canadian mutual insurers ‘may not realize’ all benefits of demutualization: A.M. Best
September 1, 2017 by Canadian UnderwriterWhile Economical Insurance plans to submit next year a conversion proposal outlining a proposal to demutualize, if a smaller mutual property and casualty insurer were to go through the same process as Economical, it “may not realize the benefits when…
Court appoints committees to represent Economical mutual and non-mutual policyholders
February 24, 2017 by Canadian UnderwriterAn Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing…
Economical Insurance expecting “significant growth” in broker channel over the next five years: Gavan at IBAO Convention
October 21, 2016 Jason Contant, Online EditorEconomical Insurance is expecting “significant growth” in its broker channel over the next five years, possibly 25% bigger than where it is today, outgoing president and CEO Karen Gavan said on Thursday during the 96th annual Insurance Brokers Association of…
Mutual insurers seeing revival in recent years: Swiss Re sigma report
August 2, 2016 by Canadian UnderwriterMutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on…