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Demutualization

News Insurance

What’s next for Economical’s demutualization

June 29, 2020 by Greg Meckbach

Editor’s note: This story was updated to reflect a June 30 announcement by Economical Insurance Economical Insurance is still in the process of demutualizing but the next policyholders’ vote is not going to happen this year, the Waterloo, Ont. based

News Insurance

O come, let us demutualize

December 23, 2019 by Greg Meckbach

If any of your clients have Economical Insurance policies, changing to a stock-owned company could make them joyful and triumphant, especially if they have mutual policies. “O come all ye policyholders” is something the industry could hear soon from Waterloo,

News AnnouncementsInsurance

Economical clears major hurdle to demutualization

March 20, 2019 by Greg Meckbach

Economical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are

News InsuranceLegislation / Regulation

What could have happened to Economical if it had rejected demutualization

February 14, 2019 by Greg Meckbach

Amalgamation with another insurer and going into run-off were among the options considered by Economical Insurance directors before the Waterloo, Ont. carrier started the demutualization process in 2015. Mutual policyholders of Economical are scheduled to vote March 20 on a

News InsuranceLegislation / Regulation

How clients can cash in on demutualization

February 5, 2019 by Greg Meckbach

Economical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization)

News Insurance

Estimated value of Economical’s demutualization for mutual policyholders

February 1, 2019 by Greg Meckbach

Mutual policyholders of Economical Insurance could get more than $300,000 each if the Waterloo-based insurer demutualizes. A conversion proposal that Economical submitted to the regulator last year calls for 20% of benefits going first to eligible mutual policyholders, of which

News Legislation / Regulation

‘No desire’ for this insurer to demutualize

September 4, 2018 by Greg Meckbach

Two months after Economical Insurance submitted its demutualization proposal to the federal government, another federally-regulated mutual has all but completely ruled out demutualization. There is “no desire” for demutualization at Heartland Farm Mutual Inc., Louis Durocher, Heartland’s new president and

News InsuranceLegislation / RegulationMarkets / Coverages

Economical makes history by submitting demutualization proposal to Ottawa

June 27, 2018 by Greg Meckbach

Economical Insurance has made history as the first property and casualty insurer in Canada to officially ask the federal government for permission to demutualize. The Waterloo, Ont.-based carrier announced Tuesday it has submitted a proposal to the country’s financial regulator

News InsuranceMergers and Aqcuisitions

How Economical plans to remain independent after demutualization

May 9, 2018 by Greg Meckbach

If 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

News InsuranceLegal

Economical’s demutualization fraught with uncertainty

May 8, 2018 by Greg Meckbach

It’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

News InsuranceMergers and Aqcuisitions

Economical Insurance aims to ‘participate in acquisitions’

March 8, 2018 by Greg Meckbach

If 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

News InsuranceLegislation / Regulation

Economical policyholders reach demutualization agreement in principle

February 9, 2018 by Greg Meckbach

Economical 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