Keyword
Demutualization
Economical clears major hurdle to demutualization
March 20, 2019 by Greg MeckbachEconomical 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…
What could have happened to Economical if it had rejected demutualization
February 14, 2019 by Greg MeckbachAmalgamation 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…
How clients can cash in on demutualization
February 5, 2019 by Greg MeckbachEconomical 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)…
Estimated value of Economical’s demutualization for mutual policyholders
February 1, 2019 by Greg MeckbachMutual 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…
‘No desire’ for this insurer to demutualize
September 4, 2018 by Greg MeckbachTwo 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…
Economical makes history by submitting demutualization proposal to Ottawa
June 27, 2018 by Greg MeckbachEconomical 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…
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…