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Demutualization

News Insurance

Economical policyholders give final thumbs-up to demutualize

May 20, 2021 by Greg Meckbach

Economical Insurance has “overwhelming support” from policyholders to demutualize. This is the result of the third and final policyholder vote, held Thursday. “We expect to be a public company by the fall of this year,” Economical Insurance CEO Rowan Saunders

News AnnouncementsInsuranceLegislation / Regulation

Economical sets date for final policyholder vote on demutualization

March 17, 2021 by Greg Meckbach

A key step in Economical Insurance’s demutualization process, the third and final policyholder vote, is scheduled May 20, the Waterloo, Ont.-based insurer announced this week. If a client had a policy – either mutual or non-mutual – with Economical in

News AnnouncementsInsuranceLegislation / Regulation

When Economical plans to hold final demutualization vote

February 25, 2021 by Greg Meckbach

An all-policyholders’ vote on demutualization is scheduled this spring, Economical Insurance announced this week. “The process for getting this meeting on the calendar is on track,” said John Bowey, chairman of Waterloo, Ont.-based Economical, in an update posted Feb. 22

News AnnouncementsInsuranceLegislation / Regulation

How Economical could demutualize in 2021

December 22, 2020 by Greg Meckbach

Economical Insurance is aiming to have an initial public offering (IPO) of stock in 2021, making it the first ever property and casualty mutual in Canada to demutualize. “If we receive required approvals from the [federal] Minister of Finance on

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