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Keyword
Economical Insurance

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 ClaimsInsuranceTechnology

The trade-off to using artificial intelligence to speed up claims

August 29, 2018 by Greg Meckbach

Canadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three

News InsuranceTechnology

Canadian P&C industry enters “hybrid cloud” phase

July 24, 2018 by David Gambrill

Canadian P&C insurance companies have entered a transitional technology phase that will see data from their legacy systems get transferred online. “We are in a hybrid-cloud paradigm,” Frank Attaie, vice president of cloud and software at IBM Canada, told Canadian

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 CatastrophesClimate ChangeInsurance

‘Many more significant losses’ due to climate change: Economical execs

May 11, 2018 by Greg Meckbach

Climate change was top of mind Monday for executives at Economical Insurance, which was hit with 11 weather catastrophes in 2017. “Climate change has resulted in many more significant losses from water and wind events,” said Gerald Hooper, a former

News BrokersInsuranceProducts

Economical set to roll out ‘full training’ to brokers on Vyne

May 10, 2018 by Greg Meckbach

Brokers will soon be able to learn Vyne, Economical Insurance’s Guidewire-based computer system, touted as a way of administering insurance policies with less manual intervention. “Soon we will roll be rolling out full training to 22,000 brokers across the country,”

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 InsuranceMarkets / Coverages

Economical exposed to Ontario’s auto market cycles

May 9, 2018 by Greg Meckbach

Exposure to Ontario’s regulated auto market is one factor leading to the “unsatisfactory” financial performance at Economical Insurance, CEO Rowan Saunders suggested to mutual policyholders attending the company’s annual general meeting, held Monday at the Bingemans Centre in Kitchener, Ont.

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 Insurance

Referrals: a lost art for finding new business?

April 3, 2018 by David Gambrill

Brokers seeking new business shouldn’t be shy about asking clients for referrals, Economical Insurance’s chief distribution officer told Canadian Underwriter Monday. Fine-tuning the referral process is a simple, often overlooked method for brokers to grow their business, Tom Reikman said

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