Canadian Underwriter

Economical Insurance

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

Feature Appointments

Gavan’s Global Perspective

February 21, 2018 Greg Meckbach, Associate Editor

Huge gaps in earthquake coverage in eastern Canada, the impact of climate change on property damage, and harmonizing regulations across the globe are all top of mind for Karen Gavan, the former CEO of Waterloo, Ont.-based Economical Insurance. Perhaps best

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

News InsuranceLegislation / RegulationMarkets / Coverages

Who owns the surplus if a mutual company demutualizes?

January 9, 2018 by Jason Contant

In the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion. “The Insurance Companies Act and associated

News ClaimsInsuranceMarkets / Coverages

Eastern Canadian earthquake risk a “huge opportunity” for industry

December 21, 2017 Greg Meckbach, Associate Editor

Complacency about real risks, such as an earthquake affecting Eastern Canada, present a “huge opportunity” for insurance providers to educate consumers, a former Economical Insurance CEO said Monday. “Human beings really don’t like thinking about the bad things that could

News InsuranceMarkets / Coverages

Who’d want to buy Economical?

November 21, 2017 Greg Meckbach, Associate Editor

If 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

News InsuranceMarkets / CoveragesTechnology

Insurer looking at automated underwriting solution

November 20, 2017 Jason Contant, Online Editor

Brokers placing coverage with Economical Insurance wanted the insurer to “clearly articulate [its] appetite and become competitive in specific areas,” so the insurer has created new core segments in small business, agriculture and transportation, and specialty lines. Matthew Buchalter, vice

News AppointmentsInsuranceMarkets / CoveragesProfessional Development

P&C people: Who’s doing what?

November 17, 2017 Greg Meckbach, Associate Editor

Economical Insurance has hired a new personal lines EVP, while The Guarantee Company of North America’s former chief executive officer is now a senior fellow for the C.D. Howe Institute. Economical welcomes MacDonald to the team Economical Insurance announced Tuesday

News AnnouncementsCatastrophesClaimsEarnings / RatingsInsurance

Combined ratio, net loss for Economical Insurance up in 2017 Q3 over 2016 Q3

November 6, 2017 by Canadian Underwriter

The impact of strategic investments by Economical Insurance contributed to the insurer witnessing a combined ratio of 116.2% and an almost doubling of net loss in 2017 Q3 compared to 2016 Q3. The combined ratio for the third quarter of

News InsuranceMarkets / CoveragesTechnology

Canadian P&C brokerages prefer Facebook to communicate: Economical survey

November 1, 2017 by Canadian Underwriter

Canadian P&C insurance brokerages prefer Facebook to communicate with customers and prospects, according to 90% of respondents to a social media survey conducted this summer and released on Wednesday by Economical Insurance. The 2017 Pulse Check: Social Media Usage in

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

IBAO CEO panelists discuss brokerage acquisitions

October 27, 2017 Greg Meckbach, Associate Editor

Acquisitions by insurers “have had an impact on valuations” of brokerages, but the price a brokerage owner could get be selling the business is also affected by factors such as growth and profitability, insurance carrier chief executives suggested Thursday. “Insurer

News InsuranceLegislation / RegulationMarkets / Coverages

‘Clock is running’ as Economical Insurance prepares for public offering: Saunders

October 26, 2017 Greg Meckbach, Associate Editor

Economical 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