Keyword
Economical Insurance
Canadian P&C industry enters “hybrid cloud” phase
July 24, 2018 by David GambrillCanadian 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…
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…
‘Many more significant losses’ due to climate change: Economical execs
May 11, 2018 by Greg MeckbachClimate 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…
Economical set to roll out ‘full training’ to brokers on Vyne
May 10, 2018 by Greg MeckbachBrokers 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,”…
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 exposed to Ontario’s auto market cycles
May 9, 2018 by Greg MeckbachExposure 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.…
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…
Referrals: a lost art for finding new business?
April 3, 2018 by David GambrillBrokers 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…
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…
Gavan’s Global Perspective
February 21, 2018 Greg Meckbach, Associate EditorHuge 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…
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…
Who owns the surplus if a mutual company demutualizes?
January 9, 2018 by Jason ContantIn 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…