Canadian Underwriter

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Economical Insurance


News InsuranceTechnology

ICTC speaker urges insurers to be ‘more receptive to the better mousetrap’

March 1, 2017 Greg Meckbach, Associate Editor

There are many ways in which technology can help insurers, but they need to be able to respond quickly and not be so “old school,” panelists at a recent conference told industry professionals. “I think there is lots of room

News AppointmentsInsuranceLegislation / RegulationProfessional Development

Court appoints committees to represent Economical mutual and non-mutual policyholders

February 24, 2017 by Canadian Underwriter

An Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing

News CatastrophesInsuranceMergers and Aqcuisitions

Economical Insurance gross written premiums up 4.8% in Q4 2016 to $521.8 million

February 22, 2017 by Canadian Underwriter

Economical Insurance has reported that gross written premiums (GWP) for the fourth quarter of 2016 ending Dec. 31 grew by $23.8 million, or 4.8%, to $521.8 million from $498 million in Q4 2015. In particular, personal lines premiums grew by

News InsuranceProfessional DevelopmentTechnology

IBAO, Insurance Institute of Ontario hosting live webcast on driverless cars

February 7, 2017 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) and the Insurance Institute of Ontario announced on Tuesday that they will be hosting a live webcast on the insurance implications of automated vehicles on Feb. 16. The webcast, which will run from

News InsuranceMarkets / Coverages

Economical Insurance completes acquisition of Canada’s largest pet insurer

January 3, 2017 by Canadian Underwriter

Economical Mutual Insurance Company announced on Tuesday that is has completed its previously announced acquisition of Western Financial Insurance Company (WFIC) and its flagship brand Petsecure from Desjardins Group. Concurrent with the acquisition, WFIC changed its legal name to Petline

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Economical Insurance gross written premiums up 6.7% to $550 million in third quarter of 2016 from prior-year quarter

November 7, 2016 by Canadian Underwriter

Economical Insurance has reported that gross written premiums (GWP) were up by 6.7% to $550.3 million in the third quarter of 2016 ending Sept. 30 from $515.9 million in Q3 2015. In the first nine months of 2016, GWP were

News AssociationsInsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Economical Insurance expecting “significant growth” in broker channel over the next five years: Gavan at IBAO Convention

October 21, 2016 Jason Contant, Online Editor

Economical Insurance is expecting “significant growth” in its broker channel over the next five years, possibly 25% bigger than where it is today, outgoing president and CEO Karen Gavan said on Thursday during the 96th annual Insurance Brokers Association of

News InsuranceMergers and AqcuisitionsTechnology

Sonnet adds personal auto to digital platform

September 19, 2016 by Canadian Underwriter

Economical Insurance’s new online direct channel, Sonnet, announced on Monday that it has added personal auto to its digital platform. Sonnet originally went live on May 9, offering personal home insurance, including homeowner tenant, condo and landlord insurance. Sonnet said

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Economical Insurance cites wildfire’s impact, net income drops to $17.1 million in 2016 Q2

August 8, 2016 by Canadian Underwriter

Canada’s worst-ever insured natural disaster – the Fort McMurray wildfire – delivered a hard hit to the underwriting activity of Economical Insurance, contributing to a net income in the second quarter of 2016 of about half the prior-year quarter. Economical

News InsuranceProfessional Development

Economical Insurance board names Rowan Saunders president and CEO effective Nov. 1

July 27, 2016 by Canadian Underwriter

The board of directors of Economical Insurance announced on Wednesday that Rowan Saunders has been named president and CEO effective Nov. 1. Having served as president and CEO of RSA Canada since 2003, Saunders (pictured right) will “further the vision

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Optimum General offers overland water damage coverage for residences in Ontario and B.C.

June 3, 2016 by Canadian Underwriter

Montreal-based Optimum General Inc. announced on Friday that is has launched a residential policy endorsement in Ontario and British Columbia which now covers overland water damages. Optimum General said in a press release that the endorsement, which was launched on

News CatastrophesInsuranceMergers and Aqcuisitions

Fort McMurray wildfire to cost The Co-operators an estimated $70 million to $90 million

May 24, 2016 by Canadian Underwriter

The Co-operators General Insurance Company has estimated that the Fort McMurray wildfire will cost it between $70 million and $90 million. While access to the affected area remains restricted, The Co-operators’ preliminary estimate indicated that the after-tax cost of the