Canadian Underwriter

Keyword
Economical Insurance


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

News InsuranceMergers and Aqcuisitions

Economical Insurance to acquire largest pet insurer in Canada

May 18, 2016 by Canadian Underwriter

Economical Mutual Insurance Company has announced that it will acquire Petsecure, the largest pet insurer in Canada. Economical announced on Wednesday its intention to acquire Desjardins Group’s pet insurance business, Western Financial Insurance Company (WFIC) and its flagship brand Petsecure.

News CatastrophesEarnings / RatingsMergers and Aqcuisitions

Economical Insurance initially estimates $35 million to $45 million in losses from Fort McMurray wildfire

May 11, 2016 by Canadian Underwriter

Economical Insurance estimates its pre-tax losses related to the Fort McMurray wildfire will be $35 million to $45 million, net of reinsurance recoveries and reinstatement premiums. Economical Insurance said in a statement on Wednesday that its catastrophe reinsurance coverage commences

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Economical Insurance combined ratio down 4.6 points in first quarter of 2016

May 10, 2016 by Canadian Underwriter

Economical Insurance has reported a combined ratio of 101.1% in the first quarter of 2016 ending March 31, down 4.6 percentage points from the Q1 2015 combined ratio of 105.7%. Waterloo, Ont.-based Economical Insurance’s gross written premiums were up by

News InsuranceMergers and AqcuisitionsTechnology

Economical Insurance activates multi-channel distribution with launch of direct channel

May 9, 2016 by Angela Stelmakowich

Economical Insurance’s new direct channel – part of an updated corporate strategy to position the company as among the top property and casualty insurers in the country – went live Monday morning. Economical Insurance has activated multi-channel distribution with the

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and Aqcuisitions

Fort McMurray wildfire could hurt 2016 Q2 results for some Canadian p&c insurers, companies offering help

May 9, 2016 by Angela Stelmakowich

Credit rating agency Moody’s does not anticipate the massive wildfire in and around Fort McMurray will be a credit event for Canada’s property and casualty industry, but is likely to have an impact on 2016 Q2 results for property insurers.

News CatastrophesInsuranceMergers and Aqcuisitions

An estimated 90% of homes in Fort McMurray, Alta. neighbourhood lost in wildfire

May 4, 2016 by Canadian Underwriter

An estimated 90% of the homes in the Waterways neighbourhood of Fort McMurray, Alta. have been lost as a major wildfire continues to sweep through the town. The Regional Municipality of Wood Buffalo said in a media briefing on Wednesday

News InsuranceLegalLegislation / RegulationMarkets / Coverages

Launch into direct-to-consumer market expected soon, demutualization packages being mailed: Economical Insurance

May 4, 2016 by Canadian Underwriter

Economical Insurance’s “journey towards becoming a strong, Canadian, independent public company is now well under way,” a leg of which will include a strategic expansion into the direct-to-consumer market, president and CEO Karen Gavan said during the mutual’s Annual General