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Economical

Economical demutualization
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Economical demutualization complete, IPO raises $1.6 billion

November 24, 2021 by Greg Meckbach

Economical Insurance announced Tuesday it has completed its demutualization, the first property and casualty insurer in Canada to do so. Economical’s corporate parent, Definity Financial Corp., said Tuesday it has raised “aggregate gross proceeds” of about $1.6 billion in an

Economical demutualization
News Insurance

New parent company for Economical following demutualization

August 30, 2021 by Jason Contant

Economical Mutual Insurance Company will have a new parent company once it demutualizes, the insurer announced Friday. Definity Financial Corporation, a newly creating entity incorporated under the Insurance Companies Act (Canada), will be the parent company of Economical Insurance, Family

News InsuranceLegislation / Regulation

Threat of adverse selection prompts auto carrier to start credit checks

July 13, 2021 by Greg Meckbach

Nova Scotia motorists who consent to a “soft” credit check from Economical Insurance will soon be eligible to get a discount on their auto premium, the province’s regulator announced Monday. The Nova Scotia Utility and Review Board (NSURB) has already

News Insurance

Economical policyholders give final thumbs-up to demutualize

May 20, 2021 by Greg Meckbach

Economical Insurance has “overwhelming support” from policyholders to demutualize. This is the result of the third and final policyholder vote, held Thursday. “We expect to be a public company by the fall of this year,” Economical Insurance CEO Rowan Saunders

News AppointmentsInsurance

Former RSA exec Ince joins major Canadian P&C mutual

May 4, 2021 by Greg Meckbach

After a 25-year stint at RSA Canada, Donna Ince has joined Economical Insurance as vice president, personal insurance, regional operations. Ince joined Economical Monday, a spokesperson for Waterloo, Ont.-based Economical told Canadian Underwriter Tuesday. Ince worked at RSA Canada until

News ClaimsClaims CanadaInsuranceTechnology

The ‘low hanging fruit’ for claims innovation

April 26, 2021 by Greg Meckbach

Collecting high-resolution images, making it easy to report a loss, and integrating the service providers into the claims process are claims innovations carriers need to bring in if they are not already, InsurTech North speakers suggested last week. “Make it

News AnnouncementsInsuranceLegislation / Regulation

Economical sets date for final policyholder vote on demutualization

March 17, 2021 by Greg Meckbach

A key step in Economical Insurance’s demutualization process, the third and final policyholder vote, is scheduled May 20, the Waterloo, Ont.-based insurer announced this week. If a client had a policy – either mutual or non-mutual – with Economical in

News AnnouncementsInsuranceLegislation / Regulation

How Economical could demutualize in 2021

December 22, 2020 by Greg Meckbach

Economical Insurance is aiming to have an initial public offering (IPO) of stock in 2021, making it the first ever property and casualty mutual in Canada to demutualize. “If we receive required approvals from the [federal] Minister of Finance on

News Insurance

Insurer loses scooter claim because of a ‘deprecated’ sales receipt

October 20, 2020 by David Gambrill

If a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase

News ClaimsClaims CanadaCommercial LinesConstructionEngineeringLegal

Appeal court dismisses lawsuit against Economical over additional insured endorsement

October 5, 2020 by Greg Meckbach

A solar energy developer has lost its appeal against Economical in a commercial coverage dispute regarding an additional insured, in which the policy wording referred to “liability arising out of the operations” of the insured. “Contractual insurance obligations and additional

News Insurance

How possible is a hybrid insurance model for the sharing economy?

August 24, 2020 by Jason Contant

Being able to distinguish between personal and commercial usage is one of the biggest unique differences with underwriting for the sharing economy, but the abundance of data available makes a hybrid insurance model possible, Economical Insurance said recently. “You can

News Insurance

Economical to take over commercial ridesharing insurance coverage from Intact

August 21, 2020 by Jason Contant

Economical Insurance will replace Intact Insurance as the commercial auto insurer for Uber in four Canadian provinces effective Sept. 1. Waterloo, Ont.-based Economical announced Tuesday in a press release the “new and significant relationship with Uber in Canada, designed to