Canadian Underwriter

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Sonnet

News Insurance

How much business Sonnet writes for Economical

February 22, 2019 by Greg Meckbach

Direct writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have

News Brokers

Why it’s not so easy for an insurer to go direct

January 21, 2019 by Greg Meckbach

Wawanesa’s decision to write insurance in Canada through brokers only came as a shock to some consultants. “If you talk to the consultants down on Adelaide Street [in Toronto] in their big offices, what are they going to tell an

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 AppointmentsInsuranceMergers and Aqcuisitions

Roger Dunbar appointed to lead Sonnet

August 11, 2017 by Canadian Underwriter

Sonnet Insurance Company announced on Friday that Roger Dunbar has been appointed to lead the company, Economical Insurance’s digital direct channel, effective Monday, Aug. 14. “With a career focused on digital innovation and improved customer experience, Dunbar will lead a

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Economical reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%

August 4, 2017 by Canadian Underwriter

Economical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written

News InsuranceLegalLegislation / RegulationProductsProfessional Development

Economical Insurance simplifies its business with changes to legal entities

June 6, 2017 by Canadian Underwriter

Economical Insurance announced on Tuesday that it is “migrating to a simpler legal entity structure while continuing to offer a wide range of products and excellent service to broker partners and customers” as it continues its journey to become a

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Technology advances to change insurance value chain, offers chance to reboot

May 19, 2017 by Angela Stelmakowich

Technology advances will likely affect – perhaps even eliminate – some current roles in the insurance value chain, but should be regarded as an opportunity to focus more on value-added services and getting a seat at the table where new

News CatastrophesEarnings / RatingsInsuranceMergers and AqcuisitionsTechnology

Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter

May 8, 2017 by Canadian Underwriter

Auto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was

News InsuranceMarkets / CoveragesMergers and AqcuisitionsProfessional DevelopmentTechnology

Sonnet ‘first step in a multi-step journey’: Economical’s SVP and chief marketing officer

April 10, 2017 Jason Contant, Online Editor

Fully online insurance company Sonnet is the “first step in a multi-step journey” and the learnings from that process will be applied back to other parts of Economical Insurance’s business, Economical senior vice president and chief marketing officer Michael Shostak

News Mergers and AqcuisitionsTechnology

Broker ‘still a valuable partnership’ for Economical Insurance despite Sonnet launch: CIO

March 2, 2017 by Canadian Underwriter

Economical Insurance’s recently-launched direct writer, Sonnet, is one example of “disruptive innovation” in the Canadian industry, a speaker told insurance professionals at a recent conference, though a senior executive of Economical suggested there is a “significant segment” of the market

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 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