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Sonnet

News Insurance

Why Sonnet asked for a 50% auto rate increase in Nova Scotia in 2020

January 10, 2020 by Greg Meckbach

Online direct writer Sonnet has been under-charging auto clients in Nova Scotia who have fewer than 20 years’ experience or less, but that is about to change. As a result of rate changes approved Thursday, the premium increase will be

News InsuranceProductsTechnology

Sonnet launches group insurance offering

December 26, 2019 by Jason Contant

Online insurer Sonnet Insurance has launched a group insurance offering, already signing on Deloitte to offer a group home and auto discount to its employees across Canada in the near future. “As Sonnet considered various approaches to scaling a profitable

Ontario legislature at Queen's Park in Toronto, Ontario government
News InsuranceLegislation / Regulation

Man named in FSRA warning denies soliciting business for Sonnet

December 13, 2019 by Greg Meckbach

A Toronto man who told Canadian Underwriter he recommended direct writer Sonnet to some of his friends is denying allegations made by the Ontario insurance market conduct regulator that he actually solicited auto insurance through Sonnet. “I am not soliciting

News Insurance

How Sonnet’s working out so far for Economical

August 13, 2019 by Greg Meckbach

Direct writer Sonnet, launched three years ago by Economical Insurance, has doubled in size in one year. “We are getting a broader base of customers. It’s not just millennials,” Rowan Saunders, president and CEO of Waterloo, Ont.-based Economical, told Canadian

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