Post-demutualization: Definity’s plans for the future
September 13, 2022 by Jason ContantDefinity Financial Corporation is maintaining its goal of becoming a Top 5 insurance company through a combination of organic growth and M&A activity, Definity president and CEO Rowan Saunders suggested during a recent financial services conference. “One of the drivers…
Economical demutualization complete, IPO raises $1.6 billion
November 24, 2021 by Greg MeckbachEconomical 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…
New parent company for Economical following demutualization
August 30, 2021 by Jason ContantEconomical 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…
Economical policyholders give final thumbs-up to demutualize
May 20, 2021 by Greg MeckbachEconomical 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…
Economical sets date for final policyholder vote on demutualization
March 17, 2021 by Greg MeckbachA 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…
When Economical plans to hold final demutualization vote
February 25, 2021 by Greg MeckbachAn all-policyholders’ vote on demutualization is scheduled this spring, Economical Insurance announced this week. “The process for getting this meeting on the calendar is on track,” said John Bowey, chairman of Waterloo, Ont.-based Economical, in an update posted Feb. 22…
How Economical could demutualize in 2021
December 22, 2020 by Greg MeckbachEconomical 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…
What’s next for Economical’s demutualization
June 29, 2020 by Greg MeckbachEditor’s note: This story was updated to reflect a June 30 announcement by Economical Insurance Economical Insurance is still in the process of demutualizing but the next policyholders’ vote is not going to happen this year, the Waterloo, Ont. based…
Will COVID-19 affect the timing of Economical’s IPO?
April 2, 2020 by Greg MeckbachEconomical Insurance continues to work on converting from a mutual to a publicly traded firm, but officials with the Waterloo, Ont. carrier are keeping a close eye on the stock markets. “The outbreak of COVID-19 has adversely affected economic and…
O come, let us demutualize
December 23, 2019 by Greg MeckbachIf any of your clients have Economical Insurance policies, changing to a stock-owned company could make them joyful and triumphant, especially if they have mutual policies. “O come all ye policyholders” is something the industry could hear soon from Waterloo,…
This might drive additional insurers to demutualize
October 30, 2019 by Greg MeckbachMutual insurers that are concerned about their small size placing them at a competitive disadvantage could choose to follow in the footsteps of Economical and start the demutualization process, suggests an executive who is looking to invest about $500 million…
Economical clears major hurdle to demutualization
March 20, 2019 by Greg MeckbachEconomical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are…