What could have happened to Economical if it had rejected demutualization
February 14, 2019 by Greg MeckbachAmalgamation with another insurer and going into run-off were among the options considered by Economical Insurance directors before the Waterloo, Ont. carrier started the demutualization process in 2015. Mutual policyholders of Economical are scheduled to vote March 20 on a…
How clients can cash in on demutualization
February 5, 2019 by Greg MeckbachEconomical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization)…
Estimated value of Economical’s demutualization for mutual policyholders
February 1, 2019 by Greg MeckbachMutual policyholders of Economical Insurance could get more than $300,000 each if the Waterloo-based insurer demutualizes. A conversion proposal that Economical submitted to the regulator last year calls for 20% of benefits going first to eligible mutual policyholders, of which…
Why Canada’s largest mutual insurer is not demutualizing
January 18, 2019 by Greg MeckbachUnlike Economical Insurance, Canada’s largest mutual insurer plans to stay that way. “Everybody says, ‘Because of what Economical is doing, are you going to demutualize?’ No,” Carol Jardine, president of the Canadian property and casualty operations of Wawanesa Mutual Insurance…
‘No desire’ for this insurer to demutualize
September 4, 2018 by Greg MeckbachTwo months after Economical Insurance submitted its demutualization proposal to the federal government, another federally-regulated mutual has all but completely ruled out demutualization. There is “no desire” for demutualization at Heartland Farm Mutual Inc., Louis Durocher, Heartland’s new president and…
Economical makes history by submitting demutualization proposal to Ottawa
June 27, 2018 by Greg MeckbachEconomical Insurance has made history as the first property and casualty insurer in Canada to officially ask the federal government for permission to demutualize. The Waterloo, Ont.-based carrier announced Tuesday it has submitted a proposal to the country’s financial regulator…
How Economical plans to remain independent after demutualization
May 9, 2018 by Greg MeckbachIf Economical Insurance becomes publicly-traded on the stock exchange, it could eventually be acquired, but company officials have no intention of making Economical an easy acquisition target. “We certainly made a determination a long time ago that we were not…
P&C mutuals line up against demutualization
December 15, 2017 by Canadian UnderwriterTwo years after Economical left the gate on the track to demutualization, the Waterloo, Ont.-based mutual insurer appears to be the lone horse among its industry peers. Four Canadian life insurers demutualized in 1999-2000 but regulations allowing mutual property and…