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O come, let us demutualize

December 23, 2019 by Greg Meckbach

If 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,

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Could CGL policy have to cover this dry cleaning pollution claim?

December 17, 2019 by Greg Meckbach

A coverage dispute over pollution exclusions might bring two of Canada’s largest insurers before the Supreme Court of Canada. West Van Lions Gate Cleaners Ltd. has operated a dry cleaners in Vancouver since 1976. Until 1999 an automotive repair business

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How Economical returned to profitability

August 19, 2019 by Greg Meckbach

Editor’s Note: In an earlier version of this story, Canadian Underwriter incorrectly reported Economical Insurance’s net loss in 2017. Canadian Underwriter regrets the error. Commercial premiums for Economical Insurance are down more than 10%, but that does not mean prices

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 Appointments

Former Economical Insurance CEO joins another board

May 7, 2019 by Greg Meckbach

Karen Gavan, former CEO of the first Canadian property and casualty insurer to start the demutualization process, is now on the board of directors of HSBC Canada. Gavan (pictured) was CEO of Waterloo, Ont.-based Economical Insurance from 2011 through 2016.

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Economical clears major hurdle to demutualization

March 20, 2019 by Greg Meckbach

Economical 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

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

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What could have happened to Economical if it had rejected demutualization

February 14, 2019 by Greg Meckbach

Amalgamation 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

News Insurance

Why Canada’s largest mutual insurer is not demutualizing

January 18, 2019 by Greg Meckbach

Unlike 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

News Insurance

Economical wins insurance technology award for Vyne platform

September 26, 2018 by Jason Contant

Economical Insurance has won Insurance Nexus’ Canadian Insurance Carrier of the Year 2018 award for its Guidewire-based computer system Vyne. The carrier of the year award recognizes the insurer who has made the biggest advances in implementing analytics and artificial