June 25, 2017 11:47 PM ET

Insurance

Company Overview of Economical Insurance Group Ltd.

Company Overview

Economical Insurance Group Ltd. provides property and casualty insurance products to customers in Canada. The company offers personal insurance products, such as automobile, property, and liability insurances; business insurance solutions for small and mid-size businesses, groups or associations, and commercial vehicles; farm insurance products, which include premier dairy, premier poultry, and winery insurance solutions; and surety insurance solutions in the areas of contract and commercial surety. It markets and sells its products through independent insurance brokers. The company was founded in 1871 and is headquartered in Waterloo, Canada. It has branches in Calgary, Edmonton, Vancouver,...

111 Westmount Road South

P.O. Box 2000

Waterloo, ON N2J 4S4

Canada

Founded in 1871

Phone:

519-570-8200

Fax:

519-570-8389

Key Executives for Economical Insurance Group Ltd.

Chief Executive Officer and President
Age: 52
Chief Financial Officer, Executive Vice President and President of Economical Financial
Chief Information Officer and Senior Vice President
Chief Marketing Officer and Senior Vice President
Chief Human Resources Officer and Senior Vice President
Compensation as of Fiscal Year 2016.

Economical Insurance Group Ltd. Key Developments

Economical Insurance Announces Consolidated Financial Results for the First Quarter Ended March 31, 2017

Economical Insurance announced consolidated financial results for the first quarter ended March 31, 2017. For the quarter, the company reported net earned premiums of $521.3 million against $481.4 million a year ago. Underwriting loss was $37.8 million against $5.4 million a year ago. Investment income was $57.8 million against $42.6 million a year ago. Net income was $5.3 million against $28.5 million a year ago. Net income decreased by $23.2 million over the same quarter a year ago as higher investment income was more than offset by higher underwriting losses driven largely by increased spend on the company strategic initiatives, as well as continued challenges in auto performance, relatively worse winter weather conditions, and increased catastrophe losses. Underwriting results were impacted by continued challenging auto performance, mainly in Ontario, British Columbia, and Alberta.

Economical Insurance Group Ltd. Announces Executive Changes, Effective from May 1, 2017

Economical Insurance Group Ltd. announced two significant additions to the executive team. Effective May 1, 2017, Fabian Richenberger will join as Executive Vice-President (EVP), Commercial Insurance, and Kelley Irwin will join as Senior Vice-President (SVP) and Chief Information Officer (CIO). Existing executive team members Tom Reikman and Alice Keung take on new roles as Chief Distribution Officer (CDO) and Chief Transformation Officer (CTO), respectively. Ms. Irwin brings extensive experience in technology for financial services, spending more than 25 years with companies such as Sun Life Financial, Symcor, and most recently TD Bank Group, as Vice President and CIO, Corporate Technology. Tom Reikman, previously SVP and Chief Operations Officer at Economical, will deepen his focus on leading broker distribution strategy across Canada as he takes on the role of Chief Distribution Officer. This reflects the company's strong commitment to continue growing its broker business.

Economical Insurance Group Ltd., Annual General Meeting, May 08, 2017

Economical Insurance Group Ltd., Annual General Meeting, May 08, 2017, at 10:30 Eastern Daylight. Location: Ballroom of the Bingemans Conference Centre 425 Bingemans Centre Drive in Kichener Toronto Ontario Canada Agenda: To consider financial statement; to appoint external auditor and to consider election of Directors.

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Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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