Company Overview of Economical Insurance Group Ltd.
Economical Insurance Group Ltd. operates as a property and casualty insurance company in Canada. It offers personal insurance solutions, such as automobile, property, and liability insurance solutions; business insurance solutions for small and mid-size businesses, groups or associations, and commercial vehicles; farm insurance solutions, which include premier dairy, premier poultry, premier equine, and winery insurance solutions; and surety insurance solutions in the areas of contract and surety. It sells its insurance solutions through independent insurance brokers. Economical Insurance Group Ltd. was founded in 1871 and is based in Waterloo, Canada. The company has branches in Calgary, Ed...
111 Westmount Road South
P.O. Box 2000
Waterloo, ON N2J 4S4
Founded in 1871
Key Executives for Economical Insurance Group Ltd.
Chief Executive Officer, President and Director
Chief Financial Officer, Senior Vice-President and President of Economical Financial
Chief Operating Officer and Senior Vice-President
Chief Information Officer and Senior Vice-President
Senior Vice-President of Corporate Strategy
Compensation as of Fiscal Year 2014.
Economical Insurance Group Ltd. Key Developments
Economical Insurance Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 5 15
Economical Insurance announced consolidated earnings results for the first quarter ended March 31, 2015. The company's consolidated net income was $34.2 million for the first quarter of 2015 compared to $1.0 million during the same period a year ago. The improvement was driven by higher investment income stemming from increased capital gains and a one-time after-tax discounting recovery of $12.0 million from the reduction of the interest rate margin within claim liabilities. Gross written premiums was $422.1 million against $413.7 million a year ago. Net premiums earned was $469.4 million against $453.6 million a year ago.
Economical Insurance Appoints Dr. Micheál Kelly to Its Board of Directors
Apr 1 15
Economical Insurance announced the appointment of Dr. Micheál J. Kelly, Dean of the School of Business and Economics at Wilfrid Laurier University, to its board of directors. He fills a vacancy left by Charles Ormston who stepped down earlier this year from the Economical board after 20 years of service. Prior to joining Laurier in July 2012, Dr. Kelly was Professor of Strategy and International Business at the University of Ottawa'sTelfer School of Management. He was also Dean of the Telfer School from 2000-2010, and is a former chairman of the Six Countries Programme. He is a past president of the Canadian Federation of Business School Deans, and a past member of the board of directors of ESC Reims Management School in France. He is presently on the boards of Waterloo North Hydro, CATA Alliance, and the Greater Kitchener Waterloo Chamber of Commerce.
Economical Insurance Reports Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014
Feb 20 15
Economical Insurance reported consolidated financial results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported gross written premiums of $492.5 million compared to gross written premiums of $488.6 million for the same period a year ago. Net premiums earned was $468.0 million compared to $451.8 million last year. Investment income was $52.3 million compared to $40.4 million last year. Net income was $38.7 million compared to $31.3 million last year. Investment income for the quarter increased $11.9 million compared to last year. This increase was due primarily to increased levels of dividend income and higher recognized gains on the matched and non-matched portfolios.
For the year, the company reported gross written premiums of $1,963.0 million compared to gross written premiums of $1,919.2 million for the same period a year ago. Net premiums earned were $1,845.3 million compared to $1,769.2 million last year. Investment income was $164.2 million compared to $105.0 million last year. Net income was $84.2 million compared to $87.7 million last year. For the full year 2014, overall investment income increased by $59.2 million. This was primarily due to year-to-date recognized gains of $27.9 million on the matched bond portfolio, compared with a loss of $5.2 million in 2013. In addition there was an increase in recognized gains on the non-matched portfolio of $23.0 million and a $3.2 million overall increase in interest and dividend income.
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