Company Overview of Economical Insurance Group Ltd.
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
Founded in 1871
Key Executives for Economical Insurance Group Ltd.
Chief Executive Officer, President, Director and Member of Investment Committee
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
Chief Marketing Officer and Senior Vice President
Compensation as of Fiscal Year 2016.
Economical Insurance Group Ltd. Key Developments
Economical Insurance Announces the Resignation of Chris Van Kooten as Senior Vice-President and Chief Underwriting Officer, Effective August 26, 2016
Aug 18 16
Economical Insurance announced that Chris Van Kooten, Senior Vice-president and Chief Underwriting Officer at Economical, will be leaving to pursue other endeavours. Mr. Van Kooten's last day at Economical will be August 26, 2016.
Economical Insurance Announces Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2016
Aug 5 16
Economical Insurance announced consolidated financial results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net earned premiums of $480.7 million against $473.6 million a year ago. Underwriting loss was $21.6 million against income of $19.6 million a year ago. Investment income was $50.5 million against $21.4 million a year ago. Net income was $17.1 million against $33.8 million a year ago.
For the six months, the company reported net earned premiums of $962.1 million against $943.0 million a year ago. Underwriting loss was $27 million against $7.2 million a year ago. Investment income was $93.1 million against $111.8 million a year ago. Net income was $45.6 million against $67.9 million a year ago.
Economical Insurance Names Rowan Saunders as President and CEO, Effective November 1, 2016
Jul 27 16
The Board of Directors of Economical Insurance announced that it has named Rowan Saunders as President and CEO effective November 1, 2016. This follows the announcement on February 19, 2016, that current President and CEO, Karen Gavan, will retire from the company and the board in 2016. Having served as President and CEO of RSA Canada since 2003, Mr. Saunders will further the vision of Economical to be one of Canada's top P&C insurance companies and advance the company's strategic initiatives. Ms. Gavan will remain as President and CEO until Mr. Saunders assumes office.
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