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 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.
Charles Ormston Retires from Economical Insurance's Board of Directors
Feb 6 15
Economical Insurance announced that Charles M.W. Ormston has retired from the board.
Economical Insurance Group Appoints Chris Van Kooten as Senior Vice-President, Personal Insurance, Analytics and Pricing and as Chief Underwriting Officer
Nov 7 14
Economical Insurance Group announced the appointment of Chris Van Kooten as senior vice-president, personal insurance, analytics and pricing and chief underwriting officer. Reporting to Ms. Gavan, his expanded mandate now includes accountability as the business lead for the implementation of the new policy administration system, PolicyCenter from Guidewire Software Inc. He retains the responsibility of continuing to increase the level of sophistication in Economical's pricing and analytics. As a member of Economical's executive team since October 2008, Chris has held various executive roles with accountability for corporate actuarial, pricing, analytics and personal insurance. In his most recent role, he has been the driving force behind creating closer alignment between critical business functions resulting in profitable growth through effective product and pricing strategies.
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