June 18, 2018 2:10 AM 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: 53
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 2017.

Economical Insurance Group Ltd. Key Developments

Economical Insurance Group Ltd. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2018

Economical Insurance Group Ltd. announced consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported gross written premiums of $470.8 million against $488.6 million a year ago. Net earned premiums were $549.7 million against $521.3 million a year ago. Investment income was $44.1 million against $57.8 million a year ago. Net loss was $1.2 million against income of $5.3 million a year ago. The company reported gross written premiums for the first quarter of 2018 declined by $17.8 million or 3.7% over the same quarter a year ago. Commercial lines premiums declined by $34.5 million or 19.7%. Personal lines premiums grew by $16.7 million or 5.3%, driven primarily by new business growth from digital direct distribution channel, Sonnet, and increased personal property policy volumes in broker channel. Underwriting activity for the first quarter of 2018 produced an underwriting loss of $54.6 million, resulting in a combined ratio of 109.9%, compared to an underwriting loss of $37.8 million and a combined ratio of 107.2% in the same quarter a year ago. Net income declined by $6.5 million over the same quarter a year ago, due to higher underwriting losses, lower investment income, and reflective of restructuring expenses. Economical's capital position remains well in excess of both minimum internal capital and external regulatory requirements as of March 31, 2018, with total equity of approximately $1.7 billion, and a Minimum Capital Test ratio of 240%.

Economical Insurance Group Ltd., Annual General Meeting, May 07, 2018

Economical Insurance Group Ltd., Annual General Meeting, May 07, 2018, at 10:30 US Eastern Standard Time. Location: Ballroom of the Bingemans Conference Centre, 425 Bingemans Centre Drive Kitchener Ontario Canada Agenda: To consider the appointment of the external auditor; and to consider the election of directors.

Economical Insurance Group Ltd. Announces Consolidated Earnings Results for the Three Months and Full Year Ended December 31, 2017

Economical Insurance Group Ltd. announced consolidated earnings results for the three months and full year ended December 31, 2017. For the quarter, the company reported gross written premium of $541.4 million as compared to $521.8 million for the same period last year. Net earned premiums $555.9 million as compared to $499.6 million for the same period last year. Net loss was $28 million as compared to $38.3 million for the same period last year. Total investment income was $54.2 million against $1.0 million a year ago. For the year, the company reported gross written premium of $2,286.9 million as compared to $2,084.1 million for the same period last year. Net earned premiums was $2,165.8 million as compared to $1,955.6 million for the same period last year. Net loss was $92.7 million as compared to $20.3 million for the same period last year. Total investment income was $139.1 million against $135.4 million a year ago.

Similar Private Companies By Industry

Company Name Region
A.P. Reid Insurance Limited Americas
ABC Benefits Corporation Americas
ac&d Insurance Services Ltd. Americas
Actra Fraternal Benefit Society Americas
Acumen Insurance Group Inc. Americas

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
\
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
The Advertising Council, Inc. United States
Tax Management Inc United States
John F. Kennedy Center For The Performing Arts United States
NYC2012, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Economical Insurance Group Ltd., please visit www.economicalinsurance.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.