October 25, 2014 6:16 AM ET

Insurance

Company Overview of Economical Insurance Group Ltd.

Company Overview

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

Canada

Founded in 1871

Phone:

519-570-8200

Fax:

519-570-8389

Key Executives for Economical Insurance Group Ltd.

Chief Executive Officer
Chief Financial Officer
Chief Operating Officer and Senior Vice-President
Chief Information Officer and Senior Vice-President
Chief Legal Officer
Compensation as of Fiscal Year 2014.

Economical Insurance Group Ltd. Key Developments

Economical Insurance Announces Board Changes

Economical Insurance announced the appointment of Dan Fortin, immediate past president of IBM Canada Ltd., to its board of directors. He fills a vacancy left by Dr. A. Scott Carson who stepped down earlier this year from the Economical board after 14 years of service to focus on his academic and administrative responsibilities at Queen's University. Dan retired as president of IBM Canada in July. With more than 35 years of experience, he led IBM staff working with businesses across Canada.

Economical Insurance Announces Opening of New National Processing Centre at its Riverbend Facility in Kitchener

Economical Insurance announced the opening of its new national processing centre at the company's Riverbend facility in Kitchener, ON. Hiring for the new centre began in March to fill more than 140 new jobs, demonstrating Economical's commitment to the Waterloo region. This national processing centre is a key pillar of its new operating model, which is making its underwriting operations more automated, consistent and agile. Effective Aug. 11, 2014, the company is managing all personal and small commercial business through this centre. Under its new operating model, Economical will continue to have local presence across the country.

Economical Insurance Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Economical Insurance reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the three months, the company reported gross written premiums were $555.5 million against $539.8 million a year ago. Net income was $43.6 million against $15.8 million a year ago. For the six months, gross written premiums were $969.3 million against $940.1 million a year ago. Net income was $44.6 million compared to $42.7 million for the first half of 2013.

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