August 28, 2014 12:22 PM ET

Insurance

Company Overview of Economical Insurance Group Ltd.

Company Overview

Economical Insurance Group Ltd. provides property and casualty insurance in Canada. It offers personal insurance, such as personal automobile, personal property, and personal liability; commercial insurance, including small businesses, mid-size businesses, groups and associations, and commercial automobile insurance; and farm insurance, which include farm policy, executive farm package, horse mortality coverage, and greenhouse coverage. The company also provides surety insurance, which include contract surety bonds and commercial surety bonds; and drivers and homeowners insurance. It offers its products through independent insurance brokers. The company was founded in 1871 and is based in Wa...

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 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.

Economical Insurance Appoints Max Weis as Vice-President, Corporate Development

Economical Insurance announced the appointment Max Weis as Vice-President, Corporate Development. He will report to Philip Mather. Mr. Weis joins Economical from RBC Capital Markets.

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