Our Past, Present, and Future

Economical celebrated 150 years of helping Canadians from coast to coast to coast in times of need. This milestone was marked by internal celebrations, $150,000 in donations to youth and education, and more than 150 Economical employees volunteering with the Canadian Red Cross Missing Maps project.

Definity Financial Corporation, the parent company of Economical Insurance, Sonnet Insurance, Petline Insurance Company, and Family Insurance Solutions Inc, became a public company. Visit definityfinancial.com to learn more.

Economical made its first donation to the Canadian Red Cross in 2013, in response to catastrophic flooding in Alberta. Since then, Economical has continued to partner with the Canadian Red Cross to support disaster relief and emergency preparedness initiatives across the country. In 2017, Economical committed $450,000 to the Red Cross national disaster management program, and in 2019, Economical surpassed $1 million in donations to the Red Cross. Through its continued support of the Red Cross, Economical contributes to helping an average of more than 300 Canadians per day.

Economical launched Vyne™, an innovative platform designed to help brokers simplify their workflow, provide faster service, and issue a policy in minutes. Vyne also includes clear risk and coverage options, reliable rates, flexible payment options, and easily understandable policy wording for customers.

The Economical Board of Directors resolved to proceed with demutualization — the process to convert the company from a mutual to a stock company with shareholders. At a special meeting, mutual policyholders overwhelmingly voted in favour of commencing negotiations with non-mutual policyholders on the allocation of demutualization benefits through court-appointed policyholder committees.

At the 140^th annual meeting, Economical launched its refreshed brand with an uncomplicated logo and a new tagline: good to know™. Member company brands were also brought under the Economical banner. While the company's legal name — Economical Mutual Insurance Company — did not change, The Economical Insurance Group® became Economical Insurance®. Waterloo Insurance became Economical Select™. The Missisquoi Insurance Company in Montreal became Economical Insurance®. Westmount Financial became Economical Financial™.

Langdon Insurance amalgamated with Economical Mutual Insurance Company, simplifying operations for policyholders and broker partners.

Economical purchased the commercial portfolio of the Hartford Insurance Company of Canada, written through Langdon Insurance Company.

Our Riverbend office, located in Kitchener, opened to accommodate Head Office expansion.

Federation Insurance (established in 1947) was purchased by Economical.

Western General (established in 1905) amalgamated with Economical and became our farm division.

Our Head Office is relocated to its current location on Westmount Road in Waterloo.

Economical purchased Waterloo County Mutual Fire Insurance Company (established in 1863). Waterloo Insurance (branded as Economical Select in 2012) provides group insurance as a wholly owned subsidiary of Economical.

The Perth Mutual of Stratford (established in 1863) was purchased by Economical. Perth currently operates as a wholly owned subsidiary of Economical, providing non-standard personal auto and property coverage.

With the purchase of The Missisquoi and Rouville Insurance Company of Quebec (established in 1834), Economical expanded its business while preserving the sovereignty of the oldest operating Canadian-owned insurer.

Economical purchased the Canadian operation of Northwestern Mutual Fire Insurance Association, expanding into the Maritimes. In addition to property and contents insurance, we began to offer automobile, accident, and illness insurance.

Economical purchased Merchant's Casualty Company of Waterloo, expanding the company into Quebec.

As Economical grew, the need for more office space was apparent. From our humble beginnings in a single room, the company expanded twice within the region into larger spaces that could accommodate more employees. Our name was officially changed to The Economical Mutual Insurance Company, recognizing our growing reach beyond the region.