Founded in 1871, Economical Insurance is one of the largest property and casualty ("P&C") insurance companies in Canada, providing security and support to customers and broker partners from coast to coast. Economical's more than 2,600 employees are committed to providing quality home, automobile and commercial insurance products to over one million policyholders across Canada.
Canadian owned and operated, Economical provides a wide range of personal and commercial insurance products to customers in all provinces and territories across Canada. Unlike many insurance companies operating in Canada, Economical is not a subsidiary of a foreign-owned company. Economical's head office is located in Waterloo, Ontario, with 17 branches and member companies across the continent providing service to policyholders and brokers. In Canada, Economical partners with approximately 900 independent insurance brokers who work with customers to assess their insurance needs and choose the right products and coverage.
The financial stability of Economical is demonstrated by assets of over $4.6 billion and mutual policyholders' equity of $1.3 billion reflecting the combined strength of its member companies. Economical is committed to providing its broker partners and policyholders with the products and services that today's market demands. Economical Insurance is comprised of:
In 2010, Economical made history by announcing its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical is currently reviewing strategic options and will submit a comprehensive demutualization proposal for regulatory and mutual policyholder approval following the federal government's completion of demutualization regulations. The mutual insurance company structure has served the company well, providing stability and the ability to maintain a long-term perspective. However, the structure restricts the company's access to capital to fund growth in a highly competitive and consolidating industry. We believe that a successful and timely demutualization will help us overcome this restriction.