Waterloo, Ontario-based Economical Insurance is moving to a simpler legal entity structure as it continues its journey to become a public company.
Currently, Assurance Economical in Quebec is underwritten by The Missisquoi Insurance Co.; Economical Select group car and home insurance is underwritten by Waterloo Insurance Co.; and Perth special risk insurance is underwritten by Perth Insurance Co.
Going forward, Assurance Economical, Economical Select, Perth and Western General will be underwritten by a single legal entity – Economical Mutual Insurance Co.
“We’re streamlining our legal entities for improved efficiency and better alignment with our distribution channels,” said Tom Reikman, chief distribution officer at Economical. “A simpler structure lets us focus on customers first and deliver the most value to our broker partners.”
The operational and regulatory steps to process this change are now under way and will be effective sometime in 2018.
Source: Economical Insurance
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