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Economical simplifies its business with changes to legal entities

Tuesday, June 27th, 2017

Economical simplifies its business with changes to legal entities – ILSTV.com

As Economical Insurance continues its journey to become a public company, it is migrating to a simpler legal entity structure while continuing to offer a wide range of products and excellent service to broker partners and customers.

Currently, Assurance Economical in Quebec is underwritten by The Missisquoi Insurance Company; Economical Select group car and home insurance is underwritten by Waterloo Insurance Company; and Perth special risk insurance is underwritten by Perth Insurance Company.

Going forward, Assurance Economical, Economical Select, Perth, and Western General will be underwritten by a single legal entity — Economical Mutual Insurance Company.

“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.