Our Past, Present, and Future

At the third and final special meeting on demutualization, to be held virtually on May 20, 2021, Economical policyholders will vote on a special resolution to demutualize. If the resolution is passed, Economical can apply to the federal Minister of Finance for the final regulatory approval to demutualize and proceed with the next steps towards becoming a public company. Visit joininourfuture.com for more information about demutualization and to find out how to vote.

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.

At the second special meeting on demutualization, 99% of voting mutual policyholders approved an amendment to the by-laws of Economical to allow non-mutual policyholders to vote on the Company’s conversion plan and authorize the Company to apply to the Minister of Finance for authorization to demutualize.

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.

Petline launched the brand Peppermint, a pet insurance solution designed to help budget-conscious pet owners protect their pets. With Peppermint, customers can choose from four different plans with customized coverage levels for accidents and illness, as well as special coverage for alternative therapy, behavioural therapy, and medical devices.

Economical purchased Western Financial Insurance Company and changed its legal name to Petline Insurance Company. Petline provides Canadian pet owners with comprehensive coverage for dogs and cats under the Petsecure and Peppermint brands.

Economical activated a multi-channel distribution strategy with the launch of our direct business, Sonnet Insurance Company. Sonnet is the digital direct brand of Economical.

At a special meeting in Kitchener, Ontario, mutual policyholders overwhelmingly voted in favour of commencing negotiations with non-mutual policyholders on the allocation of demutualization benefits through court-appointed policyholder committees, surpassing the required two-thirds majority (of those voting) required for a successful vote.

The Economical Board of Directors passed a formal resolution to proceed with demutualization — the process to convert the company from a mutual to a stock company with shareholders.

Economical aligns its values to reflect our unified approach to providing best-in-class service to our customers: We focus on customers first. We bring our best. We’re stronger together.

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™.

The Economical Board of Directors announced its intention to pursue demutualization, in order to provide Economical with greatly enhanced access to capital markets to fund growth and to compete more successfully against non-mutual P&C companies operating in Canada.

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.

Economical purchased the insurance-related assets of the Family Group of Companies of British Columbia, known as Family Insurance Solutions.

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

To more accurately reflect our brand and its group of member companies, we introduced The Economical Insurance Group (commonly referred to as TEIG) as our primary brand name. Our legal company name, The Economical Mutual Insurance Co., did not change.

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.