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CONFIDENCE IN OUR FUTURE

A message from Rowan Saunders, President & CEO
April 24, 2020

As we begin to fully understand what the full impact of the COVID-19 pandemic will be, it has become clear to me that our company has the right foundation and culture to emerge from the crisis confident in our capabilities. If there’s one thing our business has, it’s 148 years of growth and evolution through the ups and downs of change.

During the past few years, we have significantly strengthened our core business and invested in strategic initiatives to modernize our business to build a strong, resilient organization that is better able to adapt to the current crisis and position ourselves as best as possible for our upcoming initial public offering (IPO).

Normally I would introduce our annual report with a short video to showcase some highlights from our previous year’s results but given these extraordinary times we are pivoting many of our normal activities to ensure the safety of our employees, broker partners, and customers.  Similarly, for the first time in our history, Economical will host a virtual Annual Meeting of Members. This will allow our members to hear directly from our leadership about our financial results and plans for 2020, while maintaining physical distancing.

I encourage you to read our 2019 Annual Report and review the letters from John Bowey, Chair of our Board of Directors, and myself for context on our results and plans for 2020. You will find that we started this year with momentum and that we remain committed to the goals we have set, including continuing our path towards becoming a public company.

Rowan Saunders
President and CEO

Our priorities

2020 has begun with unprecedented challenges to our business and society. Throughout this historic period, our primary priority is the safety of our employees, broker partners, and customers. The coordinated efforts undertaken across the enterprise to adapt to remote work without disruption to our business has been the embodiment of our core values: We put the customer first. We bring our best. We’re stronger together.

Economical remains committed to building on our momentum towards becoming a public company; delivering on our strategic initiatives; and continuing to let our values guide our decisions.

2020 Priorities

  • Grow profitably scaling Sonnet and optimizing Vyne, and expanding our reach in commercial insurance
  • Operate effectively through innovation, productivity, and greater efficiency while offering compelling value for our customers across all our distribution channels

Our Board, our executive, and our employees are united in our commitment to work with our customers and our broker partners to find solutions as we all find ways forward during this unprecedented time.

2019 Accomplishments

  • Exceeded $2.5 billion in gross written premiums in 2019
  • Our digital direct business, Sonnet, continued to increase its scale as premiums surpassed $206 million
  • Improved underwriting results by $147 million versus the prior year
  • Welcomed new executive and Board members to further enhance our strong corporate governance
  • Successfully passed the second special meeting on demutualization

Economical’s 2019 Annual Report

Annual Report Highlights

Download a printable version of the 2019 Annual Report

Information Requests

For additional information, please contact our Communication team.