Economical appoints Edward Berko as chief risk officer
Seasoned executive brings 25 years of experience in enterprise risk management
WATERLOO, ON, Oct. 24, 2013 /CNW/ - Karen Gavan, president and chief executive officer of Economical Insurance, is pleased to announce the appointment of Edward Berko as chief risk officer (CRO). Mr. Berko has more than 25 years of experience in the field of enterprise risk management.
In the role of CRO, he reports directly to the president and chief executive officer and is a key member of the executive committee and chairs the management risk committee (MRC).
As CRO, he is accountable for developing and maintaining comprehensive processes for identifying, assessing, measuring, monitoring, reporting and, where appropriate, reducing pertinent risks that could interfere with the company's objectives and goals. He works closely with line management, actuarial, finance, legal, reinsurance and investments and deals with other key corporate governance and control functions, including internal audit, fraud, compliance, corporate investigations and information security.
Prior to joining Economical, Mr. Berko served as the chief risk officer and executive vice-president at Protective Life Insurance Company and Protective Life Corporation. He served as managing director and chief risk officer for the investments department at MetLife. He has also served in a variety of positions as a senior executive at a number of financial services, management consulting and technology companies in the delivery of risk management systems and solutions.
Mr. Berko holds a bachelor of science degree and completed his MBA in finance through The Wharton School of Business at The University of Pennsylvania.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with more than $1.8 billion in annual premium volume and $4.8 billion in assets as of June 30, 2013. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.
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