Economical Insurance announces new board appointments
Names John Bowey as board vice-chair; welcomes Barbara Fraser as 10th director
WATERLOO, ON, Dec. 2, 2013 /CNW/ - Economical Insurance, one of Canada's leading property and casualty insurers, today announced two appointments for the board of directors of Economical Insurance. John Bowey, a member of the board since 2011, has been appointed as board vice-chair and Barbara Fraser has joined the board, bringing the total number of directors to 10.
"John Bowey's appointment strengthens our board's resilience as part of our ongoing succession planning and renewal process, and positions us well for the eventual transition of board chair responsibilities," said board chair Gerald Hooper. "Since 2011, John has ably led the board's Special Committee on Demutualization that has worked diligently with our advisors to advocate for a workable demutualization framework. We remain committed to demutualizing within such a framework, which is a critical strategy to sustaining Economical's success and growth over the long term."
Barbara Fraser brings to Economical's board of directors extensive C-suite executive experience within the financial services industry with American Express and Citibank, as well as a broad range of board experience. "We look forward to benefiting from Barbara's innovative thinking and collaborative leadership in marketing, branding and corporate strategy to help Economical sustain profitable growth and build competitive advantage," said Hooper.
Since her retirement in 2007 from the global senior management team at American Express, Fraser has served on the boards of a broad range of for-profit and non-profit organizations. She currently sits on the board of directors of Ivey Business School, Gerber Life Insurance Company (a division of Nestlé) and MD Life Insurance Company.
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $1.9 billion in annual premium volume and $5.0 billion in assets as at September 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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