Seasoned executive brings 25 years of experience in enterprise risk
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
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.
SOURCE: Economical Insurance
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