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.
SOURCE: Economical Insurance
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