Ongoing commitment to business transformation and productivity
WATERLOO, ON, Nov. 7, 2013 /CNW/ - Economical Insurance today announced that it is making changes to its Ontario region
structure by closing its Hamilton, Ontario branch. Underwriting
operations managed out of the Hamilton office will transition to other
Economical locations in southwestern Ontario while several claims,
commercial insurance and business development staff were offered the
opportunity to work from home or at other Economical locations.
This office closure is in addition to the Moncton, New Brunswick closure
that was announced November 4, 2013.
"These location changes are important to our ability to streamline our
operations and processes, which are essential to improved service for
our broker partners and customers," said Jorge Arruda, senior
vice-president, sales, distribution and underwriting operations.
As a result of the Hamilton office closure, 29 positions were
eliminated. Employees whose positions have been removed will be
supported with fair severance packages and career transition services
as they move forward in their careers.
"We are grateful for the work and commitment from our colleagues in
Hamilton impacted by the reduced positions and wish them success as
they continue in their careers," said Dean Bulloch, senior
vice-president and chief human resources officer.
When combining the actions taken today in Hamilton and earlier in the
week in Moncton, the total financial impact to the company is estimated
to not be material. Economical will include the costs associated with
these actions in its fourth quarter financial results, and will
continue to report on the financial impact of the business
transformation program, including restructuring expenses, in its
quarterly earnings releases.
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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