Economical announces changes to its Board of Directors

Welcomes Jay Forbes to the board; bids farewell to David Wilson on his retirement

WATERLOO, ON, Aug. 4, 2017 /CNW/ - Economical Insurance today announced David Wilson's retirement from its Board of Directors and the appointment effective September 1, 2017, of Jay Forbes to the Board.

"It is with mixed emotion that we say farewell to David Wilson after five years of dedicated service to Economical," said John Bowey, Board Chair. "During his tenure with us, David consistently provided valuable counsel as a board member and in particular served as a highly capable chair of the special committee responsible for guiding our demutualization process. On behalf of Economical and the Board of Directors, I want to express our deep appreciation to David and wish him the best in his future endeavours."

"We are pleased to welcome Jay Forbes to the Board.  We look forward to benefiting from Jay's extensive leadership experience with private and public companies in multiple industries, and his contributions to our continued focus on sustaining profitable growth and operating effectively," Bowey said.

Over the course of the last 15 years, Mr. Forbes has served as the chief executive of four companies in the technology and telecommunications sector  and developed a solid reputation for delivering exceptional results in terms of financial performance, customer focus and shareholder value. Most recently, he was the President and CEO of Manitoba Telecom Services Inc., where he played a central role in planning and successfully completing the sale of the company to BCE earlier this year. Prior to that, he was President and CEO of Teranet Inc., President of Ingram Micro EMEA, and President and CEO of Aliant Inc.

Economical also announced that in connection with these transitions, John Bowey has been appointed chair of the special committee on demutualization, replacing Mr. Wilson in that role.

About Economical Insurance
Founded in 1871, Economical is one of Canada's leading property and casualty insurers, with more than $2.2 billion in annualized premium volume and more than $5.5 billion in assets as at June 30, 2017. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions.

SOURCE Economical Insurance

For further information: Doug Maybee, Manager, Public and Media Relations, Economical Insurance, (T) 519.570.8249, doug.maybee@economical.com; David Bradfield, VP, Communication, Economical Insurance, (T) 800.265.9996 ext.54137, david.bradfield@economical.com

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