WATERLOO, ON, July 27, 2016 /CNW/ - The Board of Directors of Economical Insurance today announced that it has named Rowan Saunders as President and CEO effective November 1, 2016. This follows the announcement on February 19, 2016, that current President and CEO, Karen Gavan, will retire from the company and the board this year.
"Economical is at an exciting moment in its history with strong plans in place to accelerate our growth and enhance our competitiveness in the market," said John Bowey, Board Chair of Economical. "We are extremely pleased to have attracted a leader with Rowan's track record of success to advance our goals."
Having served as President and CEO of RSA Canada since 2003, Mr. Saunders will further the vision of Economical to be one of Canada's top P&C insurance companies and advance the company's strategic initiatives, including:
- Canada's first P&C demutualization (http://joininourfuture.com)
- Becoming a publicly-traded company with access to new sources of capital to make strategic investments that will drive growth and increase our market share
- Continuing to invest heavily in the company's partnership with broker partners across Canada
- Expanding its digital direct channel (http://sonnet.ca) to service a segment of Canadians that prefer to self-manage their home and auto insurance online
- Potential future acquisitions
"I am very pleased to join Economical at such a critical moment in its evolution. There are so many exciting things underway and I am honoured to have the opportunity to join a high-performing leadership team to build on the success they've achieved during the last few years," said Rowan Saunders. "Economical is on an ambitious journey to unlock its full potential and emerge as a national leader. I look forward to working with the team, driving the strategy, and taking this great company to the next level."
Ms. Gavan will remain as President and CEO until Mr. Saunders assumes office.
In her five years at the helm of Economical, Karen Gavan successfully led the company through a period of transformational change. Under her leadership, the company established a bold vision and strategy for profitable growth and long-term success. It grew significantly while transforming its operating platform, positioning itself as a strong competitor in the Canadian P&C industry.
About Economical Insurance
Founded in 1871, Economical is one of Canada's leading property and casualty insurers, with $2.0 billion in premiums during 2015 and $5.3 billion in assets as at March 31, 2016. 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, 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, (C) 519-404-0989; David Bradfield, Vice President, Communication, Economical Insurance, (C) 647-223-5192