Ongoing commitment to business transformation and productivity
WATERLOO, ON, Nov. 4, 2013 /CNW/ - Economical Insurance today announced that it is making changes to its physical presence in
the Atlantic region by closing its Moncton, New Brunswick branch. As
part of Economical's business transformation, the company is
streamlining operations and processes across the company to improve
productivity and efficiency.
Underwriting operations managed out of the Moncton office will
transition to Economical's Halifax, Nova Scotia location. Some claims
and business development employees who reported to the Moncton location
will be transitioning to home offices.
"Although our physical presence has changed, our business development
presence continues in Moncton and we remain fully committed to the
broker distribution channel," said Jorge Arruda, senior vice-president,
sales, distribution and underwriting operations.
The actions announced today will also result in the reduction of 22
positions in Moncton. Impacted staff will be supported in this
transition with fair severance packages and career transition services
as they seek new career opportunities.
"We are grateful for the work and commitment from our colleagues in
Moncton 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.
The company 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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