Economical Insurance moves forward with business transformation

Continuing focus on productivity

WATERLOO, ON, May 29, 2013 /CNW/ - Economical Insurance today announced further changes as a part of its business transformation program. The company is continuing its measures to streamline operations to improve productivity and enhance its service to brokers and customers.

"Since embarking on our business transformation in 2012, we have seen real progress toward our goal of improving productivity and service delivery through adoption of industry-leading processes," said Karen Gavan, president and CEO of Economical. "This progress has positioned us to continue with business transformation and has identified further opportunities for efficiency and productivity gains."

The actions announced today will result in the reduction of 143 positions across all offices of the company. The organizational restructuring of Information Technology (IT) is now complete. Business and process analysis is ongoing.

"This has been a difficult decision and we are committed to helping the impacted employees with this transition with fair severance packages and support through our outplacement partner (including career transition services and effective job search strategies) as they seek new employment opportunities. We are appreciative of the contributions they have made to the company and wish them well as they move forward," Ms. Gavan said.

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 premiums and more than $4.7 billion in assets. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers through 17 branches and service offices 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

For further information:

Doug Maybee 
Economical Insurance 
(T) 519.570.8249 
(C) 519.404.0989


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