Policyholder Proposals Submitted to Replace Board of Economical Mutual Insurance Company

TORONTO, Jan. 4 /CNW/ - VC & Co. Advisory Limited confirmed today that policyholder proposals were submitted to Economical Mutual Insurance Company of Waterloo, Ontario on December 30, 2010 that call for the replacement of Economical's current board of directors.

"The policyholder proposals give Economical's mutual policyholders the opportunity to elect a new board that will properly safeguard the interests of Economical and its employees, brokers and other stakeholders and ensure that mutual policyholders receive fair value for their mutual policies on a timely basis," said Michael D. Woollcombe, Executive Vice-President of VC & Co. Advisory Limited.

"We are committed to giving mutual policyholders a choice concerning the board's leadership of Economical. We are also committed to transparency and fair treatment concerning the value of Economical's mutual policies and the process to realize that value. A new, qualified and independent board will ensure Economical proceeds in a manner that best serves the interests of the company, the mutual policyholders and other stakeholders."

The policyholder proposals, which have been signed by more than 100 mutual policyholders, will be the subject of a vote at the next meeting of Economical's mutual policyholders, currently scheduled for May 26, 2011. Prior to that meeting, a detailed information circular will be distributed outlining the reasons that change is required and the names and relevant experience of the alternative board candidates. 

SOURCE VC

For further information:

Michael D. Woollcombe
Executive Vice-President, VC & Co. Advisory Limited
416-947-1700
mwoollcombe@voorco.com
 
Media contact:
Alan Bayless
Client Partner, Longview Communications Inc.
604-694-6035
abayless@longviewcomms.ca

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