WATERLOO, ON, Oct. 24, 2016 /CNW/ - A.M. Best affirmed on October 21, 2016 the financial strength rating of A- (Excellent) and issuer credit ratings of a- for Economical Mutual Insurance Company and its wholly owned subsidiary, Waterloo Insurance Company. The outlook for all ratings is stable.
"This is the fourth consecutive year that A.M. Best has recognized our excellent financial strength and strong operating performance," said Karen Gavan, president and chief executive officer of Economical Insurance. "This rating reinforces the confidence of our customers and broker partners that we will be there when they need us most."
In its rating announcement, A.M. Best continues to acknowledge Economical's disciplined underwriting philosophy and pricing segmentation, solid risk-adjusted capitalization, historically positive operating performance, diversified product offerings, focused marketing and branding strategies, and established national market presence in Canada. A.M. Best also recognized that Economical has broadened its distribution with the introduction of Sonnet, its direct-to-consumer channel.
For more information about A.M. Best's ratings, visit www.ambest.com.
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 $5.4 billion in assets as at June 30, 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: Media Inquiries: Doug Maybee, Manager, Public and Media Relations, Economical Insurance, (T) 519.570.8249, (C) 519.404.0989, firstname.lastname@example.org; Stakeholder Relations Inquiries: Max Weis, Vice-President, Corporate Development, Economical Insurance, (T) 519.570.8291 (Waterloo), (T) 647.260.3679 (Toronto), email@example.com