WATERLOO, ON, Dec. 14, 2017 /CNW/ - A.M. Best affirmed on December 12, 2017 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 both ratings is stable.
"We are pleased to achieve these A.M. Best ratings for the fifth consecutive year, which recognizes our overall financial strength," said Rowan Saunders, president and chief executive officer of Economical Insurance. "They come at a time when we are making significant strategic investments and operational improvements to strengthen our company's long-term performance."
In its rating announcement, A.M. Best continued to acknowledge Economical's strong risk-adjusted capitalization, favourable underwriting leverage and liquidity, historically positive operating performance, diversified product offerings, operational improvement initiatives, and established national market presence in Canada. A.M. Best also recognized that Economical has broadened its distribution capabilities with the introduction of Sonnet.
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 more than $2.2 billion in annualized premiums and more than $5.6 billion in assets as at September 30, 2017. Based in Waterloo, ON, 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, Petsecure, Economical Financial, and Family Insurance Solutions.
SOURCE Economical Insurance
For further information: David Bradfield, Vice-President, Communication, Economical Insurance, (C) 416-520-4224, [email protected]; Stakeholder Relations Inquiries: Max Weis, Vice-President, Corporate Development, Economical Insurance, (T) 519.570.8291 (Waterloo), (T) 647.260.3679 (Toronto), [email protected]