WATERLOO, ON, Nov. 14, 2018 /CNW/ - A.M. Best affirmed today the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of "a-" for Economical Mutual Insurance Company. The outlook for these ratings remains stable.
"We are pleased that Economical has achieved these A.M. Best ratings, which recognize our overall financial strength," said Rowan Saunders, president and chief executive officer of Economical Insurance. "Significant investments in innovation and operational efficiency are building the foundation for strong, long-term performance as we pursue demutualization and aim to convert from a mutual company to a publicly-traded company."
In its rating announcement, A.M. Best acknowledged Economical's strong capitalization, and commitment to improving and transforming its operations through systems upgrades, brand consolidations and development of its digital direct brand Sonnet.
For more information about A.M. Best's ratings, visit www.ambest.com.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with more than $2.3 billion in annualized premium volume and approximately $5.7 billion in assets as at September 30, 2018. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country.
SOURCE Economical Insurance
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