WATERLOO, ON, April 9, 2014 /CNW/ - Economical Insurance announced today that A.M. Best has reaffirmed 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.
"We are pleased with A.M. Best's continued recognition of our excellent financial strength and strong operating performance," said Karen Gavan, Economical's president and chief executive officer of Economical Insurance. "This will further reinforce 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 the company's focused marketing and branding strategies, disciplined underwriting philosophy and pricing segmentation, solid risk-adjusted capitalization, historically positive operating performance, diversified product offerings and established Canadian market presence nationally.
For more information about A.M. Best's ratings, visit ambest.com.
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $1.9 billion in annual premium volume and $5.1 billion in assets as at December 31, 2013. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to pursue demutualization. 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
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