WATERLOO, ON, Nov. 13, 2015 /CNW/ - Economical Insurance today announced that the first special meeting of eligible mutual policyholders will be held on December 14, 2015, in the Bingemans Ballroom, 425 Bingemans Centre Drive, Kitchener, Ontario. Registration will begin at 12:30 p.m., and the formal meeting will start at 2 p.m. EST. Attendance at this meeting is by invitation only.
At the meeting, eligible mutual policyholders will consider and vote on a special resolution to authorize the start of negotiations of the allocation of demutualization benefits with eligible non-mutual policyholders. If the resolution is passed, it will allow Economical to continue in the demutualization process.
"This special meeting of mutual policyholders is a very important next step in our Economical demutualization process," said John Bowey, chair of the Economical special committee. "The demutualization framework is the result of many years of public consultation and is designed to treat policyholders fairly and equitably. Eligible policyholders will be empowered through court-appointed committees to negotiate the allocation of benefits, and will have the right to vote on the conversion proposal that ultimately emerges from the subsequent regulatory process."
Economical encourages all stakeholders to stay informed on demutualization and to visit www.joininourfuture.com for policyholder updates. This website will be updated regularly and provides information about the latest news and access to demutualization-related resources.
Forward looking statements
Certain statements in this press release regarding our current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements.
Forward-looking statements are based on estimates and assumptions made by management based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Many factors could cause Economical's actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: Economical's ability to implement its strategy or operate its business as management currently expects; unfavourable capital market developments or other factors; government regulations; litigation and regulatory actions; periodic negative publicity regarding the insurance industry; intense competition; success and timing of the demutualization process; the outcome of a demutualization transaction; and general economic, financial and political conditions.
All of the forward-looking statements included in this press release are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could impact Economical, however, these factors should be considered carefully, and readers should not place undue reliance on forward-looking statements we make. We are under no obligation and have no intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $2.0 billion in annual premium volume and $5.3 billion in assets as at Sept 30, 2015. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. 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
For further information: For media inquiries, contact: Doug Maybee, Economical Insurance, (T) 519.570.8249, (C) 519.404.0989, [email protected]; For general policyholder inquiries, contact : 1-866-302-6046 (toll free) or 1-514-982-8708 (local/international), [email protected]