WATERLOO, ON, Oct. 15, 2012 /CNW/ - Economical Insurance today announced the completion of the sale of the principal operating assets of Seattle-based Mattei Insurance Services, Inc.to Alteris Insurance Services, Inc. of Boston, Mass.
"This transaction is fully aligned with our current strategy to focus our attention on our successful core Canadian operations as well as our ongoing preparations for demutualization," said Philip Mather, Economical's CFO and vice-chair of Family Insurance Solutions Inc., Mattei's parent company. The terms of the sale are not being disclosed.
"I want to thank the team at Mattei for their contributions to the seamless transition of operations from Mattei to Alteris," said Harry Kloosterhuis, CEO of Family Insurance Solutions and interim CEO of Mattei. "As part of the transition process, we will continue to provide support to Alteris for a brief period."
Alteris Inc. is a subsidiary of Argo Group International Holdings, Ltd., providing exclusive custom-designed risk solutions, insurance programs and products to brokers and carriers for targeted industries and business segments. This acquisition adds complementary products and services to Alteris' current suite of programs and extends the company's geographic footprint on the American west coast.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $1.7 billion in premiums and $4.6 billion in assets. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers through 17 branches and service offices across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical is currently reviewing strategic options and will submit a comprehensive demutualization proposal for mutual policyholder approval after the federal government's completion of demutualization regulations.
Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Federation Insurance and Economical Financial.
SOURCE: Economical Insurance
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