Ongoing commitment to business transformation and productivity enhancements
WATERLOO, ON, Nov. 4, 2013 /CNW/ - Economical Insurance today announced that it is making changes to its physical presence in the Atlantic region by closing its Moncton, New Brunswick branch. As part of Economical's business transformation, the company is streamlining operations and processes across the company to improve productivity and efficiency.
Underwriting operations managed out of the Moncton office will transition to Economical's Halifax, Nova Scotia location. Some claims and business development employees who reported to the Moncton location will be transitioning to home offices.
"Although our physical presence has changed, our business development presence continues in Moncton and we remain fully committed to the broker distribution channel," said Jorge Arruda, senior vice-president, sales, distribution and underwriting operations.
The actions announced today will also result in the reduction of 22 positions in Moncton. Impacted staff will be supported in this transition with fair severance packages and career transition services as they seek new career opportunities.
"We are grateful for the work and commitment from our colleagues in Moncton impacted by the reduced positions and wish them success as they continue in their careers," said Dean Bulloch, senior vice-president and chief human resources officer.
The company will continue to report on the financial impact of the business transformation program, including restructuring expenses, in its quarterly earnings releases.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with more than $1.8 billion in annual premium volume and $4.8 billion in assets as of June 30, 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 demutualize. 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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