Ongoing commitment to business transformation and productivity enhancements
WATERLOO, ON, Nov. 7, 2013 /CNW/ - Economical Insurance today announced that it is making changes to its Ontario region structure by closing its Hamilton, Ontario branch. Underwriting operations managed out of the Hamilton office will transition to other Economical locations in southwestern Ontario while several claims, commercial insurance and business development staff were offered the opportunity to work from home or at other Economical locations.
This office closure is in addition to the Moncton, New Brunswick closure that was announced November 4, 2013.
"These location changes are important to our ability to streamline our operations and processes, which are essential to improved service for our broker partners and customers," said Jorge Arruda, senior vice-president, sales, distribution and underwriting operations.
As a result of the Hamilton office closure, 29 positions were eliminated. Employees whose positions have been removed will be supported with fair severance packages and career transition services as they move forward in their careers.
"We are grateful for the work and commitment from our colleagues in Hamilton 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.
When combining the actions taken today in Hamilton and earlier in the week in Moncton, the total financial impact to the company is estimated to not be material. Economical will include the costs associated with these actions in its fourth quarter financial results, and 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 $1.9 billion in annual premium volume and $5.0 billion in assets as at September 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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