WATERLOO, ON, May 10, 2012 /CNW/ - The Economical Insurance Group today announced that its 140th Annual General Meeting (AGM) will be held at 10:30 a.m., Friday, June 15, 2012, in the Bingemans Ballroom at 425 Bingemans Centre Drive, Kitchener, Ontario. The company's 2012 management proxy circular has been mailed to mutual policyholders, along with its annual report for 2011.
Attendance at this AGM is by invitation only.
During this AGM, mutual policyholders will hear from management and vote on essential matters, such as receipt of the financial statements for the year ended December 31, 2011, the appointment of the external auditor, and the election of directors.
This AGM will also mark the official launch of Economical's refreshed brand. The refresh includes a new logo, tagline, a new website and a closer alignment of our member company brands under the Economical banner. Among the brand name changes, the marketing name The Economical Insurance Group will become Economical Insurance®. However, the company's legal name - Economical Mutual Insurance Company - is not changing at this time. More detailed information on the refreshed brand will be released on June 15.
As previously reported, Economical is waiting for regulations from the federal Department of Finance that are required in order to proceed with the company's previously announced demutualization process. Once these regulations have been passed into law, the company will prepare a detailed demutualization proposal and submit it for regulatory approval. Once regulatory approval has been received, the company would then be in a position to submit the proposal for mutual policyholder approval at a special meeting called for that purpose. Accordingly, there will not be a vote by mutual policyholders on a demutualization proposal at the June 15 AGM.
About The Economical Insurance Group
Founded in 1871, The Economical Insurance Group is one of Canada's largest 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 19 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 development of regulations and regulatory approval.
The Economical Insurance Group's member companies include: Economical Mutual Insurance Company® (including Western General® Farm Division), Waterloo Insurance Company®, Perth Insurance Company®, The Missisquoi Insurance Company®, Federation Insurance Company of Canada™, Family Insurance Solutions and The Mattei Companies.
For further information:
The Economical Insurance Group