Rating enhances our overall value proposition and provides opportunities for increased profitable growth
WATERLOO, ON, June 21, 2013 /CNW/ - Economical Insurance received its inaugural financial strength rating from independent rating agency A.M. Best today. This rating of A- (Excellent) provides a further reinforcement of the company's excellent financial strength and significantly improved financial performance. Waterloo Insurance Company also received an A- (Excellent) rating. The outlook for both ratings is stable.
"I am pleased to be able to announce this important achievement," said Karen Gavan , Economical's president and chief executive officer. "This globally-recognized rating independently underscores Economical's significant financial strength. This rating will reinforce our broker partners' confidence in recommending Economical to their customers which will contribute further opportunities for profitable growth."
In its rating announcement, A.M. Best acknowledged the company's focused marketing and branding strategies, disciplined underwriting philosophy and pricing segmentation, solid risk-adjusted capitalization, historically positive operating performance, diversified product offerings and established Canadian market presence nationally.
The rating provides the company with increased opportunities for quoting in situations where an A.M. Best rating is a minimum requirement. Economical Insurance pursued the rating as part of its targeted profitable growth strategy in commercial insurance accounts and in Economical Select, its personal insurance group offering.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with more than C$1.8 billion in premiums and more than C$4.7 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 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