WATERLOO, ON, Jan. 4, 2016 /CNW/ – Economical Mutual Insurance Company announced that, effective January 4, 2016, John Bowey is the new chair of the board of directors following the decision by Gerry Hooper, board chair since March 2005, to step down. Mr. Hooper’s decision triggered the board chair succession plan. Mr. Hooper intends to continue serving on the board until the expiry of his current term in 2018.
In conjunction with this succession, David Wilson has been appointed chair of the board’s special committee on demutualization, a position Mr. Bowey held since July 2011. Mr. Bowey will continue to serve as a member of the special committee.
During Mr. Hooper’s 16-year tenure on the board of Economical, the company’s total equity has nearly tripled, from $632 million in 1999 to $1.72 billion at September 30, 2015.
“It was a privilege to have served as board chair these past 11 years,” said Mr. Hooper. “Having achieved pivotal milestones in the demutualization process, I felt the time was right to step back and hand over the reins to John’s capable hands.”
John Bowey, former chairman of Deloitte Canada, was appointed board vice-chair in December 2013 as part of the company’s board succession plan.
David Wilson has brought a wealth of experience in capital markets since joining the board in February 2012 and to his service on the board’s special committee on demutualization.
“We are fortunate to have benefitted from Gerry’s wisdom and leadership through a pivotal chapter in Economical’s history,” said John Bowey. “Economical has never been stronger and we are now poised to proceed with Canada’s first property and casualty demutualization as we pursue our vision to be one of Canada’s top P&C insurers.”
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with approximately $2.0 billion in annualized premium volume and $5.3 billion in assets as at September 30, 2015. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. 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
For further information: Doug Maybee, Economical Insurance (http://www.economicalinsurance.com/), (T) 519.570.8249, (C) 519.404.0989, firstname.lastname@example.org