AM Best affirms “A- (Excellent)” rating for Economical Insurance

WATERLOO, ON, November 15, 2019 — AM Best affirmed today the financial strength rating of A- (Excellent) and issuer credit rating of “a-” for Economical Mutual Insurance Company.  The outlook for these ratings remains stable.

“We are pleased that AM Best has once again affirmed its ratings and stable outlook for Economical, which demonstrates our continued financial strength,” said Philip Mather, executive vice president and chief financial officer of Economical Insurance. “Economical is committed to being a strong, stable and disciplined company as we pursue demutualization and prepare to become a publicly-traded company.”

In its rating announcement, AM Best acknowledged Economical’s strong capitalization and commitment to organizational and operational transformations through investments in its personal lines broker business and development of its digital direct brand Sonnet.

For more information about AM Best’s ratings, visit This is an external link.

About Economical Insurance

Economical Mutual Insurance Company (“Economical” or “Economical Insurance”, which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.5 billion in annualized gross written premiums and $5.9 billion in assets as at September 30, 2019. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers across the country.

SSQ Insurance continues with its digital healthcare strategy

SSQ Insurance partners with HALEO and MindBeacon Group in an effort to give its group insurance plan members access to digital cognitive behavioural therapy (CBT). These partnerships stem from the insurer’s desire to find innovative ways to satisfy the needs of its customers, namely through the deployment of a digital healthcare strategy. Through this modern, online approach, SSQ Insurance is hoping to help its customers with mental health management, specifically through the prevention and early detection of sleep- and stress-related problems as well as mood and anxiety disorders.

“Through our agreements with HALEO and MindBeacon, SSQ Insurance plan members will have access to the latest CBT advances and obtain therapy that is adapted to their specific situation, whether for sleep disorders, anxiety, or depression. By taking preventive action in a timely manner, we can ultimately help control group insurance plan costs,” said Éric Trudel, Senior Vice-President of Strategy and Product Management, SSQ Insurance.

HALEO and BEACON each offer innovative cognitive behavioural therapies delivered online by qualified healthcare professionals. HALEO’s CBT focuses on sleep disorders whereas BEACON’s focuses on mild to moderate symptoms of anxiety and depression. In both cases, the insured determines the pace and platform on which the therapy is applied, making CBT a simple and accessible option.

Through these partnerships, SSQ Insurance proposes a variety of content on stress- and sleep-habit management in order to raise awareness about these problems and learn to recognize them. For those who feel concerned, they can also take a test to evaluate whether or not the HALEO or BEACON approach is right for them.

About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With assets under management of $12 billion, SSQ Insurance is one of the largest companies in the industry. Working for a community of over three million customers, SSQ Insurance employs over 2,000 people. Leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector. For more information, please visit


HALEO is an online sleep clinic with a mission to make evidence-based solutions accessible for people experiencing insomnia or poor sleep.  We provide professional, clinically-proven treatment that takes half the time and at half the cost of traditional Cognitive Behavioural Therapy, all without having to set foot in a clinic or join a long waiting list.  Our team of specialized therapists uses live videoconferencing, chat and an array of therapeutic tools integrated into our mobile sleep clinic app to help clients from across Canada overcome their sleep problems. For more information, please visit

About MindBeacon Group
The MindBeacon Group is committed to providing evidence-based mental health therapy that is accessible whenever and wherever it is needed. With the goal of empowering individuals to live their best lives, MindBeacon Group brings ground-breaking innovation and current clinical best practice to the development and delivery of mental healthcare. Their clinical practice began with CBT Associates, a network of Greater Toronto Area-based clinics that provides in-person and virtual care to individuals across Ontario. In 2017, the BEACON™ digital platform was introduced as the first commercially-available clinician-guided iCBT service available across Canada.

SOURCE SSQ Insurance


Travel Insurance Myths You Need to Know

The excerpted article was written by ALLIANZ GLOBAL ASSISTANCE | MARSHA MOWERS

Despite the thousands of Canadians it helps every year, travel insurance is an acknowledged necessity, yet seemingly shrouded in myth.

TravelPulse Canada asked Dan Keon, VP Market Management for Allianz Global Assistance, about the myths in travel insurance and for some tips to help agents ensure their clients are making an informed choice.

Busted: “Insurance companies exist in order to help mitigate unforeseen and sudden events, with a view to making a client financially whole again,” says Keon. “Any insurance company’s reputation rests on its ability to make good on its promise to honour the premiums it receives.”

“Travellers are encouraged to carefully read their travel insurance policy to understand the benefits, exclusions and limitations, as travel insurance does not cover everything. When travellers have questions, their insurance advisor is the reliable source and trusted professional to provide clarification.”

Myth: Credit cards provide sufficient travel insurance coverage

Busted: “Many credit cards do not cover everything a client may require, such as coverage for specific types of emergencies or Trip Cancellation and Interruption coverage. Credit cards and homeowner’s policies may also provide limited coverage, carry stricter exclusions or include higher deductibles. Depending on the type of card the client carries, available benefits may also vary.”

“Travellers might not be aware of the variation between travel insurance options, which are not all created equally. It’s critical that travellers verify and fully understand the benefits they believe to be included on their credit card with their card issuer before departure, and speak to their insurance advisor to confirm they have appropriate coverage in place for their trip.”

Myth: It’s cheaper to buy travel insurance online

Busted: “According to a recent study by the Conference Board of Canada, a quarter of clients who purchase travel insurance through a broker do so online, whereas the majority opt to purchase in person or by phone. While clients may turn to online resources to research travel insurance offerings, the comparisons they make aren’t always apples to apples. Price can be one important factor for comparison, but the underlying benefits, coverages, exclusions and limitations may vary significantly.”

“The reality is that insurance advisors have direct access to a broad range of products and options on behalf of the traveller that provide comprehensive coverage at a reasonable price, and deliver the value a traveller expects. Working with a licensed insurance advisor to select a plan provides added confidence for travellers that they’ll have the right coverage in place if and when they need it most.”

Source: TravelPulse Canada

HUB International Names a Chief Sales Officer for Its Cannabis Insurance and Risk Services

Jay Virdi has been named Chief Sales Officer for HUB’s cannabis insurance and risk services in the U.S. and Canada.

PRESS RELEASE – HUB International (HUB) recently named Jay Virdi Chief Sales Officer for its cannabis insurance and risk services in the U.S. and Canada. Virdi most recently developed and managed the cannabis practice group for a North American specialty risks MGA. He has become a reputable leader in the advocacy for risk management and innovative insurance solutions in cannabis for clients, brokers and insurance providers.

As Chief Sales Officer, Virdi will focus on further developing and perpetuating deep expertise and resources across the U.S. and Canada, to provide medical and recreational cannabis producers, distributors and retailers proper protection and specialized solutions to reduce risks in all aspects of their operations.

Virdi has more than 15 years of experience in the insurance industry providing support for sales activities and operations, including the execution of strategic initiatives. He has experience advising on commercial lines insurance solutions and underwriting complex risks and commercial programs. Additionally, Virdi was a global sales consultant where he advised insurance carriers using big data analytics. His insightful recommendations resulted in the creation of innovative new products, identifying areas of opportunity for revenue generation and establishing meaningful key stakeholder engagement.

Virdi is a Chartered Insurance Professional (CIP) from the Insurance Institute of Canada. He holds an Honors Bachelors of Arts (Hon. BA) degree in Economics and Business Management from the University of Toronto and a Digital Certification in Communications, Culture and Information Technology (CCIT) from Sheridan College.

The insurance council was ordered to issue suspensions to reflect the severity of conduct by licensees

Read more

Coverage increases accompanied by competitive rates for wide variety of clients

Read more

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest