Economical appoints Alice Keung as chief information officer

"Our new look is very distinct and will help to further differentiate our brand in the marketplace," said Economical's President and CEO Karen Gavan

WATERLOO, ON – Karen Gavan, president and chief executive officer of Economical Insurance, today announced the appointment of Alice Keung as senior vice-president and chief information officer (CIO). Ms. Keung joined Economical on November 17, 2015 as interim CIO and has been instrumental in leading the company’s IT organization since that time.

Twice named to the Top 100 Most Powerful Women in Canada, Ms. Keung has more than 25 years of experience directing large-scale project implementations and negotiating with external business partners.

“I am delighted to have Alice on our senior executive team,” said Gavan. “She is highly skilled at leading major business technology transformations and building high performance teams. I value her leadership as we implement our new policy administration system, leverage leading-edge technology and drive innovation in our business model.”

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, contact:
Doug Maybee
Economical Insurance
(T)519.570.8249
(C)519.404.0989
doug.maybee@economical.com

Economical appoints Elaine Lajeunesse as chief risk officer

Karen Gavan, president and chief executive officer of Economical Insurance, is pleased to announce the appointment of Elaine Lajeunesse as senior vice-president and chief risk officer (CRO) effective January 25, 2016. Ms. Lajeunesse has more than 25 years of experience as a risk management professional and actuary in the Canadian insurance industry.

As CRO, Ms. Lajeunesse will report directly to Economical’s president and chief executive officer and serve on the executive committee. She will chair the management risk committee and provide day-to-day leadership to the enterprise risk management function, assuming accountability for developing and directing comprehensive processes for identifying, monitoring, and reducing risks that could impede the achievement of Economical’s objectives and goals.

Ms. Lajeunesse brings to her new role a deep understanding of insurance operations. Prior to joining Economical, Elaine was vice-president and chief risk officer, insurance, at BMO Financial Group. She also held executive leadership roles in actuarial services at Markel Insurance Company of Canada and at XL Reinsurance.

She earned a bachelor of actuarial science from Laval University, and holds a Certified Financial Analyst designation. She is also a Fellow of the Canadian Institute of Actuaries and a Fellow of the Casualty Actuarial Society.

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

Insurance Brokers Association of Ontario Elects New President

The Insurance Brokers Association of Ontario (IBAO) is proud to announce that Mr. Michael Brattman has been elected as IBAO’s 72nd President. Michael was officially inducted at the recent IBAO Convention held at the Ottawa Convention Centre in Ottawa, ON, and formally assumed his role as President on January 1, 2015.

Michael is a partner and Vice President of Personal Insurance at Erb and Erb Insurance Brokers Ltd. in Kitchener-Waterloo and has over 25 years of experience in the insurance industry on both the company and brokerage side.

In addition to IBAO, Michael is also involved with a number of other industry associations and committees including the Insurance Brokers Association of Canada (IBAC) and the Facility Association. He has both his RIBO and life licences as well as a Chartered Insurance Professional (CIP) designation – obtaining the second highest marks in Canada when he completed this designation. He holds his Honours BA from Huron University College at the University of Western Ontario.

“It is a privilege to serve as President of this Provincial association,” says Michael Brattman. “IBAO is working hard to address important issues like insurance fraud, auto benefits, telematics and severe weather. More than ever, clients should work with a professional broker who will help them understand how these issues impact them. I am proud to represent our 12,000+ members and their clients, when collaborating with the Provincial and Federal Government as well as insurance companies, in finding solutions to industry issues.”

As President of IBAO, Michael’s duties will include implementing strategies for the national insurance broker brand and working with politicians, particularly on the subjects of insurance fraud and how to meet the future challenges of the insurance industry.

“It is an honour to welcome Michael as our new President,” said IBAO Chairman Chris Floyd. “His wealth of knowledge of the industry is remarkable and his thoughtful insight has brought immeasurable value and perspective to the Board of Directors. Michael is focused, dedicated and inquisitive. We look forward to the exciting year ahead with Michael at the helm of our association.”

Berkshire Hathaway Specialty Insurance Introduces Professional First™ Miscellaneous Professional Liability Insurance in Canada

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Economical implements planned board chair succession

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.

Gary Hooper

“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.

John Bowey - Economical Insurance

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.

David Wilson - Economical Insurance

“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, doug.maybee@economical.com

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