Economical Insurance encourages policyholders to check their eligibility during demutualization
WATERLOO, ON, June 29, 2020 /CNW/ - Economical Insurance has set out to reach more than 630,000 eligible policyholders across Canada to ensure participation in the company's demutualization process.
While the date of Economical's planned demutualization has yet to be determined, the company is making progress on its plans to convert from a mutual company to a publicly-traded share company. Policyholders who are eligible to participate but have not registered online are likely unaware of their potential financial benefits.
With a focus on connecting with as many eligible policyholders as possible, Economical is boosting awareness for this unique opportunity through targeted social media advertisements, stories, and content throughout the summer.
The campaign will encourage past and present policyholders of Economical Insurance to visit joininourfuture.com to determine whether they are eligible, and if so, to activate an online account and register for future demutualization updates. For customers who held a policy for the 12-month period ending on November 3, 2015, eligibility may apply for one-time financial benefits in the form of cash or shares once Economical becomes a publicly-traded company, owned by shareholders.
By using a geographically targeted social media campaign, Economical aims to reach tens of thousands of their policyholders in an efficient way that allows for broad visibility with a minimal environmental impact.
"We want to encourage our customers who have had either a personal or commercial insurance policy in the given timeframe to check their eligibility to receive financial benefits as part of our planned demutualization," said Rowan Saunders, President and CEO at Economical Insurance.
Economical is the first Canadian property and casualty insurance company to pursue demutualization under these regulations.
"At a time when many Canadians are under financial pressure, this campaign is timed to ensure as many eligible policyholders as possible are aware of their potential financial benefits," said David Bradfield, Vice-President, Marketing and Communication at Economical Insurance. "Encouraging more policyholders to register will also facilitate the process associated with our future Special Meeting, where more than 630,000 Canadians will have an opportunity to vote to approve our demutualization."
Am I eligible for financial benefits?
Current and former customers who held a policy for the 12-month period ending on November 3, 2015 may be eligible to receive such a financial benefit. Customers can confirm eligibility on joininourfuture.com. This simple confirmation process requires customers to input their policy number and postal code from 2015.
Once registered on joininourfuture.com, eligible policyholders will be able to participate in the demutualization process, including voting at the Special Meeting to approve demutualization through their account. A date for this upcoming meeting is yet to be set. Eligible policyholders who register will also be able to see a personalized estimate range of demutualization benefits.
Helping Canadian communities
Economical has previously announced that its demutualization will establish a new charitable foundation that will receive $100 million from the proceeds of a successful demutualization. The foundation's mission will be to honour Economical policyholders and employees, past and present, by working to have the greatest impact in Canadian communities.
Timeline for receiving financial benefits
Eligible customers can expect to receive financial benefits at the time of Economical's proposed initial public offering (IPO). Economical is continuously evaluating market conditions, company performance, and other relevant factors that may impact the timing and success of an IPO and, by extension, the remaining steps in the demutualization process.
For more information, visit joininourfuture.com. For assistance with specific questions and direct support with verifying eligibility for the financial benefit, call 1-866-302-6046.
About Economical Insurance
Economical Mutual Insurance Company ("Economical" or "Economical Insurance", which includes its subsidiaries or affiliates where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.6 billion in annualized gross written premiums and over $5.8 billion in assets as at March 31, 2020. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.
SOURCE Economical Insurance
Chloe Matcham, Specialist, Public and Media Relations, (C) 226.752.9674, [email protected]
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