Economical continues along its path to convert from a mutual company into a stock company.
This notice via our Blog/Website is to provide you information directly from Economical for you to be properly informed on a process that only Economical has the ability to inform you as to where their process currently stands and whether you are eligible for any benefits that may result from demutualization.
As a Broker, we are not privy to the information that is specific to your potential benefits if you were a policy holder on November 3, 2015.
Are you an eligible Economical policyholder?
If you had an Economical policy on November 3, 2015, you may be eligible to vote in the process and receive cash or shares. The negotiated allocation, as determined by Economical does not require an eligible policyholder to continue holding a policy to receive benefits. The allocation as drafted will treat the person as eligible, even if they now cancel or lapse their policy or otherwise are removed as a named insured from their policy.
Eligibility depends on holding policies of Economical Mutual Insurance Company (including those sold by Family Insurance Solutions and Western General). Policies issued by Perth Insurance, Waterloo Insurance (Economical Select), Federation Insurance, or Missisquoi Insurance (Economical in Quebec) are not eligible.