Economical Mutual Insurance Company today 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. Hooper's decision triggered the board chair succession plan, although he intends to continue serving on the board until his term ends in 2018.
In conjunction with this succession, David Wilson has been appointed chair of the board’s special committee on demutualization, a position Bowey has held since July 2011. Bowey will continue to serve as a member of the special committee.
The collective move comes less than a month after
Economical Insurance policyholders voted for demutualization, effectively setting a precedent all but certain to be followed by its competitors.
“Our board and management teams are focused on taking the steps needed to enhance our competitiveness and improve access to capital,” said Bowey at the time. “The work ahead to demutualize the company is significant, but the opportunity to build for growth is equally important.”
The vote came at a special meeting in Kitchener, Ont., with an overwhelming number of mutual policyholders casting ballots in favour of starting negotiations with non-mutual policyholders.
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.
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.
For further information, contact:
Doug Maybee
Economical Insurance
(T) 519.570.8249
(C) 519.404.0989
[email protected]
