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Economical Insurance® Profile

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Founded in 1871, Economical Insurance® is one of Canada’s leading property and casualty insurers, providing security and support for our customers and broker partners from coast to coast. Economical services the insurance needs of more than one million customers across the country.
Economical Insurance quotes are available on InsuranceHotline.com for auto and property insurance through a network of licensed insurance brokers who subscribe to our service.

About Economical Insurance

Economical Insurance® offers a wide range of personal, commercial, farm and surety products supported by a solid history, financial stability and fast, efficient service on every claim.
Economical’s success story began in what was once the small community of Berlin (now Kitchener), Ontario, when a group of concerned citizens banded together to help their neighbours during times of hardship and disaster. Over the years, the company and the insurance industry have experienced incredible growth and change. Through it all we have remained committed to our original promise of “neighbour helping neighbour” and remained proudly Canadian.

In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. 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.

Economical Insurance is a Canadian insurance company founded in 1871. They provide coverage for casualties and property. Economical provides people with commercial properties, farms and personal insurance.

This Canadian insurance company was first opened in what was known then as Berlin, Ontario and is now known as Kitchener, Ontario. It began with a group of people living in a Berlin neighborhood who decided that they needed to form a group to help each other out when disasters occured and the neighborhood was enduring hardship. Many of the hardships people dealt with when this company was founded in 1871 included fire and lightning damaging the houses of neighborhood residents. The first insurance policy by Economical was issued to a family who’s farm and house sustained damage due to a fire. This policy was issued on November 25, 1871 and Economical Insurance has been helping the people of Ontario ever since then.

In 1937 the Economical Insurance company bought the Western General Mutual Insurance Company, which was established in 1905 in Woodstock, an area of Ontario. When Economical Insurance purchased Western General they expanded to Quebec. Beginning in 1947, this insurance company began offer insurance to cover accidents, illnesses and car insurance. By this time, they were expanding their market to include the Maritime industry. In 1956, Economical Insurance expanded again by purchasing The Missisquoi and Rouville Insurance Company, based in Quebec. In 1968, Economical also purchased The Perth Mutual of Stratford and converted it from an insurance company to a stock company.

Not content to remain stagnant, Economical Insurance decided to continue its expansion by purchasing the Waterloo County Mutual Fire Insurance Company in 1980. To make business less complicated, Economical merged its policies with the policies of The Perth Mutual of Stratford in 1983 and did the same thing with the Waterloo County Mutual Fire Insurance company as well. This merging of policies was executed in 1987.

In 1996, Economical made the decision to, once again, make the Waterloo Insurance Company a provider of group insurance. A year later, Economical and Western General completed a merge that resulted in its becoming the farm division of the group. A year after that they chose to have the Perth Insurance Company become a provider of special risk insurance. Continuing their expansion, Economical bought assest related to insurance from the Family Group of Companies of British Columbia.

In 2000, Economical expanded once again by purchasing Federation Insurance. A year later they purchased the Hartford Insurance Company of Canada and changed its name to Langdon Insurance. Three years later, Economical merged with Langdon Insurance as a way to make broker partners and policyholder operations easier. In 2006, the United State’s first subsidiary, The Mattea Companies, merged with Economical.

In December 2010, the Economical’s board members decided to have the company engage in demutualization. This allowed them to gain better access to capital markets all over Canada. The purpose of this was to be able to compete with P&C companies that were not mutual companies.

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Economical Insurance quotes are available on InsuranceHotline.com for auto and property insurance through a network of licensed insurance brokers who subscribe to our service.