Board decision
The Economical Board of Directors initiates the demutualization process on November 3, 2015.
First special meeting
Eligible mutual policyholders voted in favour to negotiate with eligible non-mutual policyholders on allocation of benefits on December 14, 2015.
Policyholder committees
On June 26, 2018, Economical announced it had submitted its conversion plan, a detailed document that outlines how the company will demutualize, to its principle regulator. The conversion plan includes the allocation of financial benefits negotiated by the policyholder committees.
Second special meeting
On March 20, 2019, eligible mutual policyholders overwhelmingly supported a change to the company by-laws to allow eligible non-mutual policyholders to vote at a third and final special meeting. This milestone moves Economical further towards its vision of being a top P&C insurance company in Canada.
Third special meeting
The conversion plan is sent to all eligible policyholders, who vote together to approve it at the third special meeting. If this vote passes, Economical can then apply to the Minister of Finance to demutualize.
If this vote passes, Economical will then apply to the Minister of Finance for approval to demutualize. After receiving letters patent of conversion from the Minister, Economical will begin the initial public offering process.