Phase

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 for approval to demutualize. After receiving letters patent of conversion from the Minister, Economical will begin the initial public offering process.


Read a more detailed summary of the four phase process.


Learn about Demutualization

The Conversion Plan

The conversion plan is the detailed document that outlines how Economical will transition from a mutual company to a widely-held company with common shares.

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Learn about Demutualization

The Conversion Plan

The conversion plan is the detailed document that outlines how Economical will transition from a mutual company to a widely-held company with common shares. Available as Appendix "A" of the 2019 Special Meeting of Eligible Mutual Policyholders Information Circular, the conversion plan details the creation of a new corporate structure for the company, outlines the immediate effects of our demutualization, and provides a valuation of the company that was done in the spring of 2018.

The circular also provides detailed information on the allocation of financial benefits as negotiated by the policyholder committees, including the rationale used to guide the negotiations.

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Building for the Future

Building towards IPO

In a rapidly changing industry, where technology and consumer expectation continually change and evolve, Economical’s vision is an ambitious one — to be one of Canada’s top P&C insurers, recognized for our business innovation and how well we take care of our customers. We have set our sights high and have been making significant moves to ensure we have the right infrastructure, leadership, and capabilities in place to succeed.

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Building for the Future

Building towards IPO

In a rapidly changing industry, where technology and consumer expectation continually change and evolve, Economical’s vision is an ambitious one — to be one of Canada’s top P&C insurers, recognized for our business innovation and how well we take care of our customers. We have set our sights high and have been making significant moves to ensure we have the right infrastructure, leadership, and capabilities in place to succeed.

In recent years, Economical has focused on strengthening our business, while advancing innovative strategies to enable significant competitive advantages. While there is no one action that will ensure success, when taken together, these actions provide the roadmap for strong performance to make Economical an industry leader with a long and bright future.

As we work to complete the remaining steps of the regulatory requirements for demutualization, there are three key areas we are focusing on to ensure a successful IPO:

  1. Improving our financial performance through our business transformation initiatives
  2. Closely monitoring capital market performance to help determine the optimal time for our transaction
  3. Satisfying a separate set of regulatory requirements with securities regulators and a stock exchange

We are moving quickly and diligently to generate profitability and building momentum for our future as a successful public company. Given the experience of our executive and our Board, the dedication of our employees, and the support of our valued broker partners, it is a future that our policyholders and our future shareholders can depend on.

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Received a letter from us? Log in to set up your demutualization account.

Log In to Your Demutualization Account

Earlier in this process, eligible policyholders were sent a letter from us with login details for their personalized demutualization account. This account gives eligible policyholders access to their own details about demutualization Log in and set up your account.

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Received a letter from us? Log in to set up your demutualization account.

Received a letter from us? Log in to set up your demutualization account.

Earlier in this process, eligible policyholders were sent a letter from us with login details for their personalized demutualization account. This self-serve account allows eligible policyholders to

  • track their status as an eligible policyholder
  • view policy details that relate to demutualization to ensure we have the right information
  • update contact information for demutualization
  • receive demutualization materials electronically
  • sign up for demutualization updates
  • see voting information and the benefits they may receive (to come later)

Log in and set up your account.

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