Economical Insurance Celebrates its 150 Year Legacy

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WATERLOO, ON, Nov. 25, 2021 /CNW/ – Today, Economical Insurance is celebrating its 150th anniversary. Economical is proud to have built an incredible legacy supporting customers when they need it most, and is one of Canada’s leading property and casualty (P&C) insurers.

The success story began in Kitchener, Ontario, when a group of concerned community members banded together to help local farmers after a series of barn fires. Economical Mutual Fire Insurance Company of Berlin issued its first policy on a house and barn on November 25, 1871 – and today sells auto and property insurance for personal and business needs across the country.

As Economical has grown to serve people from coast to coast, the value of neighbours helping neighbours has remained at the company’s core. This is continuously exemplified behind the scenes and in the field as Economical employees and valued broker partners make a huge difference within the company and in communities they serve.

“Today marks a milestone that reminds us why we’re in business and how customers rely on us, especially when the unexpected happens,” says Tom Reikman, SVP and Chief Distribution Officer at Economical Insurance. “Our company has withstood world wars, recessions, the Great Depression, and global pandemics, all of which are a testament to the longevity and success of Economical. From our humble beginnings in the Kitchener-Waterloo region, to our current reach across the country and on the Internet, we take great pride in the journey and achievements Economical has made to date and look forward to helping our clients for years to come.”

To help commemorate the 150th anniversary, the company facilitated several celebratory initiatives that have been taking place throughout the year:

  • Economical invited University of Waterloo Fine Arts students and recent graduates of the program to submit an original visual art piece which will be enjoyed by the company for years to come
    • The visual art piece winner, Baz Kanold, is currently finishing their undergraduate degree in Fine Arts at the University of Waterloo. They are a mixed media artist, but specialize in painting, pencil and conté on paper, and digital art
    • Prints of Baz’s artwork have been distributed to employees to commemorate the anniversary
  • Economical worked with a historian, Dr. Ulrich Frisse, to explore the rich history of the company
    • Frisse is an international corporate lawyer and historian in Germany and Canada. He has taught modern history at Wilfrid Laurier University and the University of Western Ontario for eight years and was engaged to research the company’s archives. In spring 2022, his research will be published in a commemorative book.

Since 1871, Economical Insurance has remained committed to meeting the changing needs of Canadians to protect the things that matter most to them. Economical Insurance wants to extend sincere thanks to customer, brokers, the Kitchener-Waterloo community, and Canadians for allowing the company to reach this incredible anniversary.

Fast Facts:

  • Baz Kanold was awarded $7500 for their work
  • Dr. Frisse’s first language is German, he was able to read and provide insight into the German artifacts from the early history of the company dating back to when Kitchener was known as Berlin
  • Economical Insurance has a broker base of more than 27,000 individual brokers
  • In 2018, Economical launched Vyne™, an innovative platform designed to help brokers simplify their workflow, provide faster service, and issue a policy in minutes.

About Economical Insurance

Economical Insurance is a leading property and casualty insurer offering insurance through licensed insurance brokers, with a long history of serving Canadians since its first policy was issued in 1871. Economical Insurance is part of Definity Financial Corporation, which offers personal and commercial insurance through Economical Insurance, Sonnet Insurance Company, Petline Insurance Company, and Family Insurance Solutions Inc.

Economical Mutual Fire Insurance Company of Berlin issued its first policy on a house and barn on November 25, 1871 (CNW Group/Economical Insurance)

Economical is proud to have built an incredible 150 year legacy supporting customers when they need it most, and is one of Canada's leading P&C insurers (CNW Group/Economical Insurance)

SOURCE Economical Insurance

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