Insurance Industry News and Information
Economical Insurance Completes Acquisition Of Canada's Largest Pet Insurer
Western Financial Insurance Company renamed Petline Insurance Company
Waterloo, ON (Jan. 5, 2017) – Economical Mutual Insurance Company, one of Canada's leading property and casualty insurance companies, has announced the completion of its previously-announced acquisition of Western Financial Insurance Company (WFIC) and its flagship brand Petsecure from Desjardins Group.
Concurrent with the acquisition, WFIC changed its legal name to Petline Insurance Company (Petline). The brand name Petsecure remains the same.
Bringing the market leader in the growing Canadian pet insurance industry into the Economical family of companies is consistent with the strategy of Economical and its focus on profitable growth, both organic and by acquisition. With net written premiums exceeding $50 million in 2015, Petline provides Canadian pet owners with comprehensive, veterinarian-recommended coverage for dogs and cats.
Petline will remain headquartered in Winnipeg, ensuring consistency of service in maintaining its industry-leading products, sales force, customer experience and relationships with veterinarians, shelters and breeders.
"This transaction is a step in our growth plan, which includes increasing scale and diversification through acquisitions," said Rowan Saunders, President and CEO of Economical Insurance.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $2.0 billion in premiums during 2015 and $5.3 billion in assets as at December 31, 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, and Economical Financial.
Petline – formerly known as Western Financial Insurance Company – is Canada's largest pet insurance provider, offering innovative pet insurance to Canadians for 25 years. Its core brand, Petsecure, offers comprehensive pet insurance coverage options to pet owners in Canada.
SOURCE: Economical Insurance
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