WATERLOO, ON, June 26, 2018 —Economical Insurance today announced that the company’s demutualization conversion plan,  a detailed document that outlines how Economical intends to convert from a mutual company to a widely-held company with common shares, has been submitted by Economical to its principal regulator, the Office of the Superintendent of Financial Institutions (OSFI).

The conversion plan contains the agreed-upon method of allocating financial benefits resulting from demutualization, opinions from actuarial and financial experts, and the detailed legal particulars to effect demutualization.

As Economical previously announced, the agreement on allocating financial benefits was reached by court-appointed committees representing eligible mutual policyholders and eligible non-mutual policyholders, supported by their counsel and inputs from a group of experts at top consulting, financial, and actuarial firms. The original deadline for submitting the conversion plan was extended by OSFI earlier this year to allow more time to complete the plan and the professional opinions that are required to accompany the submission.

“The conversion plan is a key piece of our demutualization, and its submission to our principal regulator meets an important deadline and maintains our momentum on the path to becoming a public company,” said John Bowey, Board Chair of Economical. “We are gratified by the effort, creativity, and commitment that has gone into achieving this significant milestone. Now, we remain focused on the considerable work ahead that will be required to complete the demutualization process and a successful initial public offering.”