Economical Insurance celebrates 150 years of activity


Economical Insurance celebrates its 150th anniversary with a glimpse into its historic past.

Originally known as the Economical Mutual Fire Insurance Company, the insurer was founded on November 25, 1871 by members of the community of Kitchener, Ont., To help local farmers following a series of fires in barn. Today, the company is one of the leading property and casualty insurance companies in Canada, serving clients across the country through its network of more than 27,000 individual brokers.

“Today marks an important milestone that reminds us why we are in business and how customers rely on us, especially when the unexpected happens,” said Tom Reikman, executive vice president and chief distribution officer of Economical Insurance, in a statement released yesterday.

“Our company has weathered world wars, recessions, the Great Depression and global pandemics, all of which are a testament to the longevity and success of Economical,” added the Executive Vice President. “From our humble beginnings in the Kitchener-Waterloo area, to our current reach across the country and on the Internet, we are very proud of Economical’s journey and accomplishments to date and we look forward to helping our clients to coming years.

To commemorate its 150 years of activity, Assurance Economical has launched two initiatives.

The firm reached out to fine arts students and graduates of the University of Waterloo to submit an original piece of visual art celebrating the insurer’s successes. The winner was Baz Kanold, a mixed media artist who is currently completing his undergraduate studies. Kanold received $ 7,500 for his artwork, and prints of the art were distributed to Economical employees as commemorative coins.

The other initiative is a bit more introspective: Economical is working with historian Dr Ulrich Frisse to explore the history of the company. An international business lawyer and historian in Germany and Canada, Dr. Frisse also taught modern history at Wilfrid Laurier University and the University of Western Ontario for eight years. He will research Economical’s archives and publish his findings in a commemorative book, which will launch in the spring of 2022.


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