Waterloo, Ont.-based P&C insurer The Economical Insurance Group announced Tuesday that David Wilson and Richard Freeborough have joined Economical’s board of directors.
Wilson is the past chairman of the Ontario Securities Commission, and Freeborough is chairman of the International Order of Foresters and the board of governors of the University of Guelph.
“David and Richard are valuable additions to the board of The Economical Insurance Group as we prepare to be the first Canadian property and casualty insurance company to demutualize,” said Chairman Gerry Hooper, in release.
Economical, with $1.7 billion in premiums and $4.6 billion in assets, announced its decision to demutualize back in 2010.
Wilson, OSC chairman from 2005 to 2010, brings to Economical a wealth of capital markets experience after a 35-year career in Canada’s securities industry. As vice chairman of Bank of Nova Scotia and chair and CEO of Scotia Capital, he was responsible for Scotiabank’s global wholesale activities, including its corporate, institutional and government relationships on a global basis. Economical will draw on his depth and expertise through membership on the board’s Investment and Risk Review Committees, as well as the Special Committee responsible for guiding the demutualization process.
Freeborough brings more than a decade of board leadership since retiring as deputy chair of KPMG LLP in 1999, after 39 years of financial services practice. Economical will leverage his experience through membership on Economical’s Audit and Corporate Governance and Conduct Review Committees.
“In the coming months we hope to receive the regulatory framework for demutualization from the Department of Finance,” added Hooper. “Upon demutualizing, we will have access to capital to grow and make strategic investments in tools and processes that will improve our productivity and the level of support we provide our broker partners who help generate our business.”