The board of directors of
Economical Insurance has announced that Karen Gavan will be retiring as president and CEO when her contract ends on December 31, 2016. The board will be conducting a process to select her successor.
Gavan joined the board of directors in 2008 and assumed her current role in 2011. She also served as chair of the special committee on demutualization and led the company through a transitional period as its CEO. Throughout her tenure at the helm, total equity has grown by more than C$500m, and the company surpassed C$2bn in gross written premiums. She also spearheaded a business transformation program that brought down operating expenses to competitive levels.
“On behalf of the board, I'd like to thank Karen for the enormous contribution she has made to the company. We look forward to her continued passion and energy over the balance of the year." said John Bowey, chairman of the board.
