Twenty-two staff are now looking for jobs, following Economical Insurance’s announcement that it is closing its Moncton branch as part of its East Coast streamlining efforts.
According to company officials, the move is aimed at improving productivity and efficiency.
“Although our physical presence has changed,” says Jorge Arruda, senior vice-president of sales, distribution and underwriting operations, “our business development presence continues in Moncton and we remain fully committed to the broker distribution channel.”
Underwriting operations managed out of the Moncton office will transition to Economical's Nova Scotia location in Halifax. Some claims and business development employees who reported to the Moncton location will be transitioning to home offices.
According to a statement released by Economical, those affected will be supported in this transition “with fair severance packages and career transition services as they seek new career opportunities.”
The company will continue to report on the financial impact of the business transformation program, including restructuring expenses, in its quarterly earnings releases. (continued.)
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“We are grateful for the work and commitment from our colleagues in Moncton impacted by the reduced positions,” says Dean Bulloch, senior vice-president and chief human resources officer, “and wish them success as they continue in their careers.”
Economical Insurance is one of the leading property and casualty insurers in Canada, with more than $1.8 billion in annual premium volume and $4.8 billion in assets as of June 30 of this year. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize.
