Georgeson has been engaged by Economical Mutual Insurance Company (Economical) to implement an ASSET REUNIFICATION® program to help locate eligible policyholders of Economical with unclaimed demutualization benefits.
What does this mean?
Economical is providing this ASSET REUNIFICATION program to help ensure that all eligible policyholders of Economical receive their cash entitlements from demutualization. The ASSET REUNIFICATION program is further described on the Economical corporate website: www.economical.com/en/about-us/demutualization.
Lost Eligible Policyholders
On November 23, 2021, Economical, now known as Definity Insurance Company, completed its demutualization and converted from a mutual company into a company with common shares. Pursuant to the Demutualization you may be an eligible policyholder, or a representative of one, due an unclaimed and outstanding cash payment from Economical.
Eligibility to receive benefits depended on holding policies of Economical (including those sold by Family Insurance Solutions and Western General) at least from November 4, 2014 to December 14, 2015.
There are two types of eligible policyholders: eligible mutual policyholders and eligible non-mutual policyholders.
- An eligible mutual policyholder is a person who held an Economical mutual policy until December 14, 2015. All of these policies have policy numbers starting with “25” and have been held at least since 2010.
- An eligible non-mutual policyholder is a person who held an Economical non-mutual policy at least from November 4, 2014 to December 14, 2015. It must be the same policy for the whole period, subject to certain special circumstances as described in the Conversion Plan (PDF)
What are demutualization benefits?
Demutualization benefits are financial benefits that were distributed to eligible policyholders after the demutualization of Economical. Cash benefits came from selling the shares of Definity Financial Corporation to investors in its IPO and concurrent private placements. Nothing was paid from the company’s assets or insurance premiums, and there is no impact on our provision of insurance.
The Conversion Plan (PDF), which was approved by eligible policyholders at a special meeting in May 2021 and by the Minister of Finance in November 2021, detailed the methodology to distribute the benefits to eligible policyholders.
Unclaimed Cash Payments from Economical
You may be the owner, or a representative of the owner, due an unclaimed demutualization benefit and outstanding cash payment from Economical. This may be as a result of not having your current address.
How do I claim my cash entitlements?
To claim your cash entitlements, you may choose one of the following options:
- Visit the program website provided on the Important Notice you received from Georgeson, and log on using the passcode provided.
- Complete the Asset Reunification Form that was sent to you and mail it back to us, using the business reply envelope provided. See attached Asset Reunification Form.
- Call us toll-free at 1 (866) 568 7418 or collect at (514) 982 8699.
"ASSET REUNIFICATION" is a registered trademark of Georgeson Shareholder Communications Canada Inc.