2012 | Press Release

Oct 15, 2012 – Economical Insurance announces sale of Mattei Insurance Services

Economical Insurance announces sale of assets of Mattei Insurance Services, Inc. to Alteris
Insurance Services, Inc.
WATERLOO, ON, October 15, 2012 –- Economical Insurance today announced the
completion of the sale of the principal operating assets of Seattle-based Mattei Insurance
Services, Inc.to Alteris Insurance Services, Inc. of Boston, Mass.
“This transaction is fully aligned with our current strategy to focus our attention on our
successful core Canadian operations as well as our ongoing preparations for demutualization,”
said Philip Mather, Economical’s CFO and vice-chair of Family Insurance Solutions Inc.,
Mattei’s parent company. The terms of the sale are not being disclosed.
“I want to thank the team at Mattei for their contributions to the seamless transition of operations
from Mattei to Alteris,” said Harry Kloosterhuis, CEO of Family Insurance Solutions and interim
CEO of Mattei. “As part of the transition process, we will continue to provide support to Alteris
for a brief period.”
Alteris Inc. is a subsidiary of Argo Group International Holdings, Ltd., providing exclusive
custom-designed risk solutions, insurance programs and products to brokers and carriers for
targeted industries and business segments. This acquisition adds complementary products and
services to Alteris’ current suite of programs and extends the company’s geographic footprint on
the American west coast.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty
insurers, with $1.7 billion in premiums and $4.6 billion in assets. Based in Waterloo, this
Canadian-owned and operated group services the insurance needs of 2 more than one million
customers through 17 branches and service offices across the country. In 2010, Economical
announced its decision to become the first federally-regulated mutual property and casualty
insurance company to demutualize. Economical is currently reviewing strategic options and will
submit a comprehensive demutualization proposal for mutual policyholder approval after the
federal government’s completion of demutualization regulations.
Economical Insurance conducts business under the following brands: Economical Insurance,
Economical, Western General, Economical Select, Perth Insurance, Federation Insurance and
Economical Financial.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Economical
Insurance on the transaction.

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