On November 23, 2021, Economical Mutual, a Canadian property and casualty insurer, demutualized to become Definity Financial Corporation.
Demutualization is the process of converting a mutual life insurance company, which is owned by its policyholders, into a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by policyholders and government regulators.
The amount paid to each of 630,000 eligible policyholder’s is based on a number of factors. For many policyholders, the windfall arising from demutualization can be substantial.
Mutual policy holders received an estimated $300,000 and $430,000 in shares or cash for their stakes in the company; payouts to non-mutual policy holders are estimated at $1,500 to $2,300.
If you have not received payment from Economical complete the form below:
