In a quest to grow its business, Economical Insurance announced on March 23 that it is teaming up with Swiss Re Corporate Solutions to better serve its commercial insurance clients that operate internationally.
Swiss Re says that Economical is the first insurer in North America that will have access to its international solutions and platforms in 150 countries. Swiss Re has formed similar collaborations with three other European firms: broking company Brokerslink, and insurers LocalTapiola and Württembergische Versicherung.
How will brokers dealing with Economical benefit from this collaboration? They will be able to better serve their clients with interests outside Canada, and thus gain access to an additional market, says Fabian Richenberger, Economical's Executive Vice President, Commercial Insurance. He points out that this announcement will also allow Economical to further diversify its commercial business.