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After nearly a decade of planning, Economical Mutual Insurance Co. is on track to announce a $1.9-billion initial public offering in late 2021.
Economical announced this week that it will hold a meeting of its 630,000 eligible policyholders in the second quarter of 2021 to vote on the final phase of a proposal to go public in a process known as demutualization.
A mutual insurance company is owned by its participating policyholders, whose stake is typically converted into share ownership when the company demutualizes.
Canada Regulator to Allow Insurers, Banks to Pay Some Special Dividends
TORONTO – Canada’s financial regulator said on Monday it could allow institutions to pay special non-recurring dividends under “exceptional circumstances,” even as it maintains a March moratorium on broader dividend increases and share buybacks.
The Office of the Superintendent of Financial Institutions believes there may be exceptional circumstances where a non-recurring payment of special, or irregular, dividends may be acceptable, it said in a statement on its website.
OSFI suspended share buybacks and dividend increases by Canadian banks and insurers in March as part of a raft of measures intended to gird against the economic impact of the coronavirus pandemic.
Canadian financial regulator to allow special dividends under exceptional circumstances leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.