Karen Gavan appointed as president and CEO of The Economical

Karen Gavan has been appointed as the new president and CEO of The Economical Insurance Group (TEIG).She succeeds Katherine Mabe, who is leaving the company for personal reasons.Gavan has been a director at the Economical Mutual Insurance Company since 2008. She has served as chair of the special committee with responsibility for the company’s demutualization since 2010. Gavan was formerly the chief operating officer and chief financial officer of Transamerica Life and AEGON Fund Management Inc. Prior to that, she held senior management positions with Imperial Life Assurance Company and with Canada Life Assurance Company during its demutualization. She is a chartered accountant, a fellow of the Institute of Chartered Accountants of Ontario, and holds the ICD.D designation from the Institute of Corporate Directors.