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Christmas came early for hundreds of thousand of Canadians.
CTV News Vancouver is reporting that 630,000 cheques worth thousands of dollars have been showing up in mailboxes across the country and no it's not a scam.
Economical Mutual Insurance Company, a leading Canadian insurance company has gone public, so policyholders come out on top.
"It is an early Christmas present," said Bel Bishop of North Vancouver, who received a $1,285 cheque last week.
Economical Mutual Insurance is celebrating 150 years in Canada, and has gone public, completing its initial public share offering on Nov. 23. That means policyholders of Economical are considered beneficial owners which entitles them to a share of the profits.
“We recently issued payments of financial benefits as part of the conclusion of a government-regulated demutualization process for Economical Mutual Insurance. Demutualization means Economical Mutual changed from a mutual company into a company with shares. As a result of that transaction, the company was required by law to distribute financial benefits to eligible policyholders," the company told CTV News in an email statement.
-with files from CTV News Vancouver
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