Georgeson Shareholder Communications has been making headlines recently over their partnership with Economical Insurance to distribute demutualization benefits. With surprise checks for thousands of dollars showing up unsolicited in people’s mailboxes, many have reasonably wondered – is this a scam?
I decided to do some digging to uncover the truth. In this extensive article, I’ll reveal whether Georgeson Economical is legit or a scam, provide background on demutualization benefits and the companies involved, analyze online complaints and reviews, and most importantly, equip you with the knowledge to claim your benefits if you’re owed any.
What is Georgeson Shareholder Communications?
Georgeson is a leading international provider of strategic shareholder services to corporations and shareholders. Founded in 1935 and headquartered in New Jersey, they have a global network across North America, Europe, and Australia.
Some of their key services include:
- Proxy solicitation – Getting shareholders to vote in support of proposals at annual meetings
- Asset reunification – Reuniting “lost” shareholders with assets from dividends, mergers, estate distributions etc.
- Corporate actions – Handling logistics for events like IPOs, mergers, spin-offs
- Shareholder identification – Identifying current beneficial owners when records are outdated
The company works on behalf of corporate issuers and has extensive experience handling complex shareholder transactions across various industries.
They entered into a partnership with Economical Insurance in 2021 specifically focused on reuniting eligible policyholders with unclaimed demutualization benefits using their asset reunification services.
What is Economical Insurance Demutualization?
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurance companies. After operating as a mutual company for 150 years, they went through a process called “demutualization” to become a publicly traded share company in November 2021.
As a mutual company, policyholders were actually owners of the company. The demutualization process essentially involved Economical converting from being owned by policyholders to having investors/shareholders.
As part of the demutualization, eligible policyholders were entitled to receive financial benefits in accordance with Economical’s approved conversion plan. Over 630,000 policyholders received surprise checks worth thousands of dollars in November/December 2021 as a result.
However, Economical determined that many eligible policyholders had lost contact with them over the years or were unaware of their entitlements.
That’s why they hired Georgeson – to use their expertise to track down these “lost” policyholders and make sure they received their rightful demutualization benefits.
Common Georgeson Economical Complaints & Reviews
Understandably, many people doubted the legitimacy of unexpected letters and checks from unfamiliar companies like Georgeson. Let’s analyze some of the most common skepticism and complaints found online:
“This seems fake/like a scam”
It’s wise to be wary of anything that seems too good to be true. However, after extensive research, there is no evidence to suggest Georgeson or the demutualization benefits are a scam. Consider:
- The demutualization process was formalized and regulated by Canadian government authorities
- Multiple reputable news sources confirmed the legitimacy of the surprise payouts
- Economical’s own statements validate hiring Georgeson to distribute rightful benefits
- There are no reports of eligible policyholders failing to receive payments after submitting valid claims
“I don’t recall having a policy with Economical”
Since the eligibility period spans over a decade ago, many recipients don’t remember or were unaware they had a qualifying policy.
However, eligibility depends on whether you had a policy within a set timeframe, not how long you held it for. Even a short-term policy could qualify based on Economical’s conversion plan rules.
Some possibilities on lack of awareness:
- You had a bundled home/auto policy while briefly living in a different province
- An old employer or family policyholder had you as a beneficiary
- Policies with specialty insurers like Family Insurance Solutions also counted
Bottom line – if Georgeson’s letter indicates you are entitled to benefits, you likely did qualify through some forgotten policy even if specifics are hazy.
“This seems like more work than it’s worth”
Between disbelief over legitimacy, confusion on eligibility, and perceived hassle of claiming benefits – it’s understandable some have brushed this off as not worth the effort.
However, keep in mind:
- Benefit amounts owed could be in the thousands based on Economical’s conversion plan
- Eligible policyholders have a right to these payments as part of the demutualization agreement
- The claim process through Georgeson is simple – mainly confirming personal/contact info
I would argue leaving thousands of dollars unclaimed is never ideal. And the long-term hassle of kicking yourself for missing out likely outweighs the quick process of securing what you’re owed.
“I’m concerned about what Georgeson will do with my personal information”
Sharing personal data with unfamiliar companies is always nerve-wracking. However, there are a few key points to alleviate privacy concerns:
- Georgeson’s business model relies on credible handling of sensitive information. Their privacy policy emphasizes data security and restricting collection/use.
- They’ve handled complex shareholder transactions for decades and built trust through secure processes
- If still uncertain, you can choose to only share information required to claim benefits rather than any supplemental data
While vigilance on personal data is prudent, there are enough checks and balances here to necessitate concern in my view.
Online Reviews of Georgeson from Customers
Beyond isolated complaints, it’s also helpful to evaluate overall reputation through online reviews. Here are excerpts from recent Google reviews:
“After receiving a letter from Georgeson, I called the number provided. The agent was very helpful and explained everything clearly regarding money owed to me from a demutualization process…Received a check for over $2600!” ⭐⭐⭐⭐⭐
“I would like to recognize the professional service I received from Georgeson Inc. when I called to follow up on shares I had decades ago but lost paperwork…this was a seamless process resulting in recovering stock I assumed was lost forever.” ⭐⭐⭐⭐⭐
“The service provided was excellent – very responsive, clear communication and efficient follow up and resolution. I highly recommend them.” ⭐⭐⭐⭐⭐
The vast majority of reviews from verified customers related to the Economical benefits distribution have been glowing. Most praise Georgeson’s customer service and smooth processes to claim owed payments.
Negative commentary largely focuses on unrelated services or deals with uncertainty over legitimacy rather than poor experiences per se.
There are also many five-star reviews on platforms like TrustPilot and other rating sites that echo positive sentiments over service quality and reuniting people with “lost money”.
While no company is perfect, the weight of evidence based on customer feedback strongly supports Georgeson’s credibility.
Clarity on the Purpose & Process of the Georgeson and Economical Partnership
Now that we’ve established Georgeson and the associated demutualization benefits are almost certainly legitimate, let’s clearly summarize the purpose and process to eliminate any remaining uncertainty.
Why Did Economical Hire Georgeson?
As part of Economical Insurance’s conversion from a mutual to publicly traded company, they were legally required to distribute financial benefits to eligible policyholders based on set criteria in their demutualization plan.
However, over the 150-year history, many policyholders understandably changed contact details or simply lost awareness over policies.
Rather than keep money unclaimed that rightfully belonged to these “lost” policyholders, Economical proactively hired expert help. This leads to the answer on…
What is Georgeson’s Role?
With deep expertise in areas like asset reunification and shareholder communications, Georgeson’s role is straightforward:
- Use data analysis and tracing resources to track down eligible policyholders that Economical lacks updated contact info for
- Send these policyholders official letters informing them that they are likely entitled to unclaimed demutualization benefits
- Provide clear guidance to beneficiaries on next steps they need to take to verify eligibility and claim owed payments
Through this structured process, the partnership aims to ensure all 630,000+ eligible policyholders receive benefits they qualify for.
What Do I Need To Do If I Receive a Georgeson Letter About Economical?
If you’ve received correspondence from Georgeson indicating potential entitlement to Economical demutualization benefits as a policyholder, the general next steps are:
1. Carefully review the letter
Verify it is formally from Georgeson and offers specifics like estimated benefit amounts and eligibility basis. Authentic letters have defined contact channels for follow-up inquiries.
2. Confirm your personal details
Whether calling their number or visiting the provided website, you’ll go through an automated process to validate and complete personal details like your full legal name, prior addresses, etc.
3. Submit supplementary documentation
Certain benefit amounts may require submitting additional ID validation, tax forms, or other paperwork to formalize.
The goal here is confirming and completing an accurate claimant profile based on the eligibility records Economical provided.
4. Receive benefit distribution
Once your details are validated against their existing data, you will receive a demutualization cheque or direct deposit for the owed amount.
The process is designed to be seamless as possible while ensuring due diligence in reuniting lost policyholders with unclaimed payments.
Final Verdict: Is Georgeson Economical Scam or Legit?
In summary, my extensive analysis concludes that Georgeson is not a scam and their partnership with Economical Insurance for distributing demutualization benefits is completely above board.
Consider the weight of evidence:
✅ A regulated, government-approved corporate restructuring process
✅ Validated by credible mainstream news sources
✅ Backed by Economical’s official statements
✅ Strong reputation based on online customer reviews
✅ Logical purpose for Economical to appoint specialist help
✅ reasonable process for beneficiaries to claim lost payments
Beyond any doubt in my mind, eligible policyholders receiving letters from Georgeson should treat this as official notice that they are likely owed money from Economical’s demutualization.
It represents an incredible effort to efficiently reconnect over 630,000 Canadians with benefits they deserve yet had unfortunately lost touch with over time.
For anyone still hesitant or overwhelmed at the prospect of following up, I suggest simply calling the Georgeson contact number provided in your letter. Their consultants can graciously walk you through next steps tailored to your specific situation.
Sometimes we cynically assume things that seem too good to be true must be scams. But this is one rare occasion where that is not the case – this is simply a corporate transaction coming full circle to make customers financially whole as required.
The only real risk here is leaving free money unclaimed! Don’t let the surprise or skepticism stop you from receiving what is rightfully yours.
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