95 employees at Economical Insurance in Waterloo have lost their jobs.

Economical Insurance of Waterloo has announced its laying off 145 people at 14 of its offices across Canada.  

Economical’s Doug Maybee says the cut backs are part of the company’s transformation program.  The move will make the company more streamlined and more efficient as it moves to reduce costs and improve service to broker partners and customers.

The 145 reductions touched the entire organization from administrative support to senior executives. Affected employees were given a severance package and career transition management service. The transition program includes help with career planning, job research and resume planning.