Pages Navigation Menu

IMPORTANT INFORMATION REGARDING COVID-19: CLICK HERE

A.M. Best Affirms Financial Strength Ratings

Posted by on Aug 20, 2018 in News

The Farmers Automobile Insurance Association and Pekin Insurance Company

A.M. Best has affirmed the Financial Strength Rating (FSR) of “A” (Excellent) of Pekin Insurance® Group and our two intercompany pool members, The Farmers Automobile Insurance Association and its wholly owned subsidiary, Pekin Insurance Company. Financial Strength Ratings are published in A.M. Best’s Insurance Reports and represent their independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The affirmed rating reflects our balance sheet strength which A.M. Best categorizes as strongest, as well as adequate operating performance, neutral business profile, and appropriate enterprise risk management. Strong risk-adjusted capitalization is driven by our conservative investment portfolio and historically favorable loss reserve developments. This rating acknowledges our expectation for improved operating results based on underwriting initiatives and upgraded technology. A.M. Best also noted management’s efforts to continually enhance our enterprise risk management program to support our organization’s risk profile.

The outlook for the FSR remains negative. A.M. Best stated that the outlook reflects deterioration in underwriting performance, driven by weather-related losses and rising loss costs in the auto business. Pekin Insurance recognizes its vulnerability to losses from wind, hail, and tornado and in recent years has taken many significant steps to mitigate our exposure, including entry into Arizona, preparation for entry into another southwestern state, restructuring of reinsurance contracts, utilization of actual cash value settlement policy language, and implementation of By-Peril rating. The reasons behind the poor automobile results are well-documented in public forums and include more cars on the road driving more miles, higher medical costs, higher repair costs for newer vehicles, and distracted driving. To address this continuing trend, among other measures, we have tightened eligibility guidelines, revised financial stability scores, updated factors for violations and accidents, and continued the development of predictive analytic modeling.

The strength of our financial position allows us to take a longer-term view of operations, and we continue to invest in software and technology through our Pekin Insurance Virtual Overall Transformation project. The new policy administration platform will give us a competitive edge and enable efficient growth and profitability for many years.

Pekin Life Insurance Company

A.M. Best has also affirmed the FSR of “A-” (Excellent) for Pekin Life Insurance Company. The outlook remains stable. The ratings of Pekin Life Insurance Company reflect its integral role and positive contribution to the Pekin Insurance Group, as well as its strong risk-adjusted capitalization and a diversified product portfolio.

Read More

Pekin Life Insurance Company Holds Annual Meeting

Posted by on May 9, 2018 in News

Pekin Life Insurance Company held its annual meeting on Tuesday, May 8, 2018, at the Company’s Home Office in Pekin, Illinois.

The Company reported net income of $7.4 million. Premium income decreased by 10.4 percent to $199.3 million. Life Insurance in force exceeded $17.7 billion in the year 2017.

At the meeting, shareholders elected directors Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; and John S. Heller, East Peoria, Illinois, to three year terms to expire in May 2021.

Other directors whose terms continue are: Steven R. Anderson, Loves Park, Illinois; Byron A. Dodd, Anna, Illinois; Scott A. Martin, Chillicothe, Illinois; and Thomas C. Hornstein, Brian K. Lee, and Christine A. Schwartz, all from Pekin, Illinois.

Pekin Life Insurance Company is an integral part of the Pekin Insurance® group of companies.

Pekin Life Insurance Company stock trades under the symbol “PKIN” and is listed on the OTC Pink Marketplace.

A multi-line company, Pekin Life Insurance Company offers individual life which includes term life, whole life, universal life, as well as medicare supplement, annuity, credit insurance, debt protection, and pre-need coverages. Additionally, Pekin Life Insurance Company has a third party claims administration division, Group Plan Solutions, which is designed to provide employer-based, self-funded health plan administration.

Other products offered by the Pekin Insurance group include personal automobile, homeowners, motorcycle, recreational vehicle, boatowners, personal umbrella, commercial automobile, businessowners, commercial property and liability, workers compensation, commercial umbrella and bonds.

Read More

Pekin Insurance® Holds Annual Meeting

Posted by on Feb 13, 2018 in News

The Farmers Automobile Insurance Association held its annual meeting on Tuesday, February 13, 2018, at their Home Office in Pekin, Illinois.

The following directors were elected for three year terms: Craig W. Concklin Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; and John S. Heller, East Peoria, Illinois.

Subscribers elected, Craig W. Concklin Hinsdale, Illinois; and John S. Heller, East Peoria, Illinois, to the Advisory Committee.

Pekin Insurance officers elected included: Scott A. Martin, Chairman of the Board, President, and Chief Executive Officer; Steven R. Anderson, Vice Chairman of the Board; Daniel V. Connell, Senior Vice President, Chief Financial Officer, and Secretary; Todd A. Clark, Senior Vice President and Chief Operating Officer – Property/Casualty; Brian K. Lee, Senior Vice President and Chief Operating Officer -Life; Curtis A. Eeten, Vice President – Claims; Gregory L. Feller, Vice President – Sales; Joel M. Jackson, Vice President – Marketing; Subhasis Mukherjee, Vice President – Chief Information Officer; Edward A. Mulvey, Vice President – Personal Lines Underwriting and Assistant Secretary; Tyler D. Petersen, Vice President – General Counsel and Assistant Secretary; Kimberly S. Remmert, Vice President – Human Resources; Joseph C. Ricigliano, Vice President – Commercial, Lines Underwriting and Assistant Secretary; Diane K. Steiner, Vice President – Life Underwriting and Assistant Secretary; Michael A. Zabinski, Vice President- Controller; Amber J. Stenger, Assistant Treasurer; Michele E. Ginther, Assistant Treasurer; and Aaron Z. Potacki, Assistant Secretary.

Pekin Insurance is a group name adopted to designate the combined operation of The Farmers Automobile Insurance Association, Pekin Insurance Company, PAC, Inc., and Pekin Life Insurance Company.

Pekin Insurance has been in business since 1921, and is one of the leading insurers in the State of Illinois, providing multiple lines of insurance. Pekin Insurance offers insurance coverage in Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin through its growing agency force which now totals 1,079 in_dependent agencies and 8, 183 insurance producers in the six state area. The company is headquartered in Pekin, Illinois, with service offices at Phoenix, Arizona; Mount Vernon, Rockford, and Warrenville, Illinois; Indianapolis, Indiana; Des Moines, Iowa; Columbus, Ohio; and Appleton, Wisconsin.

Read More

Pekin Insurance® becomes a National Weather Service StormReady Supporter

Posted by on Jan 12, 2018 in News

National Weather Service officials have recognized Pekin Insurance as a StormReady® Supporter. The StormReady Supporter program is part of the larger StormReady program, a grassroots program designed to help communities establish severe weather safety plans and actively promote weather awareness. StormReady communities have made a strong commitment to implement the infrastructure and systems needed to save lives and protect property when severe weather strikes.

Chris Miller, Warning Coordination Meteorologist of the National Weather Service forecast office in Lincoln, Illinois, presented Pekin Insurance with a certificate during a ceremony at their Home Office in Pekin, Illinois, on January 10, 2018.

“This past year the United States was hit especially hard by weather events.  There is nothing we can do to stop weather, but what we can do is prepare ahead of time.  Pekin Insurance has done an outstanding job of putting together a plan to keep their employees and visitors safe during hazardous weather events,” said Chris Miller.

The nationwide community preparedness program, founded in 1999, is a grassroots approach to preparing for natural hazards. Today, more than 2,700 StormReady communities and nearly 800 StormReady Supporters throughout the nation help citizens become better prepared for severe weather.

To be recognized as StormReady Supporter, an organization must promote the principles and guidelines of the StormReady program, which includes maintaining a 24-hour warning point and emergency operations center; having more than one way to receive National Weather Service warnings and to alert the public; monitoring local weather and flood conditions; conducting community preparedness programs; and ensuring  hazardous weather and flooding are addressed in formal emergency management plans, which include training SKYWARN® weather spotters and holding emergency exercises.

The StormReady program is part of the National Weather Service’s working partnership with the International Association of Emergency Managers and the National Emergency Management Association.

The National Weather Service’s Central Illinois Forecast Office, located in Lincoln, Illinois, is the primary source of weather data, forecasts, and warnings for about 2 million people in 35 counties across central, eastern, and southeastern Illinois. Join us on Facebook and Twitter. Working with partners, the National Weather Service is building a Weather-Ready Nation to support community resilience in the face of increasing vulnerability to extreme weather.

 

 

Read More

Illinois Policyholders Affected By Flooding

Posted by on Jul 21, 2017 in News

Pekin Insurance® is responding to the needs of its policyholders and the requests of the Illinois Department of Insurance in the administration of insurance policies, including all lines, resulting from a recent flooding disaster that impacted 4 counties.  Effective immediately, the following actions are applicable for all lines to insureds residing in Cook, Kane, Lake, and McHenry Counties.

  • Moratorium on cancellations and nonrenewals.  Insurers shall withdraw any cancellation or nonrenewal notice issued on or after July 12, 2017, on any in-force policy issued to an affected policyholder and/or property.  In addition, insurers shall not issue any new cancellation or nonrenewal notices to affected policyholders and/or property until September 30, 2017, or a later time if deemed reasonable given an individual consumer’s circumstance.  Some policies will be reinstated to comply with this July 12, 2017, date.  This “moratorium” is not a waiver; it is only an extension of the grace period in which to pay the premium.  After this moratorium period, the policyholder will have to resume making premium payments.
  • Other insurance-related time-period extensions.  Insurers are directed to grant to affected policyholders an extension of any and all policy provisions or other requirements that impose a time limit for an insured or claimant to perform any act, including the submission of a claim or proof of loss, reporting of information, submission of bills, or payment of funds.  Such extension shall be for a minimum of 60 days from the last date allowed or required under the terms of the contract or allowed or required by the insurer, or longer if deemed reasonable given an individual consumer’s circumstance.
  • Time-period extension for repairs.  In the event repairs on affected property cannot be completed within the time period required under any policy, or within the 90-day time period for repairs prior to termination due to condition of the property, insurers shall provide consumers with an extension of not less than 60 days to make such repairs.
  • Cancellation or nonrenewal respecting affected property. Although otherwise allowed under Illinois law, insurers are directed to refrain from canceling or nonrenewing insurance policies respecting affected property due to “increase in the risk originally accepted” or due to the geographic location of the risk.
  • Other exceptions to policy or contract requirements or rating or underwriting rules. Insurers shall consider exceptions to policy or contract requirements, or to other rating or underwriting rules not otherwise listed herein, when such contractual requirements or rating or underwriting rules are not met as a result of this disaster.  Exceptions to policy or contract requirements or rating or underwriting rules include instances where an insured is displaced from his or her home and is unable to obtain non-emergency medical services from a network provider.

It is our sincere goal to accommodate the needs of our policyholders that have been affected by these natural disasters.  Please feel free to contact your Personal Lines, Commercial Lines, and Life underwriters with any additional questions you may have.

Read More

Pekin Insurance Ranked #47 in the 2017 Super Regional P/C Insurers List

Posted by on May 31, 2017 in News

Pekin Insurance has once again earned a spot on Insurance Journal’s Super Regional P/C Insurers list. To make it on the list, the company had to meet the following criteria:

· Active, individual companies.
· Reporting data using the property/casualty annual statement format.
· At least $1 million of direct premium written in each of 2 to 34 states.
· Less than 90 percent of direct premium written in any one state.
· Less than 90 percent of direct premium written in any one line of business.
· Policyholders surplus of at least $100 million.
· Net premium written of at least $50 million.
· Direct premium written of at least $25 million.

Read More

Call Toll-Free 1-800-322-0160