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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.

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Information Security Alert

Posted by on May 18, 2017 in News

Recently, a large scale ransomware attack has been spreading across the globe, disrupting computer systems and communications at hospitals, government offices, and other types of companies.  The software locks computers making them unusable.

The ransomware, known as WannaCry or WannaCrypt, locks you out of your systems until you pay the crooks who installed it.  It takes advantage of a security hole in Windows server software that can be closed by downloading and applying the update from Microsoft.

Here is how you can check to see if the patch has been installed and how to apply it.

Please follow these steps to use the Microsoft Update site to install all critical updates for your computer.  Please note that the update process will vary based on the version of Microsoft Windows you are running.  Locate your version and follow the corresponding steps.

To turn on automatic updates in Windows 10:

Note:  Windows 10 is a service, which means automatic updates are turned on by default and your PC always has the latest and best features.

  1. Select the Startbutton, then select Settings  > Update & security  > Windows Update . If you want to check for updates manually, select Check for updates.
  2. Select Advanced options, and then under Choose how updates are installed, select Automatic (recommended).

To turn on automatic updates in Windows 8.1:

  1. Open Windows Update by swiping in from the right edge of the screen (or, if you’re using a mouse, pointing to the lower-right corner of the screen and moving the mouse pointer up), select Settings > Change PC settings > Update and recovery > Windows Update. If you want to check for updates manually, select Check now.
  2. Select Choose how updates get installed, and then under Important updates, select Install updates automatically (recommended).
  3. Under Recommended updates, select the Give me recommended updates the same way I receive important updates check box.
  4. Under Microsoft Update, select the Give me updates for other Microsoft products when I update Windows check box, and then select Apply.

To turn on automatic updates in Windows 7:

  1. Select the Start button.  In the search box, enter Update, and then, in the list of results, select Windows Update.
  2. In the left pane, select Change settings, and then under Important updates, select Install updates automatically (recommended).
  3. Under Recommended updates, select the Give me recommended updates the same way I receive important updates check box, and then select OK.

Note:

If you use an older Windows network system no longer supported by Microsoft, you may not have been prompted to download security updates, but they’re available from Microsoft’s site.

In addition to keeping software up-to-date, here are a couple of other things you can do to defend against a ransomware attack:

  • Back up your files. From accounting to tax documents, make it part of your routine to back up files often on your computers and mobile devices.
  • Think twice before clicking on links or downloading attachments and apps. Ransomware often is downloaded through phishing emails.  You also can get ransomware from visiting a compromised site or through malicious online ads.
  • Get Antivirus. Make sure any anti-virus product is up to date and scan your computer for any malicious programs.  It’s also worth setting up regular auto-scans.
  • Patch your system. Apply vendor suppled patches whenever technically possible.  This includes Microsoft Operating Systems and 3rd party applications, such as Adobe Reader and Flash.

Additional Resources:

Microsoft has more tips on keeping you safe from ransomware at their Malware Protection Center. Additionally, Pekin Insurance has created Agency Security Guidelines to help minimize the risk to independent Pekin Insurance agency networks.

 

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Pekin Life Insurance Company Holds Annual Meeting

Posted by on May 9, 2017 in News

Pekin Life Insurance Company held its annual meeting on Tuesday, May 9, 2017, at the Company’s Home Office in Pekin, Illinois.

Premium income increased by 3.1 percent to $222.5 million.  Life Insurance in force exceeded $17.1 billion in the year 2016.  The Company reported net loss of $1.0 million.

At the meeting, shareholders elected directors Steven R. Anderson, Loves Park, Illinois; Byron A. Dodd, Anna, Illinois; and Brian K. Lee, Pekin, Illinois, to three year terms to expire in May 2020.

Other directors whose terms continue are:  Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; Scott A. Martin, Peoria, Illinois; and Thomas C. Hornstein, A. Richard Kriegsman, 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.

 

 

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Pekin Insurance® Holds Annual Meeting

Posted by on Mar 1, 2017 in News

The Farmers Automobile Insurance Association held its annual meeting on Tuesday, February 14, 2017, at their Home Office in Pekin, Illinois.

The following directors were elected for three year terms: Steven R. Anderson, Loves Park, Illinois; Byron A. Dodd, Anna, Illinois; and Brian K. Lee, Pekin, Illinois.

Subscribers elected Steven R. Anderson, Loves Park, Illinois; and Byron A. Dodd, Anna, 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; 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 1,109 independent agencies and 8,392 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.

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Pekin Insurance® Agencies Helped Support the Honor Flight Network

Posted by on Jan 11, 2017 in News

Pekin Insurance® agencies are honoring those who served in our military by supporting the Honor Flight Network, which recognizes American veterans for all their sacrifices.  Several independent insurance agents participated in the annual Tour of Honor Contest sponsored by Pekin Insurance.

For every life insurance application submitted, money was donated to the Honor Flight Network which transports veterans to Washington, D.C., to visit and reflect at their memorials.  This is a small tribute to those who gave so much.  Thanks to the combined efforts of the Pekin Insurance independent agency force, the company donated $20,000 to this cause.

Pekin Insurance and its independent agencies thank the men and women who made the sacrifice and commitment to fight for the freedom and safety of our country.

In business since 1921, Pekin Insurance offers multiple lines of insurance in Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin and is represented by nearly 1,500 independent agencies.

Pekin Insurance agents can assist you with your auto, home, business, and life insurance needs with service that goes Beyond the expected.®

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A.M. Best Affirms Financial Strength Ratings

Posted by on Jun 30, 2016 in News

The Farmers Automobile Insurance Association and Pekin Insurance Company Ratings

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. The outlook for the FSR continues to be stable. 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 solid risk-adjusted capitalization driven by a conservative investment risk profile, historically favorable loss reserve development, and well-established agency relationships. This rating acknowledges our competitive advantages including improved technology as reflected by our use of By-Peril based rating in the Homeowners line of business. A.M. Best also noted our increased market footprint in Arizona, which historically has been a profitable market for Homeowners insurance.

At the same time, A.M. Best has affirmed our Issuer Credit Rating (ICR) of “a.” The outlook for the ICR continues to be stable. Issuer Credit Ratings are not published in A.M. Best’s Insurance Reports, but are posted on A.M. Best’s website and Business Wire. An ICR is assigned to insurance companies, banks, hospitals, holding companies, or other legal entities authorized to issue financial obligations and represents A.M. Best’s independent opinion of an entity’s ability to meet its ongoing senior financial obligations. Although the Pekin Insurance Group has never issued any senior financial obligations, the ICR is utilized by A.M. Best to provide additional granularity in the overall rating process.

Pekin Life Insurance Company Ratings

A.M. Best has also affirmed the FSR of “A-” (Excellent) and the ICR of “a-” for Pekin Life Insurance Company. The outlook for both ratings remains stable. The ratings of Pekin Life Insurance Company reflect an adequate level of risk-adjusted capitalization and a positive contribution to the Pekin Insurance Group. A.M. Best also noted our strategy to grow the ordinary life business while reducing exposure to the health segments.

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