Pages Navigation Menu

Pekin Life Insurance Company Holds 49th Annual Meeting

Posted by on May 15, 2014 in News

Pekin Life Insurance Company held its annual meeting on Tuesday, May 13, 2014, at the company’s Home Office in Pekin, Illinois. The company has strong, stable roots that date back to its inception in 1965.

The company reported net income of $2.4 million. Premium income increased by 2.7 percent to $227.0 million. Life Insurance in force exceeded $14.5 billion in the year 2013.

At the meeting, shareholders elected directors Steven R. Anderson, Loves Park, Illinois; Byron A. Dodd, Anna, Illinois; and Gordon M. Walker, Groveland, Illinois, to three year terms to expire in May 2017.

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.

On April 16, 2014, Pekin Life Insurance Company declared a quarterly dividend of $0.01 per share payable June 2, 2014, to shareholders of record May 2, 2014. The company has paid dividends each year since June 1, 1976.

President and Chief Executive Officer Scott Martin remarked at the meeting, “Our strategy for growth and profitability will always center around the sales generated by the independent agent. Last year, new paid Life sales were almost $8 million, which has doubled from ten years ago. But as you know, Pekin Life Insurance Company is much more than that. Our Financial Products division, our Pathway® Pre-need division, and our new venture into self-funded plans are all growing, often in states outside our core operating area of the property/casualty company. We believe we have the right strategy for us. We’re doing this and producing a product that helps people. That is the part I’m most proud of. We all need to be reminded of what happens when an agent does their job by convincing a family to purchase protection. On the company side, we must invest their money wisely and pay the proceeds when the time comes. What we do together is serving families, a very noble cause and something we all take pride in.”

Brian Lee, the company’s Senior Vice President and Chief Operating Officer/Life, in speaking to the group, commented, “Total premium increased from $221 million in 2012 to almost $227 million, and Pekin Life Insurance Company is now licensed in 19 states with the premium coming from targeted product lines in various states. 2013 was our best Ordinary Life New Business year in our company’s history with premiums exceeding $8 million. There are new challenges around every corner. With the continued support of our agents and the dedicated efforts of our employees, I have no doubt 2014 will be a successful year for Pekin Life Insurance Company.”

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 OTCQB. Wells Fargo Advisors makes a market in the stock.

A multi-line company, Pekin Life Insurance Company offers individual life and group life and health products; including term, universal life, group medical, medicare supplement, annuity, credit insurance, debt protection, and pre-need coverages. Additionally, Pekin Life Insurance Company has created a new 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 automobile, homeowners, motorcycle, recreational vehicle, boatowners, commercial automobile, businessowners, commercial property and liability, workers compensation, and bonds.

Information about Pekin Life Insurance Company can be obtained by visiting our Internet website at www.pekininsurance.com.

Read More

Important Information! Heartbleed Bug

Posted by on Apr 14, 2014 in News

What is the Heartbleed Bug?
The Heartbleed Bug is a serious flaw in a specific version of OpenSSL. This software is commonly used on the Internet to provide encrypted web services, for example when you see https or a lock icon in your browser when visiting financial or other secure sites. The bug makes it possible for remote attackers to obtain information from vulnerable sites that is intended to be encrypted and confidential. Some examples of disclosure have included login passwords, answers to security questions, and private keys that could be used to decrypt information until the site’s certificates are reissued.

Is/was Pekin Insurance® vulnerable?
No. None of the external services hosted by Pekin Insurance, like MyPI or Pekin Partners, have been affected. Our services do not use the specific OpenSSL software that is vulnerable to the Heartbleed Bug.

What do I need to do?
No action is required for users of Pekin Insurance web services. However, everyone is strongly encouraged to check public lists of prominent sites that may have been vulnerable in case of personal use. Users should change passwords for these sites, especially if the online application is accessed via a mobile device.

Read More

Celebrating Excellence at Annual Awards and Appreciation Banquets

Posted by on Apr 3, 2014 in News

Pekin Insurance® recently held their 54th annual Awards and Appreciation Banquets to honor agents and agencies for insurance production that has gone Beyond the expected.® With sincere pride we presented 38 Beyond the Expected® Agency Awards, 167 Underwriter of Merit Awards, 142 Gold Key Awards, 161 Silver Key Awards, and 101 Inner Circle Club memberships at banquets held in the states of Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin.

The top 3% of agencies were recognized with the Beyond the Expected® Agency Award for exceptionally high standards of service to an agency’s customers and community. As our top award, the Beyond the Expected® Agency Award is given only to an agency which has demonstrated outstanding professional performances in both the Property/Casualty and the Life and Health lines of insurance. The top 14% of agencies were presented with the Underwriter of Merit Award, which recognizes agencies with excellent professional skill and knowledge in the field of Property/Casualty insurance. Individual agents who demonstrated commitment to and superiority in the sales of Life and Health insurance were awarded the company’s Gold and Silver Key Awards. Gold Key Award winners represent the top 2% of the company’s agents, and Silver Key Award winners are in the top 4% of agents. Membership in the elite Inner Circle Club, which was established in 1979, is the highest honor that Life and Health insurance producers can attain and was achieved by those agents who excelled Beyond the expected® to be among the top 1% of Pekin Life Insurance Company producers.

In addition, the coveted Robert T. Tebben Agency of the Year Award was presented to one agency in Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin. This elite award honors the late Robert T. Tebben who, in his more than 50 years of service to the company, contributed more than any other single individual to the present success of Pekin Insurance. He believed that all Pekin Insurance agencies should strive to go Beyond the expected® to provide a full range of services to their customers. The agencies honored with this award were Farmers Woods Group, Phoenix, Arizona; Hartauer Insurance Agency, Inc., La Salle, Illinois; Home Insurance Agency, Tell City and New Albany, Indiana; Nelson Brothers Agency, Bettendorf, Moline, Muscatine, and Blue Grass, Iowa; Schneider Insurance Agency, Inc., Gahanna and Newark, Ohio; and Lakeshore Financial Group, LLC, Fond du Lac, Wisconsin. It is a true honor for Pekin Insurance to recognize the accomplishments of their outstanding agents and agencies at Awards and Appreciation Banquets that have become traditions for 54 years.

Pekin Insurance, which provides multiple lines of insurance, has been in business since 1921. The company offers a wide range of insurance products in Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin through its growing agency force, which now totals over 1,200 independent agencies and nearly 8,000 producers in the six-state area. The company is headquartered in Pekin, Illinois, with service offices in Mount Vernon, Rockford, and Warrenville, Illinois; Indianapolis, Indiana;
Des Moines, Iowa; Columbus, Ohio; and Appleton, Wisconsin.

Read More

Pekin Insurance Holds Annual Meeting

Posted by on Feb 20, 2014 in News

The Farmers Automobile Insurance Association held its annual meeting on Tuesday, February 11, 2014, 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 Gordon M. Walker, Groveland, Illinois.

Subscribers elected the following to the Advisory Committee: Steven R. Anderson, Loves Park, Illinois; Craig W. Concklin, Hinsdale, Illinois; Byron A. Dodd, Anna, Illinois; Scott A. Martin, Peoria, Illinois; Gordon M. Walker, Groveland, Illinois; and Thomas C. Hornstein, A. Richard Kriegsman, and Christine A. Schwartz, all of Pekin, Illinois.

Pekin Insurance officers elected included: Gordon M. Walker, Chairman of the Board; Steven R. Anderson, Vice Chairman of the Board; Scott A. Martin, President and Chief Executive Officer; 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; Neal P. Kaderabek, Vice President – Information Technology; Edward A. Mulvey, Vice President – Personal Lines Underwriting and Assistant Secretary; 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; Jeff A. Nelson, 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 1,165 independent agencies and 8,030 insurance producers in the six state area. The company is headquartered in Pekin, Illinois, with service offices at Mount Vernon, Rockford, and Warrenville, Illinois; Indianapolis, Indiana; Des Moines, Iowa; Columbus, Ohio; and Appleton, Wisconsin.

Read More

Scott Martin Elected Chief Executive Officer of Pekin Insurance

Posted by on Feb 18, 2014 in News

At the Annual Meeting of The Farmers Automobile Insurance Association held on Tuesday, February 11, 2014, Scott Martin, FLMI, was elected Chief Executive Officer of Pekin Insurance. He will remain as President of Pekin Insurance.

A graduate of Bradley University with a Bachelor of Science Degree in Business Management and Administration, he began his honorable career with Pekin Life Insurance Company in 1976 as an underwriter trainee. He advanced to assistant underwriter in 1978, underwriter in 1979, and senior underwriter in 1981. Five years later, he advanced to chief underwriter and attained Staff Management status. In 1990, he was named underwriting manager, and he was promoted to vice president – administration and assistant secretary in 1994. In 2003, he was named senior vice president of all Pekin Insurance companies and chief operating officer of Pekin Life Insurance Company. In 2006, he was promoted to president and chief operating officer of Pekin Life Insurance Company, and in 2008, he was given the additional responsibility of chief operating officer of the Property/Casualty companies. In 2010, he became President of all Pekin Insurance companies. He has served on the Pekin Insurance Board of Directors since 2004.

Always striving to remain professional and to excel in his career, he earned the Fellow, Life Management Institute (FLMI) Designation in 1987 and obtained a certificate from the Academy of Life Underwriting (ALU) education program in 1990.

Giving every effort his personal best, he has devoted much time to industry and community involvements. He is on the Board of Directors of the Illinois Life Insurance Council and the Illinois Insurance Association (IIA). He also is on the Board of Directors of the American Red Cross, Central Illinois Chapter. He most recently was named as a Director for Herget Bank, N.A. For many years, he has demonstrated passion, pride, and allegiance to the St. Jude Midwest Affiliate. Pledging many hours to the fund-raising efforts of this worthwhile organization, he is serving on their Board of Directors and is Co-Chairman of the St. Jude Tazewell County Golf Classic.

He and his wife, Joan, reside in Peoria. They are the parents of two children and the grandparents of one grandson.

Read More

Chairman of the Board and Chief Executive Officer Gordon Walker Retires

Posted by on Feb 18, 2014 in News

Gordon Walker, after 43 years of dedication and commitment, is retiring from his career at Pekin Insurance. His leadership has allowed the company to tackle some of the industry’s toughest issues on his watch, but through his vision and quest for achievement, Pekin Insurance has grown and prospered. Thoughtful, energetic, and professional, he has been committed to upholding the company’s unparalleled standards of excellence. Never believing in the words, “we can’t do it,” he has worked even harder to make sure that the impossible became the possible. He motivated all at the company to reach their personal potentials and then to exceed them as he has done for the past 43 years.

At the Annual Subscribers Meeting of The Farmers Automobile Insurance Association on February 11, 2014, he officially retired as Chief Executive Officer. He will remain as Chairman of the Board.

Due to his professionalism and dedication, agents, policyholders, and employees have all benefited. He has a strong belief in the independent agency system, and by continually staying in touch with the ever-changing insurance industry, he has helped to build Pekin Insurance to the success and notable stature that it holds amongst other insurance carriers today. He was instrumental in the company branding initiative in 2010. Beyond the expected,® the company’s new branding slogan, is not a hollow slogan to him. It is his standard of performance over the last 43 years in every aspect of every position he held within the company.

A few of the many noteworthy events that have taken place under his capable guidance and demonstrating his ability to be a catalyst of change were developing Strategic Planning teams for all companies that focus on producing better products and services that the company’s agents and policyholders expect and deserve and continuing to be the easiest company for agents to do business with. Entering a new marketing area in the state of Arizona in late 2011 was another mark of success in his career. A new focus on Commercial business and an emphasis on the rebuilding and improving of the Information Technology Department were both major and ongoing projects that were possible through his expertise. A shortage of space and the need for improvements in the company’s Home Office led to the purchase of a vacant building in Pekin, which now houses the entire Property/Casualty Claim operation and was molded by his vision. Throughout his years as chief executive officer, he has always been successful in meeting new challenges and reaching lofty goals.

Born and raised in Rushville, Illinois, he is a graduate of Illinois College in Jacksonville, Illinois, with a Bachelor of Arts Degree. He began his career with Pekin Insurance in 1970 as an assistant bond manager in the Surety and Fidelity Bond Department. In 1972, he transferred to Indiana as a field trainee and later worked as a field manager in Effingham, Illinois, and Cedar Rapids, Iowa. In July 1984, he was transferred to the Home Office as property/casualty marketing coordinator. In 1985, he was promoted to Staff Management status and was named sales manager. He was promoted to vice president – sales in January 1998. In 2003, he was elected senior vice president of all Pekin Insurance companies and chief operating officer of the property/casualty companies, and in 2006, he was promoted to president and chief operating officer of the property/casualty companies. He has served as a member of the Board of Directors since 2005. In March 2008, he was elected chief executive officer of Pekin Insurance and Chairman of the Board.

A strong supporter of the insurance industry, he has been actively involved with numerous organizations like the Professional Independent Insurance Agents of Illinois (PIIAI) and the Illinois Insurance Association. He pursued his professionalism in the industry with his attainment of the Chartered Property Casualty Underwriter (CPCU) Designation in 1995. True to the character of a leader of a service-associated company, he has always held great interest in community life. He is currently serving on the Board of Directors of Herget Bank, N.A., and the Pekin Police Foundation. His private generosities and consistent and positive devotion to St. Jude were instrumental in the development of the company’s current Birdies for St. Jude program. After his retirement, he will lend his energies, expertise, and talents as a member of the Board of Directors for St. Jude.

A mere thank you for his 43 years of commitment and dedication seems insignificant. His mark will always be seen in the dramatic growth of the company and the broad footprint the company has achieved within the insurance industry. He and his wife, Carol, are sincerely wished all the happiness and good health that they deserve in retirement.

Read More

Call Toll-Free 1-800-322-0160