Pekin Insurance Group and its affiliated companies, including the Farmers Automobile Insurance Association and its subsidiaries Pekin Insurance Company, Pekin Life Insurance Company (PLIC), and Pekin Select Insurance Company, have recently been reaffirmed with an A- (Excellent) financial strength rating by AM Best, a global credit rating agency specializing in the insurance industry. In addition, AM Best has revised the Pekin Insurance Group from a negative to a stable outlook.

 

An AM Best stable outlook indicates that a company will likely maintain its financial stability and ability to meet its policyholder obligations over the next 12 months. This outlook is based on a comprehensive evaluation of the company's financial strength, operating and underwriting performance, risk management, capitalization, and business profile.

 

Dan Connell, Chairman of the Board, President and Chief Executive Officer of Pekin Insurance, stated, “The improvement in our outlook shows the positive momentum we’ve built through our strategic growth, disciplined expense management, and a clear focus on long-term stability. Our rating of A- (Excellent) is based on our strong risk-adjusted capitalization, conservative investment portfolio, and recent strategic actions to favorably impact our financial performance.”

 

Senior Vice President, Chief Financial Officer, and Treasurer Ryan Hanson commented, “This is a significant milestone for us. It signifies that AM Best recognizes the solid progress we've made and the growing confidence in our long-term performance and financial stability.”

 

Pekin Insurance has been protecting families and businesses since 1921. The company is a leading property, casualty, and life insurance provider headquartered in Pekin, Illinois. Through a network of more than 1,100 independent agencies and over 10,000 insurance producers, Pekin Insurance delivers multi-line coverage in Arizona, Illinois, Indiana, Iowa, Michigan, Ohio, Utah, and Wisconsin, as well as life insurance products in additional states.

 

As an employer, Pekin Insurance is dedicated to creating a workplace where employees can belong, thrive, and make a difference.