Pekin Insurance Focusing on Strategic Initiative
By Pekin Insurance · Oct 4, 2023 ·1 min read
The Property and Casualty insurance industry is experiencing unprecedented times. Severe and erratic weather patterns combined with the impacts of rising inflation earlier this year have challenged the ability to keep home and property premiums at manageable levels while paying ever-increasing claim amounts. To meet these challenges, Pekin Insurance is accelerating a strategic restructuring plan that has a primary focus on Commercial and Life Insurance, where the impacts of current environmental challenges are reduced.
Increasing our focus on business insurance will significantly impact our long-term success. As we put our strategies in place, it is necessary for us to reduce our exposure to personal insurance. We will temporarily suspend the acceptance of new homeowners or personal auto business in Arizona, Illinois, Indiana, Ohio, and Wisconsin while exiting new and renewal policies for this type of business in Iowa. This decision was an extremely difficult one to make; however, it is necessary to ensure the continued long-term success of the company. On the commercial side, we will exit Habitational (condos and apartments) products in the Midwest, which, like our personal insurance, have high property risk exposures to severe weather events.
“As the industry changes, so must Pekin Insurance. Focusing on our Commercial and Life Insurance strategy will ensure our continued financial stability for now and many years to come,” said Dan Connell, Chairman of the Board, President, and Chief Executive Officer of Pekin Insurance.
These changes will go into effect immediately. We understand some of them could be confusing to policyholders. For those customers who will be losing coverage, our independent insurance agents may work with them to place their policies with other carriers. All policyholders impacted by these changes can still expect claims to be handled efficiently and will receive excellent customer service through the remainder of their policy term.
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 property and casualty coverage in Arizona, Illinois, Indiana, Iowa, Ohio, Utah, and Wisconsin with nearly 1,300 independent agencies in a seven-state area. We also sell Life Insurance, Medicare Supplement policies, and Pre-Need coverage in 22 states. The company is headquartered in Pekin, Illinois.