Strategic Changes Drive Reorganization
By Pekin Insurance · Oct 26, 2023 ·0 min read
Recent insurance industry changes have hit carriers very hard. Severe and erratic weather patterns and rising inflation have caused many carriers to reassess their strategies to remain profitable and financially stable for the long term. Pekin Insurance is not immune to these changes.
To combat these issues, we are accelerating our strategic plan to focus on more profitable commercial lines and life business. As we put these strategies in place, it is necessary for us to reduce our personal (home and auto) and property exposures by reducing coverage in select storm-prone areas. Unfortunately, this reduction in business also requires a reduction in our workforce.
On October 24, 2023, we eliminated a small percentage of full-time positions. We are also retraining and refocusing the efforts of many of our remaining employees.
Team members impacted by these changes were offered a severance package in accordance with their current position and seniority with the company. We wish all our employees the very best in their new endeavors.
“It is always extremely difficult to make these types of decisions. Unfortunately, today’s business climate is forcing us to take immediate action to ensure our future financial success and steadfast commitment to our policyholders. Our team will be focused on serving our agents and policyholders with excellence and precision.” said Dan Connell – Chairman of the Board, President, and Chief Executive Officer of Pekin Insurance.