PEKIN, Ill. (WMBD) — Pekin Insurance announced Wednesday that they eliminated a small percentage of its full-time positions on Tuesday.
According to a Pekin Insurance news release, the job cuts are part of its accelerated strategic plan to focus more on profitable commercial lines business.
All the employees who lost their jobs were offered a severance package.
Dan Connell, the Chief Executive Officer of Pekin Insurance, said these decisions are always tough to make.
“Unfortunately, today’s business climate is forcing us to take immediate action to ensure our future financial success and steadfast commitment to our policyholders,” Connell said. “Our remaining team will be focused on serving all our customers with excellence and precision.”
Pekin Insurance had previously announced its restructuring plan in early October due to severe and erratic weather patterns and rising inflation. Part of its plan included no longer accepting new homeowner or personal auto insurance clients in several states, including Illinois.
More information on Pekin Insurance is available on its website.