PEKIN, Ill. (WMBD) — Pekin Insurance announced on Tuesday that it will be making changes to adapt as part of its strategic restructuring plan.
According to a Pekin Insurance news release, it will temporarily not accept new homeowners or personal auto insurance clients in Arizona, Illinois, Indiana, Ohio and Wisconsin.
They will also stop renewing home and auto insurance policies in Iowa. The change was due to the challenge of keeping home and property premiums at manageable levels while paying ever-increasing claim amounts during severe and erratic weather.
The company will be primarily focusing on commercial and life insurance, which has been less impacted by environmental changes.
“As the industry changes, so must Pekin Insurance,” Dan Connell, Chairman of the Board, President, and Chief Executive Officer of Pekin Insurance said. “Focusing on our Commercial and Life Insurance strategy will ensure our continued financial stability for now and many years to come.”
All changes are expected to go into effect immediately.
Pekin Insurance stated that policyholders affected by these changes can work with independent insurance agents to place their policies with other insurance carriers.
More information on Pekin Insurance is available on its website.