This rating reflects the agency's evaluation of the company's financial strength and ability to fulfill its obligations to policyholders. When determining ratings and outlooks, AM Best considers various factors, such as underwriting performance, risk management, and capitalization. 

Dan Connell, Chairman of the Board, President, and Chief Executive Officer of Pekin Insurance, stated, “Pekin Insurance remains steadfast in our commitment to policyholders, maintaining our position as a reliable and trusted insurance provider. Our long-standing history of dedicated service to our customers will continue with the utmost professionalism and dedication.”

Last year, the company proactively implemented aggressive underwriting actions to mitigate the challenges of severe weather events due to its concentration of property risk exposures. As of October 1, 2024, the company has resumed accepting personal lines business on a controlled basis within most counties it serves.

Strategically, they continue to focus on expanding their Commercial and Life products while maintaining a disciplined approach to personal lines. Additionally, their geographic expansion, including their recent entry into Utah and Michigan, will help lessen the impact of exposure to Midwest convective storms. 

Pekin Insurance is confident that these strategic actions will positively impact their future AM Best rating, returning them to a stable outlook.

“Transparency is paramount to us,” added Dan Connell, “and we will keep our stakeholders informed about any developments regarding our financial standing. Our commitment to providing exceptional service and coverage to our customers remains unwavering, ensuring their peace of mind during uncertain times.”

Pekin Life Insurance Company (PLIC):

AM Best has also affirmed the FSR of “A-” (Excellent) for Pekin Life Insurance Company. This rating reflects:

• A highly diverse investment portfolio of excellent credit quality

• Strong risk-adjusted capitalization

• A diversified product portfolio

These ratings, published in AM Best’s Insurance Reports, represent their independent opinion of the life insurance company’s financial strength and ability to meet ongoing insurance policy and contract obligations.

With nearly 700 employees, Pekin Insurance has been in business since 1921, providing multiple lines of insurance. Pekin Insurance offers property and casualty insurance in Arizona, Illinois, Indiana, Iowa, Michigan, Ohio, Utah, and Wisconsin, with nearly 1,200 independent agencies in the eight-state area. Affiliate Pekin Life Insurance Company sells individual Life Insurance, Medicare Supplement, and Pre-Need coverage in 22 states. The company is headquartered in Pekin, Illinois. Visit www.pekininsurance.com for more information.