PEKIN, Ill. – They’re calling it focusing on a “strategic initiative.”
Pekin Insurance says they’re restructuring the company so that it focuses more on Commercial and Life Insurance.
This, as they say they’re dealing with what are “unprecedented times” for property and casualty insurance industries, thanks mostly to severe weather.
Pekin Insurance says it’s temporarily suspended the acceptance of new homeowners and personal auto insurance policies in Illinois and four other states. They also won’t renew policies in Iowa.
They also will no longer insure apartments and condos in the Midwest.
“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, in a news release.
As it stands now, Pekin Insurance issues policies in 22 states.
It’s not clear if any jobs will be impacted by the restructuring.
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