Citing industry changes, Pekin Insurance announces workforce reduction
Pekin Insurance announced Wednesday that the company eliminated “a small percentage” of full-time positions.
According to a Wednesday news release, rising inflation, along with severe and erratic weather patterns have forced Pekin Insurance to reassess its business model in an effort to maintain long-term profitability and financial stability.
The news release said, "a strategic plan to focus on more profitable commercial lines business means the company will reduce coverage in select storm-prone areas."
The reduction in business requires a reduction in Pekin Insurance’s work force, according to Pekin Insurance CEO Dan Connell.
“It is always extremely difficult to make these types of decisions,” Connell added. “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 remaining team will be focused on serving all our customers with excellence and precision.”
Team members impacted by these changes were offered a severance package in accordance with their current position and seniority with the company, according to the release. Pekin Insurance is also re-training and refocusing the efforts of many of its remaining employees.
The Pekin Daily Times has reached out to Pekin Insurance for further comment, but has not yet received a response.
This article originally appeared on Pekin Daily Times: Pekin Insurance reducing workforce due to 'industry changes'
