Pekin Insurance announced Wednesday that it eliminated a small percentage of its full-time positions on Tuesday.
According to a Pekin Insurance press release, the job cuts are part of the company’s accelerated strategic plan to focus more on profitable commercial lines business.
All employees who have lost their jobs have been offered severance packages.
Dan Connell, Chief Executive Officer of Pekin Insurance, said these decisions are always difficult to make.
“Unfortunately, today’s business climate requires us to take immediate action to ensure our future financial success and unwavering commitment to our policyholders,” Connell said. “Our remaining team will focus on serving all of our customers with excellence and precision.”
Pekin Insurance previously announced its restructuring plan in early October due to severe and erratic weather patterns and rising inflation. Part of the plan was to stop accepting new homeowners and personal auto insurance customers in several states, including Illinois.
