Pekin Insurance went from a $ 170M loss in 2023 to record-breaking profits in 2024, driven by bold decisions, strong platforms and strategic partnerships
PEKIN INSURANCE
Pekin Insurance went from a $ 170M loss in 2023 to record-breaking profits in 2024, driven by bold decisions, strong platforms and strategic partnerships
In 2023, Pekin Insurance faced the worst financial loss year in its history. The Illinois-based property casualty and life insurance carrier recorded a staggering US $ 170m net loss. Just twelve months later, the company achieved its most profitable year in two decades. Key to this remarkable transformation was the support enabled by Pekin’ s technology ecosystem led by Amy Bingham, the firm’ s Vice President and Chief Information Officer. It was her strategic deployment of technology partnerships and platform modernisation initiatives that played an integral role in the company’ s dramatic turnaround.
“ In a one-year timespan, we went from having the worst loss year to the most profitable in almost two decades,” Amy explains. The achievement represents an unprecedented recovery in an industry where such rapid transformations are virtually unheard of.
Pekin Insurance operates across 22 US states and employs around 700 staff members, while distributing its products through around 1,500 agencies and a network of 8,500 agents. Property and casualty insurance is offered in eight states, with strategic expansion plans for the next decade.
68 September 2025