FAVORABLE WEATHER CONDITIONS GIVE REPREIVE TO PEI MUTUAL POLICYHOLDERS DURING 2016

4/26/2017

The new executive of PEI Mutual Insurance Co. was recently elected following the Company's 2017 Annual General Meeting. Incoming President, Brian MacKinley (centre) accepts the gavel from outgoing President, Stewart MacRae. Also looking on is Claude Dorgan, the Company's 2017 Vice-President.

After three consecutive years of significant claims activity, totaling nearly $40 million in covered losses, members of PEI Mutual Insurance Company finally experienced a bit of a reprieve in 2016. The Company, with its growing membership of 27,500 policyholders, was able to achieve an underwriting profit of $3.4 million in 2016 and a bottom-line income of $5.2 million, helping to offset much of underwriting losses experienced in the three preceding years.

CFO, Rudy Smith, commented that the Company's "saving grace" has always been the success of its internally managed investment portfolio, especially in those years of underwriting losses. Over the past 10 years the Company has been able to consistently achieve a bottom-line income mainly due to its consistent stream of investment income derived from the profits that have been retained and reinvested in the Company since its inception in 1885. Company CEO, Terry Shea, who recently announced his upcoming retirement, expressed great pride in what the Company has been able to achieve in his 16 years as the Company's CEO and for the 16 years before that as CFO. One of several key success factors that he noted was the reduction in the Company's expense ratio from 46% in 2000 down to 33% in 2016. "Building efficiencies into the Company's day-to-day operations has allowed us to allocate more of our policyholder's premiums towards the payment of claims and less towards the costs of running the business." Mr. Shea reflected much praise and thanks to the team of staff, agents and Directors around him that has seen the Company's grow from a premium base of $3.2 million in 1984 to $22.8 million in 2016.

Outgoing President, Stewart MacRae, was pleased to announce that the Company would be continuing with its 10% Mutual Rebate to policyholders in the upcoming year, noting that this would be reflected on the renewal of their policies in 2017.

PEI Mutual is located in Summerside, PEI and is the only insurance company of its kind. Island owned and operated since 1885 with decisions made locally!

NOTICE OF ANNUAL MEETING

3/14/2017

The Annual Meeting of the Members of the Prince Edward Island Mutual Insurance Company will be held at the Royal Canadian Legion building, 340 Notre Dame Street, Summerside, PEI on the 11th day of April, 2017, at 2:00 p.m.

The purpose of the meeting is to receive the financial statement and the auditor’s report for 2016; to elect directors; to appoint auditors; to amend bylaw 7 to correct descriptions of Director Zones 4, 7 & 8; and to transact other business which may properly be brought before the meeting.

A copy of the Notice of Motion for the Bylaw change is available by contacting head office at 1-800-565-5441 or PEI Mutual EMail

PEI Mutual Festival of Small Halls 2017

2/6/2017

We are delighted to announce that for the 5th year PEI Mutual Insurance Company will be our Festival’s title sponsor! It’s so rewarding to work with a local sponsor that shares a commitment to Island communities. Thank you for your ongoing support Terry Shea and team!

Chief Executive Officer Position with PEI Mutual Insurance Company

1/11/2017

Island Recruiting is currently searching for an insightful, dynamic, and hands-on Chief Executive Officer (CEO) to join our client in Summerside, PEI. Our client, Prince Edward Island’s largest property and casualty insurer, is a financially sound, service oriented, Island owned general insurance company with a staff of 40 employees.

About the Opportunity:
The CEO has overall responsibility for the leadership, strategic and management direction and business results of the company. Working closely with the Board and the management team, he/she ensures that the company establishes appropriate goals, and manages its resources to meet these goals.

• Oversee and monitor the day-to-day delivery of the company programs to maintain and improve quality of services;
• Gather, interpret and communicate information to the Board about community trends and resources as they relate to enhancing the Board’s capacity for effective decision-making and long-term planning;
• Lead the development and implementation of corporate policies and strategic planning;
• Ensure employee commitment to the corporate vision, values and strategies;
• Ensure effective business planning and control to maintain the financial integrity of the Corporation;
• Oversee all areas of human resource management, including the establishment and maintenance of a professional and competent staff team;
• Initiate and develop relationships with a broad range of community sectors, all levels of government, other non-profit organizations and businesses; and
• Ensure the implementation of the mechanisms required to support continuous quality improvement of services.

• The successful candidate will possess a degree in business, law, accounting, or related disciplines with executive level experience
• Insurance industry designations will be considered a valuable asset

• Enterprising, ethical, and enthusiastic;
• Willing to offer opinions and constructive criticism;
• Calm and steady under pressure;
• Team oriented and leads by example;
• Action and results-oriented;
• Diplomatic without compromising the interests of the organization; and
• Excellent oral and written communication skills.