PEI MUTUAL INSURANCE COMPANY 2014 ANNUAL MEETING
4/14/2014
The new executive of PEI Mutual Insurance Co. was recently elected following the Company's 2014 Annual Meeting held on April 8th, 2014. Incoming President, Gordon Vessey(right) accepts the gavel from outgoing President, Brian Annear.
At the recent Annual Meeting of PEI Mutual Insurance Company, Rudy Smith, the Corporate Treasurer, commented that the Company ended the year with a net income of $1.1 million. A large increase in claim payments had a significant negative impact on the financial results, as compared to the previous year. The majority of this increase resulted from damage caused by the perils of fire and water escape. It was noted that the Board of Directors have declared a 10% mutual rebate for 2014, to be given as a discount or reduction in premium at the time of policy renewal.
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