The new executive of PEI Mutual Insurance Co. was recently elected following the Company's 2010 Annual Meeting held at the Royal Canadian Legion, in Summerside.

In his Manager's Report, Terry Shea, focused on the financial stability and longevity of the Company, now in its 125th year. He advised policyholders that they will be receiving a total of $3,100,000 in mutual rebates during 2010:

• "A "Mutual Rebate" of $1,600,000 (10% of 2010 premium) will be deducted from policyholder's invoices upon renewal, and
• "A "Special Mutual Rebate" of $1,500,000 (10% of 2009 premium) was paid out to policyholders in early April of this year

He noted that Mutual Rebates have been paid out to policyholders in 21 of the past 27 years - the total amount refunded being approximately $24,100,000.

President Stewart MacRae made comments on the steady & continued growth of the Company, as well as the decrease in claims reported, which resulted in excellent financial results in 2009. He reiterated the importance of giving back Mutual Rebates to policyholders in years that the Company is in a financial position to do so.

Mr. Shea reflected that today, 125 years later, PEI Mutual has 25,000 members and is a financially sound company, writing 28% of the PEI property and casualty insurance market. A testament of the recent growth and financial success of the Company, revenues are now 4 times what they were 20 years ago and equity or accumulated surplus is 5.5 times what it was 20 years ago.

PEI Mutual's head office is located in Summerside and it is the only insurance company of its type on PEI - truly an Island company, owned and operated by Islanders with decisions made locally.