The new executive of PEI Mutual Insurance Co. was recently elected following the Company's 2011 Annual Meeting held at the Royal Canadian Legion, in Summerside.

Outgoing President, Claude Dorgan, commented that PEI Mutual had another successful year. The Company actively celebrated 125 years of being in business, paying out a special dividend to its policyholders in the amount of $1.5 million. The Company was able achieve a bottom-line profit of $1.0 million even after a significant payout of $9.0 million in losses to its policyholders during the year.

Manager, Terry Shea, thanked the Board, Staff & Agents for their leadership and participation in the 125th anniversary celebration activities that took place across the Island throughout the year. It was a year to be proud of managing such a great Mutual company.

Mr. Shea commented that it was a year of high claim payouts, primarily due to weather related incidents and the ever growing costs & occurrence of oil spills. PEI Mutual has invested significant time & resources over the past year working with provincial regulators and other industry stakeholders to gain control over oil spills occurrences. Mr. Shea stated that PEI Mutual is committed to working together with these other stakeholders to improve regulations over future oil installations. Much is being accomplished, but much work still needs to be done.

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.