Central Insurance has record setting year

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Central Insurance reported a record financial performance in 2022 during its annual policyholder meeting held Wednesday, May 10, at the company’s headquarters in Van Wert.

CEO and President Evan Purmort credited the results to Central’s culture and commitment to protecting its policyholders, ensuring its ability to provide financial peace of mind and exceptional hospitality against the backdrop of a financially volatile year.

“Thanks to a strong culture, clear vision, and an unwavering commitment to those who trust in us, we successfully set a new all-time high, increasing our policyholders’ security fund to $1.03 billion and posting a 97.2 percent combined ratio, our best since 2015, and nine points better than the mutual industry average in 2022,” Purmort said.

Purmort highlighted how the company’s financial position allowed for continued investments in technology, talent, and improvements to modernize human resources, information technology, marketing, claims, actuarial, data analytics, and underwriting.  

“Throughout 2022, we set forward to focus our resources and efforts on products to enrich our connection with agents and policyholders,” he said. ” We brought specialized expertise to the table, building a vertical leadership team that understands what matters most to our customers. From product development to underwriting, claims to customer service, the outcome is underwriting excellence, stronger relationships, and products aligned with our policyholders’ evolving needs and expectations.”  

Purmort also touched on the company’s commitment to the local community through its $17 million investment in the restoration and revitalization of downtown Van Wert and more than $93,000 in scholarships awarded to local graduates. 

“Looking back on 2022, we are proud of our accomplishments,” he stated. ”We fully expect 2023 to be a challenging year for the industry, but Central is well-positioned to endure and will continue moving ahead with a defined plan, strong culture, and steadfast commitment to you, our policyholders.”   

Chief Financial Officer Keith Goad expanded on Central’s continued financial strength and stability last year.  

“Central grew at +5.6 percent overall in 2022, with commercial lines growth particularly strong at +9.6 percent,” Goad said. “And after several years of decline, our personal lines book of business returned to positive growth in 2022. Central finished the year with a business mix of 57 percent commercial lines and 43 percent personal lines. Premium revenue and its growth helped support the payment of nearly $415 million in claims.” 

During the regular Board meeting, the Board of Directors elected Cindy Hurless to the role of Corporate Secretary. As Central’s COO, Hurless is responsible for home office underwriting, home office claims, customer services, client connection operations, facilities and property management, and home office marketing.  

In other business, Evan Purmort and Lee Covington were re-elected to the Board of Directors for a three-year term, and Edd Buhl was re-elected for a one-year term. Other directors include Cindy Hurless, Tom Kearney, Ed Noonan, Jocelyn Pfeifer, Bill Purmort, Romel Salam, Dennis Stripe, and David Ward. 

To learn more about the innovation, investments, and culture of excellence behind the company’s successful performance in 2022, read Central’s Annual Report. 

The Central Mutual Insurance Company was founded in Van Wert in 1876 and has since evolved into Central Insurance, a property and casualty insurance carrier providing premium coverage for hundreds of thousands of individuals and businesses across the country. Central is based in Van Wert and operates regional offices in Boston, Atlanta, and Dallas, with satellite offices in Columbus and Salt Lake City. Central Insurance has combined assets of more than $2 billion. Central’s A.M. Best rating is A (Excellent).