Central Insurance reports strength

VW independent staff/submitted information

Central Insurance reported a year of resilience and stability in the face of industry challenges during its annual policyholder meeting held Wednesday, May 8, at the company’s headquarters in Van Wert.  

“Last year proved to be a challenging year for the insurance industry,” Chairman, CEO, and President Evan Purmort stated. “I am proud of our response to those challenges and steadfast in my belief that Central has never been better positioned to fulfill our promise to policyholders.” 

Against a backdrop of unprecedented reinsurance cost increases, record-breaking catastrophic losses, and persistent inflationary pressures, Purmort noted the company responded with incredible fortitude.

“We leveraged our financial strength and grew our surplus—outperforming our peers in underwriting profit,” he said. “We doubled down on investments in our people, technology, and specialization. Lastly, we never lost sight of taking the opportunity to invest in our community. These accomplishments reflect our collective commitment to excellence as we continue to build for the future.”   

Purmort 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 $90,000 in scholarships awarded to support local students’ academic futures.

The meeting also marked the beginning of Evan Purmort’s tenure as Chairman of the Board following his election earlier this year. Evan Purmort succeeds Bill Purmort in the role, who recently stepped down as Chairman after a distinguished 45-year career at Central.

“Bill’s lifelong commitment to fulfilling our promise has laid a powerful foundation that will propel us forward,” Evan Purmort said. “As I step into the role of Chairman of the Board, I am deeply honored and committed to advancing Bill’s legacy of integrity, excellence, and service.” 

Purmort also recognized Edd Buhl, who retired from the Board of Directors after three decades of dedicated service.

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

“The company achieved a growth rate of over 12 percent in 2023, doubling the prior year’s growth rate,” Seymour said. “This growth was driven by commercial lines, with the construction vertical leading overall premium growth. The business mix of the company finished the year with 58 percent of it being in commercial lines, and 42 percent in personal lines. The premium revenue and its growth helped support the payment of nearly $528 million in claims as the company fulfilled its promise through our culture of hospitality.”

Seymour also noted the combined results of underwriting and investment operations delivered a net income before tax of over $19 million. This net income drove a 1.6 percent return and added more than $12 million of additional strength to Central’s Policyholders’ Security Fund.

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