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Purmort shared a five-year vision grounded in sustainable growth, innovation, and trusted partnerships. \u201cOur vision for the next five years is ambitious. But it\u2019s achievable thanks to the strong relationships and foundation we\u2019ve built\u2014a foundation that will support our commitment to underwriting excellence and exceptional hospitality.\u201d <\/p>\n\n\n\n
As part of its long-term strategy, Central completed its transition to a mutual holding company structure\u2014an important step designed to enhance the company\u2019s ability to grow and innovate while protecting policyholder rights. <\/p>\n\n\n\n
\u201cThis reorganization wasn\u2019t just a structural change; it was a promise to prioritize you, our policyholders, above all else,\u201d Purmort said. \u201cIt gives us the flexibility to adapt to the volatility of our industry while protecting your interests and solidifying your stake in our shared success.\u201d <\/p>\n\n\n\n
Purmort also highlighted Central\u2019s continued investment in the communities it serves, including $85,000 in scholarships awarded to support local students. <\/p>\n\n\n\n\n\n\n\n
Chief Financial Officer Jessica Seymour expanded on Central\u2019s continued financial strength and stability last year.\u202f\u202f <\/p>\n\n\n\n
\u201cThe company achieved a growth rate of approximately nine percent in 2024, driven by commercial lines achieving an all-time high for new business. The company’s business mix ended the year at 60 percent commercial lines and 40 percent personal lines, showing a yearly shift towards more commercial lines. The premium revenue and its growth helped support the payment of nearly $574 million in claims as the company fulfilled its promise through our culture of hospitality.\u201d\u00a0\u00a0<\/p>\n\n\n\n
Seymour also noted that 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 $30 million of additional strength to Central\u2019s Policyholders\u2019 Security Fund. <\/p>\n\n\n\n
In other business, Cindy Hurless, Ed Noonan, Dennis Stripe, and Ryan Maconachy were re-elected to the Board of Directors for a three-year term. Other directors include Evan Purmort, Jocelyn Pfeifer, Tom Kearney, Romel Salam, Richard Staropoli, and David Ward.\u202f <\/p>\n\n\n\n