{"id":64827,"date":"2015-06-12T07:37:46","date_gmt":"2015-06-12T12:37:46","guid":{"rendered":"https:\/\/thevwindependent.com\/news\/?p=64827"},"modified":"2015-06-12T07:39:14","modified_gmt":"2015-06-12T12:39:14","slug":"central-holds-2015-policyholders-meeting","status":"publish","type":"post","link":"https:\/\/thevwindependent.com\/news\/2015\/06\/12\/central-holds-2015-policyholders-meeting\/","title":{"rendered":"Central reports positive financial results"},"content":{"rendered":"

Central Insurance Company information<\/i><\/p>\n

Recognizing the value in the company\u2019s results was the focus of the 140th annual Central Mutual Insurance Company policyholders\u2019 meeting held recently in Van Wert.<\/p>\n

\u201cWe talk about the numbers a lot,\u201d said F.W. Purmort, Central chairman of the Board and president, \u201cbut there\u2019s a stronger message in what the numbers reveal.\u201d<\/p>\n

Purmort pointed out the company\u2019s Policyholders\u2019 Security Fund is at its highest level in the company\u2019s history and there\u2019s significant value in that number.<\/p>\n

\u201cOne of my favorite numbers is the Policyholders\u2019 Security Fund,\u201d he said. \u201cOur capacity to respond to our policyholders in a claims situation comes from this fund.\u201d<\/p>\n

\"Central<\/a>The fund increased by 3.4 percent in 2014 to $640.1 million, allowing the company to not only be adequately prepared to respond to a catastrophe, but to maintain a long-term viewpoint on products and pricing as well as the ability to invest in the future.<\/p>\n

Purmort also noted the company\u2019s premium production increased by 8.8 percent to $580.5 million. Retention increased 1.5 percent and new business increased 30 percent.<\/p>\n

\u201cThe value in this number is pretty phenomenal,\u201d he said. \u201cIt shows our agents were confident in selling our company\u2019s products and customers were willing to invest in our company.\u201d<\/p>\n

Purmort said that while the financial results of the company are important, there\u2019s significant value outside of the number values as well. The company maintained its \u201cA\u201d excellent rating with A.M. Best, while continuing to provide high quality customer service, enhanced Internet technology, and support to its agency partners.<\/p>\n

\u201cTimes are good and going forward they should continue to be good,\u201d Purmort said. The company will remain focused on positive progress and creating value for its policyholders and agents.<\/p>\n

\u201cWe have a plan and know where we want to take your company,\u201d Purmort said. \u201cWe are grateful for your faith in us to provide the protection, financial security, and peace of mind that comes with our products and services. That is our goal every day.\u201d<\/p>\n

Vice President-Treasurer Thad Eikenbary began his treasurer\u2019s report by stating: \u201cCentral Mutual recorded another strong financial result in calendar year 2014, much like that of 2013. Continued positive underwriting results and steady investment portfolio performance lead the way.\u201d<\/p>\n

Eikenbary reiterated the increase in direct written premiums, noting commercial premium writings increased by a strong 14.5 percent and policy counts increased by 9.2 percent. Personal lines business also increased by 5.3 percent with a 2.3 percent increase in policy count. The company\u2019s combined ratio for 2014 improved to 92.3 percent, much better than the industry at 97 percent. Net investment income for the company increased by $1.2 million from $37.7 million in 2013 to $38.9 million in 2014.<\/p>\n

\u201cWhile still a challenge in the current interest rate environment, income from the company\u2019s investment portfolio continues to be a positive and very consistent contributor to the entire operation,\u201d said Eikenbary.<\/p>\n

Central\u2019s bond portfolio increased by 5.6 percent during 2014.\u00a0 The quality of the portfolio remained very solid and Central continued to manage the maturity of the portfolio to ensure that it maintained the liquidity necessary to meet the company\u2019s financial needs.\u00a0 Central\u2019s stock portfolio represented 20.5 percent of the company\u2019s total invested assets.<\/p>\n

Central registered a net income after taxes and dividends of $60.8 million in 2014.\u00a0 A net underwriting gain of $31.8 million coupled with nearly $39 million in investment income lead to that result. Net income was down slightly from 2013 due to the company having to pay federal income tax.<\/p>\n

Central\u2019s assets increased by 6.7 percent to $1.48 billion and by the end of 2014, the company\u2019s Policyholders\u2019 Security Fund had another great year, increasing by $20 million to $640.1 million.<\/p>\n

In other business, Keith Moore, senior vice president and secretary, read the minutes from the 139th Policyholders\u2019 Meeting. T.B. Kearney, S.K. Moore, and J.E. White were re-elected to the Board of Directors for a three-year term. Other directors include J.L Covington, R.J. Kutella, D.P. Maconachy, E.J. Noonan, F.W. Purmort, and E.R. Buhl.<\/p>\n

Central Mutual Insurance Company is a personal and commercial property and casualty insurance company operating exclusively through independent insurance agents in nineteen states.\u00a0 The home office is located in Van Wert, with regional offices in Dallas, Atlanta, Boston, and Van Wert.<\/p>\n","protected":false},"excerpt":{"rendered":"

Central Insurance Company information Recognizing the value in the company\u2019s results was the focus of the 140th annual Central Mutual Insurance Company policyholders\u2019 meeting held recently in Van Wert. \u201cWe talk about the numbers a lot,\u201d said F.W. Purmort, Central chairman of the Board and president, \u201cbut there\u2019s a stronger message in what the numbers […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-64827","post","type-post","status-publish","format-standard","hentry","category-business"],"publishpress_future_action":{"enabled":false,"date":"2026-04-29 13:48:35","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/64827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/comments?post=64827"}],"version-history":[{"count":0,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/64827\/revisions"}],"wp:attachment":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/media?parent=64827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/categories?post=64827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/tags?post=64827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}