{"id":77421,"date":"2016-06-23T07:36:28","date_gmt":"2016-06-23T12:36:28","guid":{"rendered":"https:\/\/thevwindependent.com\/news\/?p=77421"},"modified":"2016-06-23T07:37:09","modified_gmt":"2016-06-23T12:37:09","slug":"central-reports-record-breaking-financials","status":"publish","type":"post","link":"https:\/\/thevwindependent.com\/news\/2016\/06\/23\/central-reports-record-breaking-financials\/","title":{"rendered":"Central reports record-breaking financials"},"content":{"rendered":"

VW independent\/submitted information<\/em><\/p>\n

Central Mutual Insurance Company announced the best financial results in the company\u2019s 140-year history at its annual policyholders\u2019 meeting held recently.<\/p>\n

President and Chairman of the Board F.W. Purmort noted it was \u201ca year of firsts\u201d as he shared record-breaking results in direct written and personal lines premium, policies written, and the Policyholders\u2019 Security Fund.<\/p>\n

\u201cMy favorite number is the Policyholders\u2019 Security Fund,\u201d he said. \u201cThe fund\u2019s high-water mark of $705.8 million speaks to how financially strong the company is and how we can protect the 350,000 people who have invested in our company.\u201d<\/p>\n

\"Central<\/a>The fund not only allows the company to 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

\u201cThe strength and stability of this fund allows us to have patience and focus on how to best operate our company for policyholders,\u201d Purmort added.<\/p>\n

He also shared that direct written premium reached an all-time high of $630.5 million, an increase of 8.6 percent, and noted personal lines premium was a significant piece of those results at $374.4 million, another record for the company.<\/p>\n

To continue the momentum of growth and profitability, Purmort shared an innovative strategy including adapting the use of analytics, expanding licenses to several more states, acquiring a chief financial officer, implementing an enterprise risk management program, and developing a small commercial business service center. The company will support these initiatives through the development of an innovation team dedicated to the research and development of it products and processes.<\/p>\n

\u201cI look forward to these challenges and what they will mean for our company,\u201d Purmort said. \u201cIt will provide development opportunities for us, new capabilities for our agency partners, and security for our policyholders.\u201d<\/p>\n

Central Vice President\/Treasurer Thad Eikenbary also noted the company had an outstanding year financially.<\/p>\n

\u201cCentral Mutual recorded another outstanding financial result in calendar year 2015, in many ways surpassing our results in 2014,\u201d the treasurer said. \u201cContinued positive underwriting results and steady investment portfolio performance led the way again this year.\u201d<\/p>\n

Eikenbary reiterated the increase in direct written premiums, noting commercial premium writings increased by a strong 10.5 percent and policy counts increased by 7.4 percent. Personal lines business also increased by 7.4 percent with a 4.6 percent increase in policy count. The company\u2019s combined ratio for 2015 improved to 91.5 percent, which compares quite favorably to the industry at 98 percent. Net investment income for the company increased by $3.2 million from $38.9 million in 2014 to $42.1 million in 2015.<\/p>\n

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

Central\u2019s bond portfolio increased by 5.7 percent during 2015. 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. Central\u2019s stock portfolio represented 21.5 percent of the company\u2019s total invested assets.<\/p>\n

Central registered a net income after taxes and dividends of $68.3 million in 2015. A net underwriting gain of $39 million coupled with $42 million in investment income lead to that result.<\/p>\n

Central\u2019s assets increased by 6.5 percent to $1.58 billion and by the end of 2015, the company\u2019s Policyholders\u2019 Security Fund had another great year as previously noted, increasing by $65.7 million to an all-time high of $705.8 million.<\/p>\n

The company also 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

In other business, Senior Vice President\/Secretary Keith Moore read the minutes from the 140th policyholders\u2019 meeting and Purmort, E.J. Noonan, and D.D. Stripe were re-elected to the Board of Directors for a three-year term. Other directors include E.R. Buhl, J.L Covington, T.B. Kearney, S.K. Moore, and J.E. White.<\/p>\n

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

VW independent\/submitted information Central Mutual Insurance Company announced the best financial results in the company\u2019s 140-year history at its annual policyholders\u2019 meeting held recently. President and Chairman of the Board F.W. Purmort noted it was \u201ca year of firsts\u201d as he shared record-breaking results in direct written and personal lines premium, policies written, and the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,3],"tags":[],"class_list":["post-77421","post","type-post","status-publish","format-standard","hentry","category-business","category-news"],"publishpress_future_action":{"enabled":false,"date":"2026-04-23 23:44:19","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\/77421","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=77421"}],"version-history":[{"count":0,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/77421\/revisions"}],"wp:attachment":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/media?parent=77421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/categories?post=77421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/tags?post=77421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}