Annual Report 2024
Foundation for the Future
Evan Purmort
Chairman, CEO, President
Central’s strength lies in its ability to adapt and innovate, even when faced with challenges.”
2024 was the worst year for catastrophe losses in our company’s history—but that didn’t slow us down. Instead, it inspired us to move smarter and faster, reimagining how we can better serve our policyholders and agents. Our employees embodied Central’s commitment to excellence with tenacity and resourcefulness, taking action to go above and beyond for those who depend on us. From developing new products to investing in specialization, we focused on increasing our financial strength and delivering the exceptional hospitality that defines Central.
We achieved some big things in 2024. By balancing underwriting excellence and expense management, we ensured agility and competitive pricing for policyholders. This approach drove record-breaking commercial lines new business last year and supports sustainable growth moving forward. We increased our policyholder surplus to an all-time high for the fourth consecutive year. Our reorganization into a mutual holding company strengthened our competitive edge, positioned Central to navigate industry volatility, and protected the interests of our policyholders. These milestones reflect our resilience, stability, and investment in the future of the company and those who rely on us.
Our vision for the next five years is ambitious. But it’s achievable thanks to the strong agent relationships and foundation we’ve built—a foundation that will support the next phase of product innovation and our commitment to exceptional hospitality. We remain focused on underwriting excellence and commercial lines growth, positioning us to better serve those who place their trust in Central.
The successes of 2024 were built on a legacy of trust and partnership. Nearly 150 years after writing our first policy, Central’s commitment to excellence and hospitality continues to define what makes us strong, shaping where we have been and where we’re going together next.
02
Strategy
Specialization, Stability,
Strength
Smart, strategic growth is the foundation of Central’s future. We’re expanding into attractive markets where our expertise, specialization, and strong relationships add the most value. We’ve aligned our teams to support this long-term success. Underwriters are focused on making informed risk decisions, while our distribution teams work closely with agents to understand policyholder needs and develop products in step with them. Our shared strategic vision and commitment to excellence ensure every action we take positions Central for sustainable growth while continuing to deliver the exceptional hospitality our policyholders expect.
Growth and Innovation
Last year, we took action to enhance Central’s financial flexibility and expand our growth opportunities. Transitioning to a mutual holding company strengthens our ability to innovate and compete while remaining aligned with the long-term interests of our policyholders. We also expanded our leadership team by appointing R.J. Coleman as Vice President of Growth. In this new role, R.J. is focused on attractive markets beyond our core operations and driving the execution of growth and expansion strategies aligned with Central’s underwriting excellence goals. These advancements are building momentum for the future, enabling us to evolve while continuing to deliver the products and exceptional customer care our policyholders expect.
03
Growth
Driving Expansion
in Commercial Lines
A Big Coverage Designed for Small Business
Central launched its new Business Owner’s Policy (BOP) in April, a packaged, comprehensive property and liability coverage designed for small businesses. Developed in response to policyholder and agent feedback, BOP simplifies coverage and streamlines the quoting process, making it faster and easier for small business owners to protect everything they’ve worked to build.
Since launching the BOP in April, 72% of BOP policies written required no underwriting referral.
Launching BOP wasn’t just about introducing a new product—it was about laying the foundation for how we support small businesses moving forward. This is our first step toward building a more efficient, responsive approach to small business insurance.
- Brandon Corum
Vice President - Personal Lines and Small Commercial
A Large Capacity for Construction
Our commitment to large construction isn’t a short-term play; it’s a strategic investment to serve this market for years to come. We built a strategy for sustainable, long-term growth in large construction. That consistency makes us a reliable market for these complex risks.
- Scott Zemberi
Senior Director of Construction Underwriting
04
Hospitality
Delivering on Our Promise
When It Matters Most
Strength in the Storms
2024 was a record-setting year for catastrophes for Central. The Claims team handled nearly 1,900 claims for Hurricane Helene alone—a testament to their resilience and teamwork. During these events, line-of-business specialization, consolidated leadership, and strategic field presence proved invaluable, supporting rapid response and streamlined decision-making. Thanks to Central’s structured claims response and tireless team efforts, policyholders received the support they needed, and claims were handled quickly.
263 claims settled
Hurricane Beryl
115 claims settled
Hurricane Debby
1,795 claims settled
Hurricane Helene
The Power of Teamwork
You can have the best products, the best ideas, the best vision—but it's the people who deliver all those things. I’ve worked in insurance for 31 years, and I've never seen a group step up like this one did. They pitched in, worked long hours, and made sure our policyholders were taken care of when they needed us most. The collective effort was powerful, truly motivational, and a testament to Central’s culture.
- Scott Russo
Senior Property Complex Claims Manager
Setting the Standard in Hospitality
Our policyholders rely on us during challenging times. Each claim represents a moment of trust and an opportunity for us to offer reassurance, responsiveness, and resolution when it matters most. With a Net Promoter Score of 72—a metric measuring customer loyalty and likelihood to recommend—and a Google rating of 4.9, we're considered excellent and rank in the top quartile of performers across most industries. These results reflect our dedication to customer satisfaction and consistent delivery of outstanding service.
0.72 / 1.00
Net Promoter Score
4.9 / 5.0
Google Rating
Line-of-Business Specialization
A shift to line-of-business specialization enhanced efficiency and customer experience in 2024. Claims handlers deepened expertise in their respective areas, reducing customer handoffs and improving response times.
We’ve rebuilt processes to be more efficient and customer-focused. The shift to line-of-business specialization enhances the customer experience. Our policyholders aren’t getting transferred around—they’re working directly with someone who has the expertise to best handle their claim.
- Jessica Pannkuk
Director of Auto Damage Claims and Operations
Digital Claims Solutions
Digital claims solutions provide next-level hospitality and efficiency. Expanding two-way texting in May boosted policyholder use, enhancing claims communication and resolution speed. Digital payment options allow us to resolve and close claims faster and quickly provide secure digital payments to anyone, using any method, from anywhere.
claims customers utilized Central’s text communication services.
customers expedited their claim by texting photos of damaged property.
claims payments were made via digital payment solutions.
of all claims payments processed digitally.
Text-based claims peaked in the aftermath of Hurricane Helene as policyholders turned to mobile communication amid disrupted phone and internet services, underscoring the importance of digital claims options during critical, high-volume incidents.
SIU and Subrogation
Central’s Special Investigations Unit conducted over 1,400 investigations in 2024, identifying nearly $12 million in potential fraud. AI and machine learning played a critical role in detection accuracy and speed, with over 300 cases flagged via advanced analytics, reinforcing our commitment to proactive fraud mitigation. The Subrogation team recovered 151% of their goal in 2024, achieving an all-time high in recoveries.
in SIU economic impact
in subrogation recoveries
subrogation recoveries compared to 2023
in returned deductibles
05
Relationships
Connection and Collaboration
Product
Central’s product strategy focuses on deeply understanding the challenges our agents and policyholders face in today’s rapidly evolving insurance marketplace. Based on this understanding, our teams work to continuously improve our digital and insurance product offerings to meet customer needs best. Over the past year, the product teams have introduced several coverage, pricing, and efficiency enhancements to improve our products, and the user experience surrounding them. They integrated and expanded product availability across digital quoting platforms, making it easier for agents to find the right coverage for their client's unique needs. Teams focused on agency experience improved quoting for businesses with multiple locations, and updated rates and underwriting guidelines to stay aligned with the market, ensuring fair pricing and continued coverage for in-appetite businesses.
Empowering Agents with Engaging Content
Early last year, Central rolled out access to Social Suite, a platform designed to help agents provide added value to policyholders by sharing curated thought leadership content on social media. Central’s social team onboarded 101 agents in 2024. Their posts generated nearly 200,000 impressions, 249 shares, and over 1,000 clicks.
Agents Onboarded
Link Clicks
Content Shares
Investing in Our Communities
Caring for people is the core of our work, and that commitment extends beyond insurance. Investing in local initiatives strengthens our communities and helps build a brighter future for all.
In 2024, we awarded five new scholarships and 12 renewals through our Educational and Charitable Foundation Scholarship Program, providing up to $85,000 in financial support for the 2024-2025 school year.
We celebrated top-performing Van Wert City Schools students at a career-focused luncheon, recognizing their academic excellence and leadership. Students also met with early-career professionals who recently interned at Central to explore work opportunities. Central plans to continue engaging area businesses in future events to further recognize and celebrate excellence in our schools.
Central employees raised $60,877 for United Way. Along with the $75,000 company match, our collective contribution totaled $135,877.
Central proudly supported two YWCA initiatives in 2024. The Women of Achievement Awards recognize women whose leadership and service exemplify the YWCA’s mission to empower women and promote dignity for all. Additionally, the Summer Food Program ensures local children have access to nutritious meals when school is out.
Central was pleased to sponsor a new First Responders monument at Memorial Park in Van Wert, which honors those who have selflessly served the community and country. The monument recognizes the bravery of local law enforcement, fire, and EMS personnel. Central's contribution funded the monument’s construction, including stone, footing, lighting, and landscaping.
Each year, Central supports the Salvation Army in its efforts to make the season special for local families. Between employee contributions and Central’s match, we donated $10,670 to the Angel Tree initiative in 2024, which provided gifts for 70 children and four employee-nominated families.
07
Financials
A Financial Foundation
for the Future
$1.1B
Strengthening our Policyholders’ Security Fund ensures we can fulfill our obligations and financially support future growth. The PSF reached a record level for the fourth year in a row in 2024, further securing the company’s financial strength with a premium-to-PSF ratio of .87:1.
Security Fund
8.7%
Central leveraged its market strength to achieve a growth rate of 8.7% in 2024, a solid performance that reflects our resilience and ability to adapt in a challenging economic environment.
Growth
"A" (Excellent)
Central's reaffirmation of its “A” (Excellent) rating by A.M. Best highlights our resilience and stability in a challenging market. Through diligent rating actions, sound portfolio management, and a commitment to underwriting excellence, we continue to grow our surplus and reinforce long-term financial stability.
A.M. Best
2024 Financial Report
Central Mutual and All America Insurance Companies ('Central')
December 31, 2024
| Assets | |
|---|---|
| Bonds | $1,484,380,070 |
| Stocks | $271,890,928 |
| Other Invested Assets | $141,453,250 |
| Real Estate | $34,848,380 |
| Cash & Short-Term Investments | $135,229,793 |
| Agents' Balances & Uncollected Premiums | $327,472,207 |
| All Other Assets | $57,341,678 |
| Total Admitted Assets | $2,452,616,306 |
| Liabilities & Policyholders' Security Fund | |
|---|---|
| Losses & Loss Adjusting Expenses | $790,576,745 |
| Unearned Premiums | $485,145,287 |
| Commissions Payable & Contingent Commissions | $37,572,068 |
| Ceded Reinsurance Premiums Payable | $11,926,575 |
| Taxes & Other Liabilities | $52,298,243 |
| Unassigned Funds (Policyholders' Security Fund) | $1,075,097,388 |
| Total Liabilities & Policyholders' Security Fund | $2,452,616,306 |
| Select Performance Measures | |
|---|---|
| Total Central Assets | $2,452,616,306 |
| Written Premium* | $1,023,216,033 |
| Growth Rate in Written Premium* | 8.7% |
| Combined Ratio - Central | 106.5% |
| Policyholders' Security Fund | $1,075,097,388 |
| Net Written Premium to Policyholders' Security Fund Ratio | 0.87 |
| A.M. Best Rating | A (Excellent) |
* Includes Direct and Voluntary Assumed Premium