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Annual Report

Annual Report

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Investing in Innovation: Outstanding People, Outstanding Results
(President's message from 2016 Annual Report)

I spend a great deal of my time reading. There are all sorts of topics and subjects; a bunch on business, and some for fun and entertainment or satisfying my curiosity to learn something I didn’t know. I long to find a quote or idea that really gets me thinking about my own values and what I believe, and then incorporating what I learn into things I attempt in the future. They say you are never too old to learn something new and I try very hard to do that with the things I read. Which brings me to the point of this Annual Report...

I just finished reading several of the all-time classics of literature: Green Eggs and Ham, If I Ran the Circus, The Sneetches and, a personal favorite, How The Grinch Stole Christmas!

I sincerely hope that you are smiling right now, but it is so true that the writings of Theodor Seuss Geisel are fun, captivating, and full of meaning and moral. There’s a tremendous amount of subject matter to ponder and value in whatever we do. The takeaway from this flurry of reading was a quote from Dr. Seuss: “Why fit in when you were born to stand out?”

The property/casualty insurance business is founded in homogeneity. Put a huge number of similar risks together and you can predict what can happen to that pool of insureds; how many will wreck their cars, have a fire, or experience a tornado. That premise forces companies to be very similar in their product offerings, services, and operations. We typically seek out the same types of insureds or businesses, types of vehicles, driving records, etc. We spend billions trying to fit in!

Over the last year and well into 2020, Central is taking Dr. Seuss to heart. We are investing millions in technology, people, services, and products that will differentiate us from the normal market. We believe there is value in building capabilities into our company that our agents and policyholders will recognize as worthwhile and meaningful. We hope, too, that these investments will attract new talent to our company and the industry, and create interest to invest in a career with a company that isn’t satisfied with being one of the pack.

As you read this report, I hope you will recognize that it has taken us 141 years to become a partner that has the financial strength to provide security, protection, and peace of mind. You can thank Dr. Seuss for motivating us to make our company even better.

Since 1876...

Bill Purmort
Chairman of the Board and President

 

Central Mutual & All America Insurance Companies
December 31, 2016

ASSETS CENTRAL MUTUAL ALL AMERICA
Bonds $766,332,071 $232,111,160
Stocks – Affiliates 152,615,225 0
Stocks – Nonaffiliated 308,389,063 1,979
Real Estate 42,624,328 0
Cash & Short-Term Investments 36,619,135 10,276,788
Agents' Balances & Uncollected Premiums 162,852,493 31,061,280
Accounts Receivable – Reinsurance 6,331,449 1,205,990
Interest & Dividends Due and Accrued 8,200,385 2,354,971
Federal Income Taxes Recoverable 0 0
Other Assets 30,544,034 6,880,203
Total Admitted Assets $1,514,508,183 $283,892,371
 
LIABILITIES & POLICYHOLDERS' SECURITY FUND
Losses & Loss Adjusting Expenses $356,130,819 $67,834,441
Unearned Premiums 279,269,173 53,194,131
Commissions Payable & Contingent Commissions 17,778,405 3,386,363
Ceded Reinsurance Premiums Payable 3,663,768 697,861
Taxes and Other Expenses 53,001,693 4,309,297
Dividends to Policyholders 355,042 67,627
Other Liabilities 61,261,667 1,787,426
Capital Stock and Contributed Surplus                  0 14,552,000
Unassigned Funds (Policyholders'
Security Fund)
743,047,617 138,063,225
Policyholders' Security Fund 743,047,617 152,615,225
Total Liabilities & Policyholders'
Security Fund
$1,514,508,183 $283,892,371
 
TANGIBLE ASSETS
Central Mutual Insurance Company   –   $1,514,508,183
All America Insurance Company   –   $283,892,371
Direct Premium Written   –   $667,337,337
Net Premiums Written / Policyholders’ Surplus Ratio   –   0.83
Combined Ratio - Central Companies   –   97.7%
Combined Ratio - P&C Industry   –   100.7%
A.M. Best Rating: A (Excellent)

This information is not intended to supercede, or be as comprehensive as, the statutory annual statement filed for each company with the appropriate state insurance departments. The statutory financial statements of Central Mutual Insurance Company and Consolidated Subsidiaries have been audited by Plante & Moran, PLLC. Complete copies of the statutory financial statements have been filed with the appropriate state insurance departments and are also on file at the Home Office of the Central Insurance Companies in Van Wert, Ohio.

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