Annual Report 2023

Annual Report 2023


Evan Purmort, CEO & President

Last year proved to be a challenging year for the insurance industry. I am proud of our response to those challenges and steadfast in my belief that Central has never been better positioned to fulfill our promise to policyholders.

Our personal lines business in 2023 was significantly challenged by unprecedented reinsurance cost increases, record-breaking catastrophic losses, and persistent inflationary pressures. With incredible fortitude, Central responded by leveraging its financial strength, solid commercial lines performance, and world-class service.

We invested in products and solutions that deliver the exceptional hospitality our agents and policyholders have come to expect. We excelled at customer service and claims handling. We grew our Policyholder’s Surplus. We doubled down on our people, modernized our technology, and strengthened our communities. These accomplishments reflect our collective commitment to excellence as we continue to build for the future.

For the past 147 years, Central has proudly fulfilled its promises to agents, policyholders, employees, and the community. In 2023, we honored those commitments while navigating a challenging year with resilience and stability. That’s a success story I’m proud to share.

Evan's Signature

Evan Purmort
Chairman, CEO, President

Resilience and Stability

While the economic volatility and catastrophic weather of 2023 adversely impacted the insurance industry, Central stood resilient and strategically positioned itself for future success.


Combined Ratio for the
Commercial Lines Accident Year


Combined Ratio for the
Personal Lines Accident Year


Exceeded Our New Business Goal
We wrote more new business than we've ever written in a year.


Return on Surplus
Our return on surplus reflects our steadfast commitment to effective capital utilization and sustained profitability.

Jessica Seymour, CFO

Jessica Seymour
Chief Financial Officer

Jocelyn Pfeifer, CIO

Jocelyn Pfeifer
Chief Insurance Officer

Chad Glenn, CDO

Chad Glenn
Chief Distribution Officer

Aligning Our Expertise

We're investing in our future by growing a leadership team dedicated to enhancing underwriting and product specialization. Last October, Central made three significant promotions to support these goals. Jessica Seymour was promoted to Chief Financial Officer, Jocelyn Pfeifer to the new role of Chief Insurance Officer, and Chad Glenn to the new role of Chief Distribution Officer. The CDO position better aligns marketing and distribution, while the CIO role naturally aligns product, underwriting, and pricing. Our CFO oversees smart capital allocation on both the underwriting and investment side. These promotions connect the right people to the right growth opportunities, and their expertise will continue driving higher revenues, better products, and stronger relationships.

Becoming a Product-Led Organization

Building for Today, Adding Value for Years to Come

As a product-led organization, understanding our customers' daily responsibilities, concerns, and expectations drives Central's product development. Our internal product, engineering, and tech teams worked closely throughout the year to research and design products aligned with agent and policyholder feedback. This approach supports innovation, collaboration, and efficiency across the company to lead a product from idea to adoption. The work they accomplished in 2023 will serve as a foundation for product deliverables and customer experience enhancements in the year ahead.


We're a 147-year-old company that's looking toward the future. We're leveraging seasoned expertise while also integrating people with new and different points of view to build products that serve our agents and policyholders on a deeper level."

Kim Reheiser, Head of Product

Growing Commercial Lines

agency council

Commercial Lines Agency Council

Our team met with agents in January to discuss vertical-specific needs, wants, and opportunities. Agency Council feedback confirmed Central is headed in the right direction and revealed important insights on how to bring new value to our existing partnerships.

Expanding Construction Expertise

Last year, we added a dedicated construction underwriting specialist and loss control construction specialist to support this growing vertical. Dedicated resources and expanded expertise allow Central to write larger, more complex construction accounts in alignment with our agents.

Manufacturing Stakeholders Team

Monthly manufacturing meetings support alignment across different disciplines and geographical regions. A core team of internal underwriting, sales, loss control, and other internal stakeholders use this time together to share insights, review trends, and connect on other manufacturing matters.

Excellence in Underwriting

During one of the toughest insurance years on record, Central's Commercial Lines team achieved new levels of underwriting excellence. Our new Model Recommended Premium tool equipped underwriters with the data to make more informed decisions, positioning Central to better select and price new commercial lines business.

Loss Control Surveys

Loss control surveys provide valuable insights into commercial operations and potential exposures. Our Loss Control team uses survey data to provide policyholders with customized resources and tools to mitigate risks, reduce losses, and increase overall site safety.


We understand construction, and we know how to underwrite for the industry. Our approach to loss control reduces risk so everyone goes home safe at the end of the day. When a claim does happen, we'll step in and be there."

Matt Sbordone, Construction Underwriting Specialist


Agent feedback drives our future direction and product development. It's our job to listen to what they need and want, then deliver on it."

James Barto, Vice President - Commercial Lines


We approach loss control as a partner. We want to help policyholders mitigate their risks so they can be more profitable. When people are safer, we have fewer claims, which can translate into lower costs for our policyholders."

Cory Eickholt, Director of Loss Control

Introducing Central's BOP

Now available in 22 states, Central's new Business Owner's Policy (BOP) makes it easy to find the right coverage for qualifying small businesses. The BOP’s property and liability coverages include Contractor’s Installation, Contractor’s Tools and Equipment, Cyber Suite, Equipment Breakdown, Employee Practices Liability, and more.

commercial condo unit owners

Commercial Condo Unit Owners














We spent five years researching and developing a BOP product based on three core principles: ease of doing business, speed to market, and coverage tailored to small business owners. Bringing this product to life is the first step in providing a more specialized experience for our customers, but continued iteration on the process and way our customers buy insurance is paramount in defining success."

Brandon Corum, Vice President - Personal Lines and Small Commercial

The Power of Connection

Client Connection embodies our commitment to providing a unique customer journey, seamlessly integrating with our agency partners to enhance the experience for our valued policyholders. Offering extended operational hours and personalized support from a dedicated point of contact, our Client Connection team remains devoted to enriching our agents' service capabilities and delivering unparalleled customer care.

The Power of Connection

Fulfilling Our Promise in
the Moments That Matter Most



To deliver exceptional hospitality, achieve optimal claim outcomes, and operate at maximum efficiency.


To become the most intelligent claims organization in the world.


Primed for Success

In response to customer feedback highlighting room for improvement in our claim intake process, our commitment to outstanding hospitality and optimal efficiency drove the development of our Prime program. This initiative empowers Prime claim specialists to take ownership of a claim from first notice of the loss to resolution, ensuring a seamless and customer-centric experience. The team shines through their adept handling of low-severity claims, streamlining workflows with minimal touches, and settling claims quickly, sometimes even the same day. The Prime team is continuously evolving, integrating efficiencies that enhance outcomes and hospitality for our customers.


AI for Innovative Insights

Predictive analytics solutions are comprehensive and fundamental to Central's advanced analytics claims strategy. By identifying key insights from Central's past data, we can predict claim severity and litigation propensity, prioritize workflows, and reduce claim cycle times and associated expenses. Integrating innovative models not only provides decision support throughout various stages of the claim's lifecycle but also unlocks the potential applications of advanced analytics in claims.


Subrogation and Salvage Wins

Subrogation and Salvage had an extraordinary 2023, finishing the year by exceeding their $1.3 million subrogation recoveries goal by $140,053. The team met 97% of its $10 million salvage goal, its highest-ever return on salvage. The annual return landed at $9.7 million, $300,000 higher than 2022.

Efficiency Meets Exceptional Hospitality

Integrating two-way texting into our claims system enhances the customer experience by offering a seamless and efficient communication channel between customers and claim specialists. Customers benefit from unparalleled convenience, allowing them to engage with Central at their own pace and in any environment. The immediacy of texting ensures swift responses, significantly reducing wait times, and the written documentation of all interactions ensures clarity and eliminates misunderstandings. This user-friendly approach streamlines the claims process, fostering customer trust and satisfaction.


Claims customers who utilized Central's text communication services.


Customers who expedited their claim by texting photos of damaged property.


Total text message communications received in 2023.


Central's approach to hospitality provides a unique opportunity to be there for people when they need it most. When someone thanks you for helping put their life back together, that's confirmation we're making a difference and fulfilling our promise.”

Scott Russo, Senior Property Complex Claims Manager


I talked to a claims representative as I was driving home with a broken back window. My claim was approved, and the repair was completed the morning after I reported the incident.”

Julie C.


Everything was great. I reported the storm claim and heard back from the adjuster, Kurt Lester, just a few hours later. He was very professional. I brag on Central Insurance to all my friends.”

Lawton W.


I've had two claims, and both have been quite smooth. Response time to address issues, assess damage, and pay the claims has been quite fast so we can get our lives back to normal.”

Lucas N.


Everyone has been empathic and kind during the loss of our home. They've gone above and beyond to provide us with updates at every turn.”

Ashley L.


We were very happy with how quickly and efficiently Central Insurance responded to our claim. The payment was issued in no time once the paperwork was completed. No delays, no excuses. This is one very happy customer!”

George M.


Don't change a single thing—that would be like adding paint to a masterpiece.”

Bobby A.


Your staff has been responsive, efficient, professional, sympathetic, and polite—exactly what we have come to expect from Central.”

Edward L.

Hospitality in Action

Our policyholders turn to us during the most challenging and unexpected moments of their lives. Each day, we honor their trust by providing an exceptional claims experience defined by empathy, efficiency, and responsiveness.

agency council


Our Special Investigations Unit works closely with external partners and organizations to raise awareness about frauds and schemes impacting the industry.

1,500 fraud referrals
1,700 SIU support referrals
$20.5M in recoveries
+$1.9M in recoveries compared to 2022
$637,310 in returned deductibles


Central utilizes AI to analyze data and identify potential claims fraud. The SIU team also uses aerial imagery and analytics to build custom solutions that calculate roof and elevation measurements, enhancing the Property team's efficiency.

Raising Fraud Awareness

In 2023, the Anti-Fraud team organized a seminar addressing medical build-up schemes plaguing the industry, and a Fraud Fair with over 60 organizations in attendance. The conversations and connections resulting from these events support greater fraud awareness, stronger partnerships, and increased anti-fraud capabilities.

A Unified Front Against Fraud

Fewer dollars paid on fraudulent claims result in lower premiums for our policyholders. Last year, Central's Anti-Fraud team participated in podcasts with the AARP Fraud Watch Network and the Georgia Medical Association to raise public awareness about insurance fraud and schemes. They also met with 36 organizations to align fraud-fighting efforts.

Connected Through Our Culture

We strive to foster an internal culture where everyone understands their purpose, has a voice, and feels surrounded by talented people who genuinely care.

a workplace of well-being

A Workplace of Well-Being

This year, our company underwent a significant transformation to prioritize the holistic well-being of our employees. We delved deep into understanding their roles, paving the way for specialized career paths in both leadership and technical domains. Concurrently, we revamped our medical plan, a move that not only positions us favorably in our industry but also fosters a stronger sense of unity among us. This endeavor, rooted in listening to employee voices and our commitment to enhancing their experience, reflects our collective dedication to nurturing growth opportunities within and beyond the workplace.

social media

Thought Leadership

Our social media and blog content strategies showcase specialized expertise and thought leadership throughout Central. We aim to provide valuable insights that spark new conversation, drive meaningful engagement, and add deeper value to our agent and policyholder relationships.

employee experiences

Employee Experiences

We honor Central's culture of connection through creative activities, internal presentations, DEI initiatives, and volunteer opportunities throughout the year. In 2023, we hosted 22 Employee Experiences, creating a sense of camaraderie and enriching our team culture.

Investing in Our Communities

In partnership with our employees, we're working together to make a positive difference in the lives of our neighbors and the places we call home.

making the Central difference

Van Wert Forward

Central is proud to support our community through a $17 million investment in Van Wert Forward. The redevelopment project is designed to attract new businesses, preserve local history, beautify downtown, and create affordable, accessible housing. Phase two of the project is currently underway.

making the Central difference

Central Ohio Technology Office

Last year, Central unveiled plans to construct a new Central Ohio Technology Office. Located in Dublin's Bridge Park District, the space will serve as a hub for our technology, product development, and engineering teams, providing employees with a workspace designed to support greater innovation and collaboration. Construction of the COTO office was a collaborative effort in partnership with Nelson Worldwide, Crawford Hoying, Brackett Builders Inc., and Innovative Office Solutions Inc. Central's Columbus team officially moved into the new COTO space in April 2024.

making the Central difference

United Way

Employees contributed $60,000 to the United Way in 2023, an amount Central matched for a total contribution of $120,000. This financial donation, along with food and blood donations and time volunteered for the Day of Caring, helped strengthen our community and embody Central's culture of hospitality.

making the Central difference

Scholarship Program

We're honored to support the local community through Central's Educational and Charitable Foundation Scholarship. We awarded five new scholarships and 13 renewal scholarships amounting to $90,000 for the 2023-2024 school year.

making the Central difference

Community Boards

Over 100 Central employees serve on local civic, school, church, and non-profit boards and committees. Their commitment to fulfilling the promise extends beyond the workplace, demonstrating a genuine passion for making a positive impact in the lives of others.

making the Central difference

Salvation Army Angel Tree

We're proud to support the Salvation Army in its efforts to brighten the holidays for those in need. Last year, Central employees raised $5,449 in donations, and with the company's match, we contributed $10,898 to the Angel Tree initiative. Thanks to the generosity of our employees—and a little help from 38 Central volunteer shoppers—we provided gifts to 75 children and four local families.

Financial Report

Combined Ratio

An environment marked by increasing costs and unpredictable factors significantly impacted Central's combined ratio in 2023. Despite the volatile landscape, Central continued to outperform the industry and delivered 1.59% return on surplus.


Central optimized its market strength to achieve a growth rate of 12.8% in 2023, more than double the growth rate of 2022.

Policyholders' Security Fund

Strengthening our Policyholders' Security Fund ensures we can fulfill our obligations and financially support future growth. The PSF grew to a record level of $1.05 billion in 2023, further securing the company's financial strength with a premium-to-PSF ratio of .82:1.

2023 Financial Report

Central Mutual and All America Insurance Companies ('Central')
December 31, 2023

Summarized Balance Sheet as of 12/31/2023

Bonds $1,367,068,718
Stocks $388,062,284
Other Invested Assets $63,872,537
Real Estate $33,329,650
Cash & Short-Term Investments $59,829,452
Agents' Balances & Uncollected Premiums $297,789,082
All Other Assets $60,741,179
Total Admitted Assets $2,270,692,902

Liabilities & Policyholders' Security Fund
Losses & Loss Adjusting Expenses $676,359,106
Unearned Premiums $449,509,366
Commissions Payable & Contingent Commissions $30,292,434
Ceded Reinsurance Premiums Payable $10,350,744
Taxes & Other Liabilities $59,166,023
Unassigned Funds (Policyholders' Security Fund) $1,045,015,229
Total Liabilities & Policyholders' Security Fund $2,270,692,902

Select Performance Measures
Total Central Assets $2,270,692,902
Written Premium* $941,634,494
Growth Rate in Written Premium* 12.8%
Combined Ratio - Central 106.4%
Policyholders' Security Fund $1,045,015,229
Net Written Premium to Policyholders' Security Fund Ratio 0.82
A.M. Best Rating A (Excellent)

* Includes Direct and Voluntary Assumed Premium