A Message from President and CEO Bill Montgomery

Celina Insurance Group meets challenging marketplace conditions head-on.

Bill Montgomery portrait

Inflation, Midwest storms and a difficult reinsurance market influenced Celina Insurance Group's results and actions throughout 2023. As our project and initiative schedule rapidly shifted in response to these challenges, our ability to adapt in times of change was never more important.

While continuing with insurance-to-value increases and property and physical damage rate increases, we also began implementing numerous product changes to better position our offerings in the market. Although 2023 was a challenging year and Celina's results were not at the high level we expect, we are confident that these actions have set the Company up for profitable growth in the future.

Celina was not immune to the drastic shift in marketplace conditions that affected the entire insurance industry, and the Company reported a net combined ratio after fee income of 114.5%. Impacted by ongoing inflation, elevated reinsurance retention levels and severe weather, this result fell well below the high bar set by our prior five-year average of 95.9%. A net loss of $15.3 million was the first net loss posted by the Company since 2017. Fortunately, Celina's success in recent years enabled us to withstand a year like 2023. Buoyed by a robust investment portfolio and stock market gains, the Company's decrease in surplus was only 7.6%, and our gain in surplus since 2018 is 39% (from $99.5 million to $138.0 million).

“...our commitment to our policyholders and agency partners is to return to operating profitability and position the company for future growth.”

Benefiting from aggressive rate increases, direct written premium increased by 9.7% to $189.0 million, exceeding the original forecast by 9.1%. Our decision to exit the state of Iowa in 2022, while difficult, was, in hindsight, clearly the correct decision. As we nonrenewed many Iowa policies throughout 2023, Celina's five other states more than made up for the lost premium, posting direct written premium growth of 17.4%. Through needed rate increases, we anticipate strong premium growth in 2024, even as we complete the Iowa nonrenewal process in the first quarter.

Our focus remains on growing farm and commercial lines faster than personal lines, but our plan targets growth in all three. The Company's 2023 results reflect this commitment. Commercial lines written premium for the year grew by 16%, farm by 10% and personal lines by 6% over the prior year. As rate increases took hold, average premiums continued to climb. While the overall policy count was down by 3% due to Iowa nonrenewals, the policy count was up by 2% in Celina's five other states.

We were busy making product changes in 2023 that will lessen the impact of weather on the Company's results, and that work will continue this year. We also introduced Workers' Compensation as a new line of business in Tennessee, added a new Commercial Auto Farm enhancement endorsement in all states and implemented several expense-saving measures.

Datos Impact Award

Celina continues to advance customer experience initiatives.

Our efforts were recognized by Datos Insights with an Insurance Technology Impact Award in the IT Practice category.

The confluence of three significant factors in 2023 (inflation, weather and reinsurance) was something never before experienced. Celina's leadership team continues to take the necessary steps to build an insurance organization that not only endures but prevails during tough times. With firm resolve, our commitment to our policyholders and agency partners is to return to operating profitability and position the company for future growth.

Bill Montgomery Signature
William W. Montgomery

Chairman, President and Chief Executive Officer

2023 Financials

Statements of Income

Net Earned Premium Income $161,802,666 $149,821,063
Losses and Loss Adjustment Expenses Incurred 132,959,273 101,225,377
Commissions 28,848,764 27,204,601
Other Underwriting Expenses 26,720,055 24,342,827
Total Underwriting Expenses Incurred 188,528,097 152,772,805
Underwriting Gain (Loss) (26,725,431) (2,951,742)
Investment Income 7,468,065 5,833,640
Other Income 665,992 763,000
Income Before Income Tax (18,591,374) 3,644,898
Federal Income Taxes Incurred (3,242,346) 274,782
Net Income ($15,349,028) $3,370,116


Bonds $194,977,166 $205,710,399
Stocks 32,783,531 29,602,807
Real Estate 3,414,845 3,479,854
Cash and Short-Term Investments 14,552,669 10,779,195
Other Invested Assets 849,893 885,000
Total Cash and Invested Assets 246,578,105 250,457,255
Premiums Receivable 40,383,082 35,613,750
Current Federal Income Tax Recoverable 3,223,296 1,112,565
Deferred Federal Income Tax Recoverable 1,896,493 1,746,521
Reinsurance Recoverable on Loss Payments 943,272 362,492
Accrued Interest and Dividends Receivable 1,445,517 1,535,414
Total Receivables 47,891,660 40,370,742
Computer Equipment 270,552 341,298
Other 245,921 224,874
Total Other Assets 516,473 566,172
Total Assets $294,986,237 $291,394,169

Liabilities and Reserves

Unpaid Losses and Loss Adjustment Expenses $52,904,826 $46,931,340
Unearned Premiums 90,768,050 82,941,594
Advance Premiums and Amounts Held for Others 7,926,369 7,635,259
Contingent Commissions Payable 1,650,372 2,363,434
Accounts Payable and Accrued Expenses 555,356 582,133
Premium Taxes, Licenses and Fees Payable 1,740,776 1,425,909
Ceded Reinsurance Payable 1,251,043 95,957
Other General Liabilities 232,177 156,846
Total Liabilities 157,028,967 142,132,472
Reserves for Policyholders' Protection 137,957,270 149,261,697
Total Liabilities and Reserves for Policyholders' Protection $294,986,237 $291,394,169

Invested Assets (in millions)

Reserves for Policyholders' Protection (in millions)

Invested Assets and Cash

Direct Written Premium (in 000's)

Company Profile




Years in Business

$ million

Annual Direct Premium

Celina Insurance Group Member Companies

The Celina Mutual Insurance Company

Writes personal, commercial and farm lines in Ohio, Indiana, Kentucky, Tennessee and West Virginia.

The National Mutual Insurance Company

Writes personal lines in Ohio, Indiana and Tennessee.

Miami Mutual Insurance Company

Writes personal lines in Ohio, Indiana and Tennessee.

West Virginia Farmers Mutual Insurance Association

Writes farm property and liability in West Virginia.

Meet the Officers

Bill Montgomery
William W. Montgomery

Chairman, President and
Chief Executive Officer

Ted Wissman
Theodore J. Wissman

Senior Vice President -
Chief Operating Officer

Suzanne Wells
Suzanne L. Wells

Senior Vice President –
Chief Financial Officer and Treasurer

Rob Shoenfelt
Robert M. Shoenfelt

Senior Vice President –
Chief Information and Innovation Officer

Scott Montgomery
Scott W. Montgomery

Vice President of Distribution and
Corporate Secretary

Trish Harlamert
Trisha M. Harlamert

Vice President of Underwriting

Board of Directors

The Celina Mutual Insurance Company
The National Mutual Insurance Company
Miami Mutual Insurance Company
William W. Montgomery

Chairman of the Board

Nancy M. Goldberg

Vice Chairman

Wesley M. Jetter

Board Member

Philip M. Fullenkamp

Board Member

John R. Gregg

Board Member

D. Thomas Mellin

Board Member

Collin J. Bryan

Board Member

John M. Lazarich

Board Member

Board of Directors

West Virginia Farmers Mutual Insurance Association
William W. Montgomery


Theodore A. Habak

Board Member

Philip M. Fullenkamp

Board Member

Michael S. Kleinhenz

Board Member

James M. Cookman

Board Member

Donald G. Robinson

Board Member

Joshua V. Garton

Board Member