Press Release: Cincinnati Financial Corporation Enhances Insurance Operations Structure to Drive Continued Success

Cincinnati Financial Corporation Enhances Insurance Operations Structure to Drive Continued Success

PR Newswire

CINCINNATI, Dec. 12, 2024

CINCINNATI, Dec. 12, 2024 /PRNewswire/ -- To further develop profitable growth opportunities for its insurance business, Cincinnati Financial Corporation (Nasdaq: CINF) is promoting experienced leaders to help shape the strategy for its commercial/life operations and its personal/specialty operations effective January 1, 2025.

President & CEO Stephen M. Spray commented, "Cincinnati Insurance has experienced a tremendous amount of profitable growth over the past decade. We've added products, capabilities and geographies -- all while staying anchored to our agent-centered strategy and keeping our focus on financial strength and stability. By channeling our company's talent and resources, we can continue building for the future."

Sean M. Givler, CIC, CRM, senior vice president -- Commercial Lines, will lead the commercial/life insurance operations. Will Van Den Heuvel, senior vice president -- Personal Lines, will lead the personal/specialty insurance operations. Both will continue to report to Spray.

As executive in charge of commercial and life insurance, Givler will oversee Commercial Lines, Management Liability & Surety, Sales & Marketing and The Cincinnati Life Insurance Company. Givler has held a variety of positions of increasing responsibility over his 27 years with the company, including leading the company's commercial lines operations, managing the company's relationships with independent agents and executing its field marketing strategy.

As executive in charge of personal and specialty insurance, Van Den Heuvel will oversee Personal Lines, Excess & Surplus Lines, Cincinnati Re$(R)$ , the company's assumed reinsurance business, as well as its global specialty underwriter, Cincinnati Global Underwriters Ltd.$(SM)$ Van Den Heuvel joined the company in 2014 to lead its personal lines operations. Over the past decade, he's nearly tripled the company's personal lines net written premiums and cemented its reputation as a premier provider of private client insurance.

In addition, Teresa C. Cracas, Esq., chief risk officer, adds executive responsibility for Corporate Marketing & Communications, Human Resources and Policyholder Experience. She retains oversight of Strategic Planning, Actuarial, Reinsurance Ceded and Strategic Innovation. She continues to report to Spray as she works to propel efficiencies throughout the organization.

Spray added, "Sean, Will and Teresa are proven leaders with a deep understanding of what makes Cincinnati Insurance special. Next year, we'll celebrate 75 years of serving independent agents and their communities. I don't think the future has ever been brighter for Cincinnati Insurance, and I'm energized by the possibilities that lie ahead to create fulfilling careers for associates, deepen agency relationships and deliver value to shareholders."

To fill the roles previously held by Givler and Van Den Heuvel, these subsidiary officers are also promoted as of January 1:

   -- Chet H. Swisher, vice president -- Commercial Lines, assumes direct 
      responsibility of the company's commercial lines operations. Swisher is 
      currently head of Commercial Key Accounts. 
 
   -- Scott A. Schuler, vice president -- Personal Lines, assumes direct 
      responsibility of the company's personal lines operations. Schuler is 
      currently head of Personal Lines Underwriting. 

About Cincinnati Financial

Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

 
Mailing Address:             Street Address: 
P.O. Box 145496              6200 South Gilmore Road 
Cincinnati, Ohio 45250-5496  Fairfield, Ohio 45014-5141 
 

Safe Harbor Statement

This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2023 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.

   -- Effects of any future pandemic, or the resurgence of the COVID-19 
      pandemic, that could affect results for reasons such as: 
 
          -- Securities market disruption or volatility and related effects 
             such as decreased economic activity and continued supply chain 
             disruptions that affect our investment portfolio and book value 
 
          -- An unusually high level of claims in our insurance or reinsurance 
             operations that increase litigation-related expenses 
 
          -- An unusually high level of insurance losses, including risk of 
             court decisions extending business interruption insurance in 
             commercial property coverage forms to cover claims for pure 
             economic loss related to such pandemic 
 
          -- Decreased premium revenue and cash flow from disruption to our 
             distribution channel of independent agents, consumer 
             self-isolation, travel limitations, business restrictions and 
             decreased economic activity 
 
          -- Inability of our workforce, agencies or vendors to perform 
             necessary business functions 
 
   -- Unusually high levels of catastrophe losses due to risk concentrations, 
      changes in weather patterns (whether as a result of global climate change 
      or otherwise), environmental events, war or political unrest, terrorism 
      incidents, cyberattacks, civil unrest or other causes 
 
   -- Increased frequency and/or severity of claims or development of claims 
      that are unforeseen at the time of policy issuance, due to inflationary 
      trends or other causes 
 
   -- Inadequate estimates or assumptions, or reliance on third-party data used 
      for critical accounting estimates 
 
   -- Declines in overall stock market values negatively affecting our equity 
      portfolio and book value 
 
   -- Interest rate fluctuations or other factors that could significantly 
      affect: 
 
          -- Our ability to generate growth in investment income 
 
          -- Values of our fixed-maturity investments, including accounts in 
             which we hold bank-owned life insurance contract assets 
 
          -- Our traditional life policy reserves 
 
   -- Domestic and global events, such as Russia's invasion of Ukraine, war in 
      the Middle East and disruptions in the banking and financial services 
      industry, resulting in insurance losses, capital market or credit market 
      uncertainty, followed by prolonged periods of economic instability or 
      recession, that lead to: 
 
          -- Significant or prolonged decline in the fair value of a particular 
             security or group of securities and impairment of the asset(s) 
 
          -- Significant decline in investment income due to reduced or 
             eliminated dividend payouts from a particular security or group of 
             securities 
 
          -- Significant rise in losses from surety or director and officer 
             policies written for financial institutions or other insured 
             entities or in losses from policies written by Cincinnati Re or 
             Cincinnati Global. 
 
   -- Our inability to manage Cincinnati Global or other subsidiaries to 
      produce related business opportunities and growth prospects for our 
      ongoing operations 
 
   -- Recession, prolonged elevated inflation or other economic conditions 
      resulting in lower demand for insurance products or increased payment 
      delinquencies 
 
   -- Ineffective information technology systems or discontinuing to develop 
      and implement improvements in technology may impact our success and 
      profitability 
 
   -- Difficulties with technology or data security breaches, including 
      cyberattacks, that could negatively affect our or our agents' ability to 
      conduct business; disrupt our relationships with agents, policyholders 
      and others; cause reputational damage, mitigation expenses and data loss 
      and expose us to liability under federal and state laws 
 
   -- Difficulties with our operations and technology that may negatively 
      impact our ability to conduct business, including cloud-based data 
      information storage, data security, cyberattacks, remote working 
      capabilities, and/or outsourcing relationships and third-party operations 
      and data security 
 
   -- Disruption of the insurance market caused by technology innovations such 
      as driverless cars that could decrease consumer demand for insurance 
      products 
 
   -- Delays, inadequate data developed internally or from third parties, or 
      performance inadequacies from ongoing development and implementation of 
      underwriting and pricing methods, including telematics and other 
      usage-based insurance methods, or technology projects and enhancements 
      expected to increase our pricing accuracy, underwriting profit and 
      competitiveness 
 
   -- Intense competition, and the impact of innovation, technological change 
      and changing customer preferences on the insurance industry and the 
      markets in which we operate, could harm our ability to maintain or 
      increase our business volumes and profitability 
 
   -- Changing consumer insurance-buying habits and consolidation of 
      independent insurance agencies could alter our competitive advantages 
 

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December 12, 2024 09:05 ET (14:05 GMT)