Cincinnati Financial Corporation Holds Shareholders' and Directors' Meetings
The board of directors elected officers at its regularly scheduled meeting following the annual meeting, including the election of
"I also want to thank Lisa, our retiring chief legal officer, for her 42 years of service to our company. She's played an integral role in the development of the strong governance practices that continue to guide the company and its subsidiaries. She's also played the role of mentor and coach to many – including myself. Her leadership and wisdom will be missed."
Directors elected to the board for terms of one year are:
- Thomas J. Aaron, CPA, executive vice president and chief financial officer (retired) of Community Health Systems Inc.
- Nancy C. Benacci, head of research (retired) of
KeyBanc Capital Markets - Linda W. Clement-Holmes, chief information officer (retired) of The Procter & >Gamble
Company
The board also announced committee service for the coming year, in line with the independence requirements of applicable law and the listing standards of Nasdaq:
- Audit – Gretchen W. Schar (chairperson),
Thomas J. Aaron ,Nancy C. Benacci ,Linda W. Clement-Holmes , Dirk J. Debbink,David P. Osborn and Cheng-shengPeter Wu - Compensation – David P. Osborn (chairperson),
Thomas J. Aaron ,Linda W. Clement-Holmes andGretchen W. Schar - Executive – Steven J. Johnston (chairperson),
Dirk J. Debbink ,Douglas S. Skidmore ,Stephen M. Spray , John F. Steele, Jr. andLarry R. Webb - Investment – Steven J. Johnston (chairperson),
Nancy C. Benacci ,Dirk J. Debbink ,David P. Osborn , Charles O. Schiff,Stephen M. Spray andLarry R. Webb - Nominating – Dirk J. Debbink (chairperson),
Linda W. Clement-Holmes ,Jill P. Meyer , Gretchen W. Schar andDouglas S. Skidmore
About
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P.O. Box 145496 |
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Safe Harbor
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.
Factors that could cause or contribute to such differences include, but are not limited to:
- Ongoing developments concerning business interruption insurance claims and litigation related to the COVID-19 pandemic that affect our estimates of losses and loss adjustment expenses or our ability to reasonably estimate such losses, such as:
- The number of policyholders that will ultimately submit claims or file lawsuits
- The lack of submitted proofs of loss for >allegedly
covered claims
- Judicial rulings in similar litigation involving other companies in the insurance industry
- Differences in state laws and developing case law
- Litigation trends, including varying legal theories advanced by policyholders
- Whether and to what degree any class of policyholders may be certified
- The inherent unpredictability of litigation
- 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 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
- 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
- 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.
- Downgrades of our financial strength ratings
- Concerns that doing business with us is too difficult
- Perceptions that our level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace
- Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in the marketplace
- Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates
- Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations
- Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business
- Add assessments for guaranty funds, other insurance–related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes
- Increase our provision for federal income taxes due to changes in tax law
- Increase our other expenses
- Limit our ability to set fair, adequate and reasonable rates
- Place us at a disadvantage in the marketplace
- Restrict our ability to execute our business model, including the way we compensate agents
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