* No operations in metropolitan New York City * No known direct losses
CINCINNATI, Sep 14, 2001 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced today that the destruction of the World Trade Center in New York City resulted in no known direct property losses to policyholders of Cincinnati Financial's property casualty insurance group, including The Cincinnati Insurance Company and its subsidiaries, The Cincinnati Indemnity Company and The Cincinnati Casualty Company.The Cincinnati Insurance Companies launched operations in the state of New York in 1998. So far, they have appointed 11 local independent agencies, none of which operate in metropolitan New York City. Those agents wrote business policies accounting for approximately two-tenths of 1 percent of the Company's 2000 net written premiums of $1.9 billion.
Chairman and Chief Executive Officer John J. Schiff, Jr., commented, "We have very little exposure to direct loss from the attacks in New York City and on the Pentagon, which is a government insured building. While we do participate in reinsurance pools that spread large losses, such as aviation losses, among many insurers, it is too early to determine what the total loss, our share of it and the effect on earnings will be. We certainly do not expect any losses that would materially affect Cincinnati Financial's financial strength.
"Our Company and our industry are prepared to withstand the financial impact of catastrophes. Nothing, however, can prepare us for the loss of life and the emotional toll this tragedy is taking on so many families and organizations. We know that there are many affected by death, injury, separation from families and disruption of plans among our associates, policyholders, agents and especially among friends in the investment community. Our hearts go out to them and to everyone in these situations. Like most people, we think the numbers that matter most right now are the numbers of lives saved or returned to normal, not financial numbers," Schiff concluded.
Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life, disability income and long term care policies and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through commercial leasing and financing activities. CinFin Capital Management provides asset management services to institutions, corporations and individuals. For additional information, please visit our Web site at www.cinfin.com .
SOURCE Cincinnati Financial Corporation
CONTACT: Kenneth W. Stecher, Chief Financial Officer of Cincinnati
Financial Corporation, +1-513-603-5236