CINCINNATI, Feb. 5 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) -- Cincinnati Financial Corporation announced today that the Board of Directors voted, at their regular meeting on February 3, 2001, to increase the quarterly cash dividend 10.5 percent to 21 cents per share, payable April 16 on shares outstanding and of record on March 23. At the new level, the indicated annual dividend is 84 cents per share.
Cash dividends paid in 2000 were 74 cents, the fortieth consecutive year of increased cash dividends from the Company and its principal subsidiary that preceded it.
"The Board's confidence in our financial strength, business strategy, our associates and our agency representatives is evident by the vote to continue the trend of increasing dividends," commented Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU.
The Board named Kenneth W. Stecher chief financial officer. Since 1997, Stecher has served as senior vice president of Cincinnati Financial Corporation and The Cincinnati Insurance Companies; secretary of the corporation and its property casualty subsidiaries; treasurer of the corporation and its life subsidiary; and director on all subsidiary boards. He advanced through the accounting department's officer ranks after joining the Company in 1973 through its acquisition of Inter-Ocean Life Insurance Company.
Schiff noted, "Ken fulfills his accounting, financial reporting and management duties with exceptional professionalism and dedication. Under his direction, we've expanded the financial information available to analysts, institutions and individual investors. The CFO title recognizes his contributions as a valuable member of our executive team."
Also at the February 3 meeting, Director William F. Bahl, CFA, was appointed to the audit committee, which will be chaired by Director Kenneth C. Lichtendahl. Director Alan R. Weiler, CPCU, was appointed to the nominating committee.
Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Casualty Company and The Cincinnati Indemnity Company. The Cincinnati Life Insurance Company markets life, long term care and disability income insurance and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through leasing and financing activities. CinFin Capital Management provides investment 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, 513-603-5236/