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James G. Miller to retire January 2, 2003
- Kenneth S. Miller to lead investment department
CINCINNATI, Nov. 19 /PRNewswire-FirstCall/ -- Cincinnati Financial Corporation (Nasdaq: CINF) Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU, today announced that Senior Vice President James G. Miller will retire from his officer and director positions on January 2, 2003.
Miller, age 65, is chief investment officer of Cincinnati Financial Corporation and its insurance subsidiaries and president of its asset management subsidiary, CinFin Capital Management Company. He has served on the board of Cincinnati Financial Corporation since 1996.
Schiff commented, "In 1972, the board's investment committee appointed Jim to found our investment department and manage a $64 million portfolio. Under his management, that portfolio has grown to more than $10 billion. Throughout his career, Jim has championed the same equity-focused, total-return investment approach preferred by the company's early leaders who served on that 1972 investment committee.
"Jim has worked to know the people and operations of the larger holdings in our portfolio. This has given him confidence through all economic cycles that these well-managed companies would continue to build value for their long-term shareholders. He has achieved outstanding results by operating from a solid base of knowledge and relationships instead of trying to anticipate the timing of market peaks and valleys. While some have called this a maverick philosophy, it's fundamentally the same relationship approach we take in our insurance business. It has consistently benefited our agents, policyholders and shareholders."
Miller commented, "I'm thankful to our shareholders for the privilege of managing capital. As I've carried out this charge, I've met people at all levels in corporations across the country. Consistently, they show great talent, diligence, character and integrity. I'm confident they will restore trust in corporate America and will grow even stronger through the experience."
Miller joined the accounting department of Cincinnati Financial's lead subsidiary, The Cincinnati Insurance Company, in 1966. He became a corporate officer in 1971 and was promoted to senior vice president of the corporation and its insurance subsidiaries in 1987. He also is a director of five subsidiaries, including The Cincinnati Insurance Company, The Cincinnati Indemnity Company, The Cincinnati Life Insurance Company, CFC Investment Company and CinFin Capital Management Company.
"Cincinnati Financial has an excellent record of creating value for shareholders," Miller added. "And prospects are bright to continue that record. I'll fully enjoy winters in Florida knowing that Ken Miller - no relation - and his experienced, capable team are in position to work for our profitable future."
Kenneth S. Miller, CLU, ChFC, will succeed Jim Miller as head of the investment department. Ken Miller currently is vice president of Cincinnati Financial Corporation; senior vice president of the insurance subsidiaries; president, chief operating officer and director of CFC Investment Company; and executive vice president and director of CinFin Capital Management Company. He has been a member of the investment department since 1979 and an officer since 1985.
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 insurance and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through commercial leasing and financing activities. CinFin Capital Management Company provides asset management services to institutions, corporations and individuals. For additional information, please visit our Web site at www.cinfin.com .
This is a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Certain forward-looking statements contained herein involve potential risks and uncertainties. The company's future results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to: unusually high levels of catastrophe losses due to changes in weather patterns or other causes; increased frequency and/or severity of claims; environmental events or changes; insurance regulatory actions, legislation or court decisions that increase expenses or place the company at a disadvantage in the marketplace; adverse outcomes from litigation or administrative proceedings; recession or other economic conditions resulting in lower demand for insurance products; sustained decline in overall stock market values negatively affecting the company's equity portfolio, in particular a sustained decline in market value of Fifth Third Bancorp shares; events that lead to a significant decline in the market value of a particular security and impairment of the asset; delays in the development, implementation and benefits of technology enhancements; and decreased ability to generate growth in investment income.
Further, the company's insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as recent measures impacting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain. SOURCE Cincinnati Financial Corporation
/CONTACT: Kenneth W. Stecher, Chief Financial Officer of Cincinnati Financial Corporation, +1-513-603-5236/