UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||
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FORM 8-K | |||
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CURRENT REPORT | |||
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Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | |||
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Date of Report: January 21, 2008 (Date of earliest event reported) | |||
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CINCINNATI FINANCIAL CORPORATION | |||
(Exact name of registrant as specified in its charter) | |||
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Ohio | 0-4604 | 31-0746871 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
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6200 S. Gilmore Road, Fairfield, Ohio | 45014-5141 | ||
(Address of principal executive offices) | (Zip Code) | ||
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Registrants telephone number, including area code: (513) 870-2000 | |||
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N/A (Former name or former address, if changed since last report.) | |||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Item 7.01 Regulation FD Disclosure.
On January 21, 2008, Cincinnati Financial Corporation issued the attached news release Cincinnati Specialty Underwriters Issues Its First Excess and Surplus Lines Policies. The news release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release.
The information furnished in Item 7.01 of this report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 - News release Cincinnati Specialty Underwriters Issues Its First Excess and Surplus Lines Policies.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| CINCINNATI FINANCIAL CORPORATION |
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Date: January 22, 2008 | /S/ Ken W. Stecher |
| Kenneth W. Stecher |
| Chief Financial Officer, Executive Vice President, Secretary and Treasurer |
| (Principal Accounting Officer) |
THE
CINCINNATI INSURANCE COMPANIES
THE CINCINNATI INSURANCE COMPANY
THE CINCINNATI INDEMNITY COMPANY
THE CINCINNATI CASUALTY COMPANY
THE CINCINNATI LIFE INSURANCE COMPANY
THE CINCINNATI SPECIALTY UNDERWRITERS INSURANCE COMPANY
Mailing Address:
P.O. BOX 145496
CINCINNATI, OHIO 45250-5496
513-870-2000
Investor Contact: Heather J. Wietzel, 513-870-2768
Media Contact: Joan O. Shevchik, 513-603-5323
Cincinnati Specialty Underwriters Issues Its First Excess and Surplus Lines Policies
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Expands business insurance product portfolio for agencies of The Cincinnati Insurance Company
· Earns initial financial strength rating of A (Excellent) from A.M. Best Co.
CINCINNATI, January 21, 2008 The Cincinnati Insurance Company today announced that its newest subsidiary, The Cincinnati Specialty Underwriters Insurance Company, now is accepting excess and surplus lines business. Executives highlighted Cincinnatis entry into the E&S market at a sales meeting with its independent agents in Charlottesville, Virginia, the first stop in their annual tour of 25 cities across Cincinnatis operating territories.
Cincinnatis independent agencies in Georgia, Illinois, Indiana, Ohio and Wisconsin now have access to CSUs product line through CSU Producer Resources, Inc., the new, wholly owned insurance brokerage subsidiary of parent-company Cincinnati Financial Corporation. CSU and C-SUPR will expand into additional states where Cincinnati currently offers standard market property casualty policies, including Virginia, as the new companies obtain the necessary state regulatory approvals.
Preparations for E&S operations concluded on schedule in December, when CSU received an A (Excellent) rating from A.M. Best Co., an independent provider of insurer ratings, and successfully issued its first policies from its new policy administration system.
James E. Benoski, president and chief executive officer of The Cincinnati Insurance Company, commented, Our mission is to help our independent insurance agencies protect the businesses and people in their communities with quality insurance programs. The decision to offer E&S coverage grows from that mission. We specifically structured our E&S operations to serve the needs of the independent agencies that currently market our standard market insurance policies. When part of their clients insurance program requires E&S coverages, those agencies now can write the whole account with Cincinnati, gaining benefits not often found in the broader E&S market.
Don J. Doyle, Jr., CPCU, AIM, senior vice president, noted, Producers can submit risks to C-SUPR from a variety of classes, reflecting the mix of accounts Cincinnati agencies currently write. They have direct access to our dedicated E&S underwriters, and they also can tap into their agencies broader Cincinnati relationships to bring their policyholders services such as experienced and responsive loss control and claims handling.
Were making it easy to do business. Our new policy administration system delivers electronic copies of policies to producers within minutes of underwriting approval and policy issue. C-SUPR gives extra support to our producers by remitting surplus lines taxes and stamping fees and retaining admitted market declinations.
Benoski added, We capitalized CSU with $200 million from its parent company, Cincinnati Insurance. That high level of funding underscores our commitment to help our independent agencies grow by partnering with a carrier they can depend on. Everything we do to increase their competitive advantages and success also helps us achieve our own long-term growth and profitability goals.
CSU and C-SUPR were both incorporated in August 2007 to expand Cincinnatis property casualty groups products to include E&S insurance. Generally, E&S provides coverage for businesses that do not find it in the standard market due to market conditions, the nature of the insured business or its specific characteristics and history.
Cincinnati Financial Corporation (NASDAQ:CINF) offers property and casualty insurance, our main business, through our three standard market companies, The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Specialty Underwriters Insurance Company provides excess and surplus lines property and casualty insurance. The Cincinnati Life Insurance Company markets life and disability income insurance and annuities. CSU Producer Resources, Inc. is our excess and surplus lines brokerage, serving the same local independent agencies that offer our standard market policies. CFC Investment Company offers commercial leasing and financing services. CinFin Capital Management Company provides asset management services to institutions, corporations and individuals. For additional information about the company, please visit www.cinfin.com.
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