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Classified in: Business, Covid-19 virus
Subject: PER

Cincinnati Financial Corporation Board Expands to 15, Appoints Two New Directors


CINCINNATI, Aug. 6, 2020 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that the board of directors at today's meeting added two new director seats, appointing Nancy C. Benacci, CFA, as an independent director and Charles O. Schiff as a nonindependent director. Both were appointed to the board's investment committee, effective immediately. With these appointments, 11 of the company's 15 directors meet the Nasdaq listing requirements for independence.

Benacci, age 65, served as head of equity research for KeyBanc Capital Markets in Cleveland and New York, managing a group of more than 100 individuals covering 600 companies from 2004 until her retirement in December 2019. For more than a decade earlier in her career, Benacci provided research coverage on companies in the property casualty and life insurance sectors. During her time as a senior insurance analyst, Benacci was named by the Wall Street Journal as a top-ranked analyst.

Experienced in financial matters, governance and compliance, Benacci has served in leadership roles on the boards of John Carroll University and Boys Hope Girls Hope of Northeast Ohio, as well participating as a member of the University Hospital Seidman Cancer Leadership Council, Wall Street Research Directors Roundtable, the Cleveland Society of Security Analysts and the Gesu Catholic Church Scholarship Committee. She graduated magna cum laude with a bachelor's degree in business administration from John Carroll University and with a master's degree in business administration from Case Western Reserve University.

Schiff, age 50, is executive vice president, secretary and treasurer of John J. & Thomas R. Schiff & Co. Inc., a privately owned, Cincinnati-based independent insurance agency. Schiff brings extensive knowledge of the insurance marketplace, consumer buying habits and trends in competition. As an 18-year veteran of the insurance industry, Schiff excels in learning his clients' businesses and recommending appropriate risk management strategies, including insurance products and services that help his clients achieve their goals. In addition to maintaining a profitable insurance book of business, Schiff oversees the agency's financial management and governance activities.

Schiff has also enjoyed an active career on the board of many Cincinnati-area nonprofit organizations, including The Children's Theater of Cincinnati, The Skyler Foundation, The Cincinnati Observatory and The Children's Dental Care Foundation. An active and engaged board member, Schiff has participated in all facets of a directorship: financial oversight, including budgeting and auditing, marketing, governance and nominating new board members. Schiff graduated magna cum laude with a bachelor's degree in history from Fordham University.

"Our shareholders benefit from our strongly engaged board of directors who share their perspectives from a wide variety of experiences, and I'm honored that Nancy and Charlie have agreed to join our board," commented Steven J. Johnston, chairman, president and chief executive officer. "Nancy brings to our board her substantial financial expertise and knowledge of the investment analyst community, while Charlie will provide ongoing insight into how we are serving our primary customer, helping us to evaluate the impacts of our decisions on agency operations."

Additionally, the company anticipates that Benacci and Schiff will be appointed to the boards of its property casualty insurance subsidiaries as of August 14, 2020, serving on the executive committees of each.

The board also announced that it intends to reduce its size to 14 members as of the next annual meeting of shareholders. Thomas R. Schiff will not stand for reelection at that meeting in accordance with the corporation's governance guideline on director age. Johnston noted, "When Jack Schiff, Sr., and Bob Schiff founded The Cincinnati Insurance Company, their goal was to create a company by agents and for agents. They believed in personal service and the power of building long-term relationships with independent agents who were centers of influence in their communities. Tom has helped to foster those hallmarks of our company culture and strategy for 45 years, and now Charlie will continue that legacy. We thank Tom for his steadfast advice that's helped our company grow and prosper, maintaining our focus on achieving our vision to be the best company serving independent agents."

About Cincinnati Financial
Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address:

Street Address:

P.O. Box 145496

6200 South Gilmore Road

Cincinnati, Ohio 45250-5496

Fairfield, Ohio 45014-5141

Safe Harbor Statement 
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 2019 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 35.

Factors that could cause or contribute to such differences include, but are not limited to:

Further, the company's insurance businesses are subject to the effects of changing social, global, 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 measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

 

Cincinnati Financial Corporation logo. (PRNewsFoto/Cincinnati Financial Corporation) (PRNewsFoto/CINCINNATI FINANCIAL CORPORATION)

 

SOURCE Cincinnati Financial Corporation


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