OREANDA-NEWS. Cincinnati Financial Corporation (Nasdaq: CINF) announced that R. Philip Sandercox, Erin A. Skala and Wendy A. Hayes joined The Cincinnati Insurance Company, adding expertise to Cincinnati Re℠, its reinsurance assumed operation.

Sandercox, managing director, head of specialty casualty reinsurance, will oversee the strategic direction, underwriting and marketing of the company's specialty casualty reinsurance assumed portfolio. A 28-year veteran of the reinsurance industry, Sandercox most recently served as senior vice president and head of specialty casualty reinsurance at Aspen Re America Inc. and was formerly at Gen Re and Willis Re. Sandercox earned his bachelor's degree from Bethany College and his Master of Business Administration from the University of St. Thomas. He holds the Chartered Property Casualty Underwriter (CPCU) and Associate in Reinsurance (ARe) designations.

Skala, managing director, head of property reinsurance, will lead all property treaty underwriting for U.S. and global clients and build a highly technical team focused on producing a diversified property portfolio within Cincinnati Re. Prior to joining Cincinnati Re, Skala was president and chief operating officer of ACE Tempest Re in Bermuda. She brings more than 20 years of experience in property reinsurance underwriting, broking and catastrophe modeling. Skala received her bachelor's degree from Mount Holyoke College and holds the Associate in Reinsurance (ARe) designation.  

Hayes, managing director, head of catastrophe risk analytics, will build the company's center of excellence for catastrophe modeling with a focus on technology and scientific capabilities. She brings 20 years of catastrophe modeling experience most recently as operations leader of the U.S. catastrophe management team at Aon Benfield. Hayes is a graduate of the University of Minnesota.

James Hole, managing director, head of Cincinnati Re, commented, "Phil, Erin and Wendy bring extensive experience and expertise in their respective areas complementing our current team. Their market leadership abilities and broad industry knowledge will help us realize profitable long-term opportunities as we focus on building relationships and maintaining underwriting discipline."

Cincinnati Re operates as a division of The Cincinnati Insurance Company and is in its second year of expansion. Reinsurance assumed adds diversified risk, and the company's high-quality, diversifying counterparty credit makes it well positioned to build the business slowly over time, focusing on opportunities that will benefit shareholders over the long term.

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 and disability income 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 2015 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 26.

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

  • Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes
  • Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance
  • Inadequate estimates, assumptions or reliance on third-party data used for critical accounting estimates
  • Declines in overall stock market values negatively affecting the company's equity portfolio and book value
  • Domestic and global events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:
    • Significant or prolonged decline in the fair value of a particular security or group of securities and impairment of the asset(s)
    • Significant decline in investment income due to reduced or eliminated dividend payouts from a particular security or group of securities
    • Significant rise in losses from surety and director and officer policies written for financial institutions or other insured entities
  • Prolonged low interest rate environment or other factors that limit the company's ability to generate growth in investment income or interest rate fluctuations that result in declining values of fixed-maturity investments, including declines in accounts in which we hold bank-owned life insurance contract assets
  • Recession or other economic conditions resulting in lower demand for insurance products or increased payment delinquencies
  • Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our ability to conduct business and our relationships with agents, policyholders and others
  • Disruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance products
  • Delays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing methods, including telematics and other usage-based insurance methods, or technology projects and enhancements expected to increase our pricing accuracy, underwriting profit and competitiveness
  • Increased competition that could result in a significant reduction in the company's premium volume
  • Changing consumer insurance-buying habits and consolidation of independent insurance agencies that could alter our competitive advantages
  • Inability to obtain adequate ceded reinsurance on acceptable terms, amount of reinsurance coverage purchased, financial strength of reinsurers and the potential for nonpayment or delay in payment by reinsurers
  • Inability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that segment could not achieve sustainable profitability
  • Inability of our subsidiaries to pay dividends consistent with current or past levels