Cincinnati Financial Corporation Holds Shareholders’ and Directors’ Meetings
Directors elected to the board for terms of one year are:
William F. Bahl , CFA, CIC, chairman ofBahl & Gaynor Investment Counsel Inc. and the independent lead director ofCincinnati Financial Corporation Gregory T. Bier , CPA, managing partner (retired) ofDeloitte LLP Linda W. Clement-Holmes , chief information officer, The Procter & Gamble CompanyDirk J. Debbink , chairman and chief executive officer ofMSI General Corporation Steven J. Johnston , FCAS, MAAA, CFA, CERA, president and chief executive officer ofCincinnati Financial Corporation Kenneth C. Lichtendahl , director of development and sales ofHeliosphere Designs LLC W. Rodney McMullen , chairman and chief executive officer of The Kroger Co.David P. Osborn , CFA, president ofOsborn Rohs Williams & Donohoe LLC Gretchen W. Price , executive vice president and chief financial and administrative officer of Arbonne InternationalĀ LLCJohn J. Schiff , Jr., CPCU, former chairman and chief executive officer ofCincinnati Financial Corporation Thomas R. Schiff , chairman and chief executive officer of JohnĀ J. &Thomas R. Schiff & Co. Inc. Douglas S. Skidmore , chief executive officer ofSkidmore Sales & Distributing Company Inc. Kenneth W. Stecher , chairman of the board ofCincinnati Financial Corporation - John F. Steele,Ā Jr., chairman and chief executive officer of
Hilltop Basic Resources Inc. Larry R. Webb , president ofWebb Insurance Agency Inc.
The board also met on
- Audit ā
Gretchen W. Price (chairperson),William F. Bahl ,Gregory T. Bier ,Linda W. Clement-Holmes , DirkĀ J.Ā Debbink,Kenneth C. Lichtendahl ,David P. Osborn , DouglasĀ S. Skidmore andJohn F. Steele , Jr. - Compensation ā
W. Rodney McMullen (chairperson),William F. Bahl ,Gregory T. Bier ,Dirk J. Debbink andGretchen W. Price - Executive ā
Steven J. Johnston (chairperson),William F. Bahl ,W. Rodney McMullen ,Kenneth W. Stecher , John F. Steele,Ā Jr. andLarry R. Webb - Investment ā
Kenneth W. Stecher (chairperson),William F. Bahl , GregoryĀ T. Bier,Steven J. Johnston , W.Ā Rodney McMullen,David P. Osborne ,John J. Schiff , Jr., ThomasĀ R. Schiff andLarry R. Webb ; RichardĀ M.Ā Burridge,Ā CFA, continues to serve as committeeĀ adviser - Nominating ā
William F. Bahl (chairman),Linda W. Clement-Holmes ,Kenneth C. Lichtendahl , GretchenĀ W.Ā Price andDouglas S. Skidmore
About
Mailing Address: |
Street Address: |
P.O. Box 145496Ā |
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Safe Harbor
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 2014 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 33.
Factors that could cause or contribute to such differences include, but are not limited to:
- Unusually high levels of catastrophe losses due to riskĀ concentrations, changes in weather patterns, environmental events, terrorism incidents or otherĀ causes
- Increased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuance
- Inadequate estimates or assumptions used for critical accounting estimates
- Declines in overall stock market values negatively affecting the company's equity portfolio and bookĀ value
- Domestic and global events resulting in capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that leadĀ to:
- Significant or prolonged decline in the 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 financialĀ 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 contractĀ assets
- Recession or other economic conditions resulting in lower demand for insurance products or increased paymentĀ delinquencies
- Difficulties with technology or data security breaches, including cyberattacks, that could negatively affect our ability to conduct businessĀ 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 or performance inadequacies from ongoing development and implementation of underwriting and pricingĀ 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 reinsurance on acceptable terms, amount of reinsurance 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 toĀ conclude that segment could not achieve sustainableĀ profitability
- Inability of our subsidiaries to pay dividends consistent with current or past levels
- Events or conditions that could weaken or harm the company's relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company's opportunities for growth, suchĀ as:
- Downgrades of the company's financial strengthĀ ratings
- Concerns that doing business with the company is tooĀ difficult
- Perceptions that the company's level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace
- Inability or unwillingness to nimbly develop and introduce coverage product updates and innovations that our competitors offer and consumers expect to find in theĀ marketplace
- Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:
- Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimates
- Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules andĀ regulations
- Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business
- Add assessments for guaranty funds, other insurance-related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rateĀ changes
- Increase our provision for federal income taxes due to changes in tax law
- Increase our other expenses
- Limit our ability to set fair, adequate and reasonableĀ rates
- Place us at a disadvantage in the marketplace
- Restrict our ability to execute our business model, including the way we compensate agents
- Adverse outcomes from litigation or administrativeĀ proceedings
- Events or actions, including unauthorized intentional circumvention of controls, that reduce the company's future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act ofĀ 2002
- Unforeseen departure of certain executive officers or other key employees due to retirement, health or otherĀ causes that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and others
- Events, such as an epidemic, natural catastrophe or terrorism, that could hamper our ability to assemble our workforce at our headquarters location
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. TheĀ ultimate changes and eventual effects, if any, of these initiatives are uncertain.
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