Cincinnati Financial Corporation has announced that President Stephen M. Spray will take over as Chief Executive Officer (CEO) of the company in May, with Steven J. Johnston remaining as executive chairman of the company and its US subsidiaries.
Johnston will continue to lead the board and support Spray by maintaining effective relationships with insurance agencies, investors, shareholders and other industry and business organizations.
At the same time, Johnston will also work with Spray and the board to establish long-range strategies.
Johnston, commented: “Steve is the ideal candidate to lead the company forward. He’s a thoughtful, strategic and proven leader with a deep understanding of how to maintain our industry-leading profitability and growth and of the value of the relationships we enjoy with our agents. Steve has an energy and enthusiasm for our business that is contagious. I’m confident in his abilities to bring innovative ideas together with the hallmarks of Cincinnati Insurance to produce value for shareholders far into the future.”
Spray, said: “I’m honored by the trust Steve and the entire board have in me. I also want to thank Steve for his leadership, his coaching and his mentorship as I’ve prepared for this new role. I look forward to continuing to work with him as he continues to lead the board.”
Meanwhile, Cincinnati Financial also added two new director seats, appointing Peter Wu as an independent director and Steve Spray as a non-independent director.
Spray joined Cincinnati in 1991 and has held a number of different positions with the company throughout his tenure.
He was heavily instrumental in the formation of The Cincinnati Specialty Underwriters Insurance Company in 2007. Then, between 2011 – 2016, he was responsible for sales and marketing, which included the management of field underwriters and independent agency relationships.
He also led the firm’s commercial lines operations from 2016 until 2019 , and also served as chief insurance officer of the property & casualty subsidiaries from 2019 until 2022.
He also serves on the board of directors for The Cincinnati Insurance Company and its four subsidiaries: The Cincinnati Indemnity Company, The Cincinnati Casualty Company, The Cincinnati Specialty Underwriters Insurance Company and The Cincinnati Life Insurance Company; and Cincinnati Financial subsidiaries CFC Investment Company and CSU Producer Resources Inc.
Overall, Wu has more than three decades of experience from working across the insurance sector. Since 2022, he has worked with Boston Consulting Group advising on the areas of insurance analytics, data science and artificial intelligence with a focus on emerging technologies and the impacts they have on the insurance sector.
From 1995 to 2020, Wu served as a managing director and the chief actuarial and analytics leader for Deloitte Consulting LLP. During his time at the company, he co-founded and managed a team that pioneered the development and implementation of cutting-edge analytics and data science solutions for insurers.
Cincinnati Financial confirmed that Wu and Spray will stand for reelection at the company’s Annual Meeting of Shareholders taking place on May 4 along with current directors: Thomas J. Aaron, Nancy C. Benacci, Linda W. Clement-Holmes, Dirk J. Debbink, Steven J. Johnston, Jill P. Meyer, David P. Osborn, Gretchen W. Schar, Charles O. Schiff, Douglas S. Skidmore, John F. Steele, Jr., and Larry R. Webb.
Johnston added: “Our shareholders benefit from our highly engaged board of directors who bring their wide range of experiences and skills. Peter’s experience in data analytics and artificial intelligence will support our ongoing efforts to harness the power of these new technologies, while Steve’s deep understanding of our business model and the agency relationships that differentiate us will enhance board discussions.”
