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Cincinnati

Investment gains help boost Cincinnati’s Q3 net income to $484mn

27th October 2020

Primary insurer Cincinnati Financial has reported a third quarter net income of $484 million, up from $248 million in the prior year period. This increase was primarily due to the after-tax net effect of a $352 million increase in net investment gains and partially offset by a $106 million decrease in ... Read the full article

Cincinnati Financial found liable in major COVID-19 BI case

23rd October 2020

A North Carolina judge has ruled that Cincinnati Financial is liable to pay out on business interruption (BI) claims filed by a group of restaurants who were forced to shut due to COVID-19. In a landmark decision, the judge said that the virus caused a “physical loss” to the businesses, despite ... Read the full article

Cincinnati estimates $266mn Q3 catastrophe hit

15th October 2020

Primary insurer Cincinnati’s third-quarter results are expected to include pretax catastrophe losses of approximately $266 million. This figure represents an impact on the company’s Q3 combined ratio of approximately 18.3%, based on estimated property casualty earned premiums. In August, a midwest derecho caused approximately $103 million of losses, after an estimated reinsurance ... Read the full article

Cincinnati announces officer changes at CFC Investment subsidiary

18th August 2020

Primary insurer, Cincinnati Financial Corporation has announced a series of officer changes at its subsidiary company, CFC Investment Company. The changes were approved by the board of CFC Investment Company at its regular meeting held on August 14th, 2020 and includes the appointment of Chairman and Chief Executive Officer (CEO), Steven ... Read the full article

Cincinnati Financial CR deteriorates to 103.1% in Q2

28th July 2020

Cincinnati Financial Corporation has reported that its combined ratio deteriorated to 103.1% during the second quarter of 2020 following $231 million of catastrophe losses. Elevated catastrophe losses, plus $65 million of pandemic related loss and expense effects, meant the company finished the quarter with an underwriting loss of $41 million. The ... Read the full article

Cincinnati Financial posts Q2 cat losses of $231m

15th July 2020

Cincinnati Financial Corporation is expected to include pretax catastrophe losses of approximately $231 million in the second quarter, adding 16.5% to the quarterly combined ratio based on estimated property casualty earned premiums. Two multi-state storms in early April each caused approximately $50 million in losses, in addition to catastrophe losses from ... Read the full article

Cincinnati Financial reports $1.23bn Q1 net loss as investments struggle

28th April 2020

Cincinnati Financial Corporation has reported a net loss of $1.226 billion for the first-quarter of 2020, as the impact of the COVID-19 coronavirus pandemic saw the company recognise a more than $1.3 billion reduction in the fair value of equity securities still held. In Q1 2020, Cincinnati Financial's investment result suffered ... Read the full article

Cincinnati income down in Q3 despite underwriting improvements

25th October 2019

US primary insurer Cincinnati Financial has reported a significant decrease in earnings for the third quarter of 2019, despite improvements to its underwriting performance. The company reported net income of $248 million for Q3 2019, compared with $553 million for the same period last year. The $305 million difference was primarily attributed ... Read the full article

Cincinnati Financial completes acquisition of Munich Re subsidiary

28th February 2019

Cincinnati Financial Corporation has completed its previously announced acquisition of MSP Underwriting Limited from reinsurer Munich Re for £102 million. Following the transaction, MSP Underwriting will become a wholly owned subsidiary of Cincinnati Financial, continuing to operate under its existing leadership team. Based in London, MSP Underwriting operates through Beaufort Underwriting ... Read the full article

Munich Re subsidiary acquired by Cincinnati Financial for £102m

12th October 2018

MSP Underwriting, a global specialty underwriter and Munich Re subsidiary, has been acquired by Cincinnati Financial Corporation for an all-cash transaction of £102 million. Based on MSP’s projected net asset value at closing, the deal will see the firm become a wholly-owned subsidiary of Cincinnati Financial and will continue to operate ... Read the full article

Cincinnati Insurance names Stephen Spray as new Chief Insurance Officer

21st August 2018

Cincinnati Financial Corporation has announced that Stephen M. Spray is to become the new Chief Insurance Officer (CIO) of its lead subsidiary, The Cincinnati Insurance Company, succeeding outgoing CIO Jacob F. Scherer, Jr., who plans to retire in August 2019. Additionally, Cincinnati announced that Sean M. Givler, Senior Vice President – ... Read the full article

$114mn of cat losses could push Cincinnati to underwriting loss in Q3

12th October 2017

Cincinnati Financial Corporation has revealed that the property casualty group of Cincinnati Insurance Companies expects to experience pre-tax catastrophe losses of up to $114 million in the third-quarter of 2017, which could push its combined ratio above 100% for the period. The firm anticipates pre-tax catastrophe losses of between $102 million ... Read the full article

Cincinnati expands high-end clients programme to Washington & Massachusetts

17th August 2017

The Cincinnati Insurance company has expanded its Executive Capstone programme for high net worth personal insurance clients to Massachusetts and Washington. The Executive Capstone programme offers cover features, limits, and options to tailor insurance for clients with homes valued at more than $1 million, yachts, high-end cars, collector cars and personal articles. The ... Read the full article

Cincinnati expects Q4 catastrophe losses of up to $85 million

13th January 2017

The Cincinnati Insurance Companies' property and casualty (P/C) division expects preliminary estimated catastrophe losses of up to $85 million for the fourth-quarter of 2016, according to a recent company announcement. Pre-tax catastrophe losses for the U.S. domiciled carrier, during the fourth-quarter of 2016, are expected to total between $75 million and $85 million. ... Read the full article

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