CINCINNATI, Nov. 15, 2010 /PRNewswire-FirstCall/ — Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its lead property casualty insurance subsidiary, The Cincinnati Insurance Company, appointed KPD Insurance Inc. in Springfield, Oregon, as the first independent agency in that state to market its business insurance policies and services. Cincinnati Insurance executives initiated the relationship at the company’s headquarters, welcoming agency representative James R. Ginger, CIC, president. Oregon is the company’s 39th state of operation.
President and CEO Kenneth W. Stecher said, “We believe that methodically adding new agency relationships, while protecting the franchise value we offer to current agencies, is a good long-term way to increase our market penetration. For 2010, we’ve already exceeded our goal of appointing approximately 80 independent agencies that in aggregate write $1 billion in property casualty premiums annually with all insurance companies they represent. The 81 new agencies we’ve appointed to date write an aggregate of nearly $1.5 billion in property casualty premiums annually with various companies, for an average of approximately $18 million per agency.
“We look to earn a 10 percent share of an agency’s business within 10 years of its appointment. Our solid financial strength through all kinds of markets is due to the depth of our relationship and service commitment to local independent agents and our industry- leading claims service, broad coverages and highly competitive multi- year policies.”
Executive Vice President J.F. Scherer commented, “Our experienced field marketing director, Roger D. Whitescarver II, AIS, CRIS, CIC, has relocated to West Linn, Oregon. Roger led our efforts to begin doing business in Idaho in 1999. He is adept at screening interested agencies and selecting those with the highest professional standards, compatible philosophies and formal marketing plans to serve our policyholders. We plan a great partnership with KPD and look forward to partnering with additional independent agencies in Oregon.”
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, annuities and surplus lines property and casualty insurance. For additional information about the company, please visit www.cinfin.com.
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SOURCE Cincinnati Financial Corporation
Originally published by Cincinnati Financial Corporation.
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