Press release
Cincinnati Financial Corporation Announces Preliminary Estimate for First-Quarter Storm Losses
CINCINNATI, April 17, 2023 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its consolidated first-quarter results are
About this update from Cincinnati Financial Corporation
[{"type":"text","content":"CINCINNATI, April 17, 2023 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its consolidated first-quarter results are expected to include pretax catastrophe losses of approximately $235 million – representing an impact on the first-quarter 2023 combined ratio of approximately 12.8 percentage points, based on estimated property casualty earned premiums. The company's 5–year historical average contribution of catastrophe losses to the combined ratio is 6.3 percentage points for the first quarter.\nThe catastrophe loss estimate includes $171 million in aggregate for three March storms that produced tornadoes in several states, in addition to less severe storms. The estimate for total first-quarter 2023 catastrophe losses incurred includes approximately $110 million for the commercial lines insurance segment; $115 million for the personal lines insurance segment; $1 million for the excess and surplus lines insurance segment; $3 million for Cincinnati Re® and $6 million for Cincinnati Global Underwriting LtdSM.\nSteven J. Johnston, chairman and CEO, commented: \"March roared in and left just as loudly with storm systems that impacted at least a dozen states each. Our claims service, delivered by teams of Cincinnati associates, continues to support agents and lead to satisfied policyholders as we quickly inspected losses and issued payments.\"\n\"We take the responsibility of paying our claims seriously and manage our capital to ensure we have ample capacity to absorb insured losses. Our long-term focus allows us to partner with the best independent agents in the country and to provide the highest quality service during the claims handling process.\"\nEstimated losses and expenses from catastrophe-related claims are expected to bring the company's first-quarter 2023 property casualty combined ratio to approximately 99% to 103%. Net written premium growth is estimated to be approximately 6% for the quarter.\nThe unaudited loss estimates and other data presented in this release is preliminary, based upon management estimates and subject to the completion of the company's procedures for the preparation of its quarterly financial statements. As a result, further adjustments may be made between now and the time financial results for the quarter are finalized. \nCincinnati Financial plans to report final...