The Cincinnati Insurance Company Announces Preliminary Plan to Expand Business in High Net Worth Markets

Cincinnati Financial Corporation

today announced that over the next five years, its lead property casualty insurance subsidiary, The Cincinnati Insurance Company, expects to bring enhanced insurance products and services to independent agents serving high net worth personal lines clients. The plan includes marketing the products in the company's current states and is expected to expand its personal lines footprint to additional states including Texas, Massachusetts, New Jersey and California. To prepare for the expansion, the company has formed dedicated high net worth underwriting and inspection teams and increased capacity to cover homes up to $10 million through its Executive Classic™ homeowner product. The Executive Classic program provides coverage for valuable articles up to $10 million; high-valued automobiles and classic vehicles; high-valued watercraft, including yachts; and up to $25 million in excess coverages. Will Van Den Heuvel, senior vice president of personal lines, commented: "Our agencies write more than $100 million in annual premiums for this type of business with us today. We are proud to partner with them to deliver broad products, leading financial strength and superior claims service for their high net worth clients. Further development of our products and services should assure we are the carrier of choice for this portion of our agent's accounts." In 2015, the company will file for regulatory approval to begin the rollout of a new suite of insurance products serving the unique needs of high net worth personal lines clients – Executive Capstone™. Executive Capstone will offer higher coverage limits and new options for home, automobile, excess liability, watercraft and valuable article products. The suite of products is expected to be available in the second half of 2015 to agents in the state of New York and will replace the Executive Classic product once fully rolled out.