Stephen M. Spray

Stephen M. Spray is chief executive officer of Cincinnati Financial Corporation and its U.S.-based subsidiaries since May 2024, and president since 2022. Age 58, he is a director since 2024. After joining Cincinnati Insurance in 1991, he held various positions with the company, each increasing in scope and responsibilities. He was instrumental in the formation of The Cincinnati Specialty Underwriters Insurance Company in 2007.

From 2011 to 2016, he was responsible for sales and marketing, including management of field underwriters and independent agency relationships. He led the company's commercial lines operations from 2016 until 2019 and served as chief insurance officer of the property casualty subsidiaries from 2019 until 2022. His board service brings to the board an extensive understanding of the insurance industry, how to maintain the company's industry-leading profitability and growth and of the value of its agency-centered business model.

Career History

• Chief Insurance Officer of property casualty subsidiaries (2019-2022)
• Led commercial lines operations (2016-2019)
• Sales and Marketing responsibility with field underwriter management (2011-2016)
• Field marketing representative and multiple advancement roles since 1991

What Stephen Spray could bring to his role as CEO of Cincinnati Financial: Spray's 35-year tenure with Cincinnati Financial provides deep institutional knowledge of the company's business model and culture. His progression through underwriting, sales, commercial lines, and executive leadership positions positions him to drive strategic growth while maintaining the agency-centered model that differentiates Cincinnati in the market. Under his leadership, Cincinnati delivered 2024 value creation ratio of 19.8% and three-year total shareholder return of 36.5%, with 2024 operating execution including 15% net written premium growth to over $9.2B and a 93.4% combined ratio representing the 13th consecutive underwriting profit, signaling his ability to balance profitable growth with disciplined underwriting execution.

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