“It gives us continuity and a more modern design,” said Joan Shevchik, Cincinnati Financial spokeswoman.
A bridge focuses on financial strength and stability, as well as acknowledge its founding agents — John J. Schiff, Robert Schiff, Harry Turner and Chester Field — who founded the company 61 years ago.
In its annual letter, CFC stated it’s at a turning point. In the past three years the company expanded its operating territory to 39 states, grown its agency force, improved technology, enhanced its product line and raised the level of expertise it offers customers.
According to the company’s proxy statement, at today’s meeting the
The meeting has six orders of business, according to the proxy statement:
• election of four directors for one-year terms. The directors are Kenneth Lichtendahl, W. Rodney McMullen, Thomas Schiff and John Steele Jr;
• ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for this year;
• approval of compensation for the company’s named executive officers, and a separate action on how often to vote on executive compensation;
• re-approval of performance objectives contained in the company’s 2006 Stock Compensation Plan.
One of the company’s milestones last year was increasing dividends for the 50th consecutive year. That qualified the company for the 2010 Standard & Poor’s 500 Dividend Aristocrats, an index of S&P 500 companies that have raised dividends at least 25 years, and as a 2010 Mergent’s Dividend Achiever, a list of almost 100 companies with 25 years straight of dividend increases, said Dennis McDaniel, vice president and investor relations officer.
Cincinnati Financial declared a dividend of $1.57 per share in 2009 and a dividend of $1.59 last year, which cost a total about $240 million, McDaniel said.
The indicated dividend for 2011 is $1.60. The company, which pays quarterly dividends, issued a dividend of 40 cents in the first quarter, McDaniel said.
The board could announce an increase anytime, Shevchik said.
Total net income last year was $377 million, according to the company.
Contact this reporter at (513) 705-2551 or clevingston@coxohio.com.
About the Author