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AM Best Affirms Credit Ratings of Cincinnati Financial Corporation and Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the property/casualty (P/C) insurance subsidiaries of Cincinnati Financial Corporation (CFC) and The Cincinnati Life Insurance Company. Additionally, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of CFC, the companies’ publicly traded parent. The outlook of all these Credit Ratings (ratings) is stable. All companies except The Cincinnati Specialty Underwriters Insurance Company (CSU) are domiciled in Fairfield, OH. CSU is domiciled in Delaware. (See below for a detailed listing of the property/casualty (P/C) companies and Long-Term IRs.)

The ratings reflect CFC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

CFC maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy ratio (BCAR), supported by a conservative operating strategy with strict underwriting guidelines, which has led to favorable reserve development for over 30 consecutive years. CFC maintains a comprehensive reinsurance program with highly rated reinsurance partners, as well as favorable liquidity and financial flexibility. Additionally, CFC maintains an extensive stock portfolio consisting of dividend-paying stocks, which supplements investment income. However, this portfolio does expose surplus and risk-adjusted capitalization to equity market fluctuations, but CFC has been able to manage these risks over a prolonged period of time. AM Best believes capitalization will remain supportive of CFC’s ratings. CFC, which is predominantly a P/C group of insurers that markets its products primarily through independent agencies, has recorded underwriting profits each year since 2012, with operating metrics that generally outperforms its peers.

CFC has a favorable business profile assessment underpinned by its diversified portfolio of commercial and personal lines of business, as well as its life and non-admitted insurance products. Contributing to the favorable business profile is CFC’s global geographic footprint and the group’s strong U.S. P/C market position.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) have been affirmed with stable outlooks for The Cincinnati Insurance Company and its P/C subsidiaries:

  • The Cincinnati Indemnity Company
  • The Cincinnati Casualty Company
  • The Cincinnati Specialty Underwriters Insurance Company

The following Long-Term IRs have been affirmed with stable outlooks:

Cincinnati Financial Corporation—

-- “a” (Excellent) on $28.0 million 6.90% senior unsecured debentures, due 2028

-- “a” (Excellent) on $374 million 6.125% senior unsecured notes, due 2034

-- “a” (Excellent) on $391 million 6.92% senior unsecured debentures, due 2028

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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