Cincinnati Financial is a property casualty (P&C) insurance company that sells commercial and personal insurance policies exclusively through independent agents. Founded in 1950 and headquartered in Fairfield, Ohio, the company operates through roughly 2,292 independent agency relationships across 46 states. Cincinnati Financial's core strategy centers on building deep, long-term relationships with independent agents, who over time allocate a growing share of their business to the company. A locally based field team of over 2,000 associates makes underwriting decisions and handles claims in person, including same-day claim payments. Commercial lines account for roughly half of net written premiums, covering small to midsized businesses across property, liability, auto, and workers' compensation. Personal lines account for about a third of premiums, with a meaningful high-net-worth segment (Cincinnati Private Client). The company also writes E&S lines for non-standard risks, life insurance, and operates Cincinnati Re and a London-based Lloyd's syndicate (Cincinnati Global) for added diversification. Cincinnati Financial earns money two ways: underwriting profit, targeting a combined ratio in the low-to-mid 90s, and investment income from a large portfolio (~$31B) that includes a sizable equity securities allocation (~40% of the portfolio). The equity portfolio introduces mark-to-market earnings volatility, which management tracks via a "value creation ratio." The company has increased its dividend for 64 consecutive years and maintains a conservative balance sheet with minimal debt.