Earnings Call Excerpt
Cincinnati Financial Corporation (CINF)
Q1 2009 Earnings Call
April 30, 2009 11:00 am ET
Executives
Dennis McDaniel - IR
Ken Stecher - President and CEO
Steve Johnston - CFO
Marty Hollenbeck - SVP and COO of CFC Investment Company
J.F. Scherer - EVP
Analysts
Michael Phillips - Stifel Nicolaus
Paul Newsome - Sandler O'Neill & Partners
Dan Schlemmer - FPK
Presentation
Operator
Good morning. My name is Ken and I will be your conference operator today. At this time I would like to welcome everyone to the Cincinnati Financial first quarter earnings call. (Operator Instructions) Now I would like to turn the call over to Mr. Dennis McDaniel. Sir?
Dennis McDaniel
Hello. This is Dennis McDaniel, Cincinnati Financial's Investor Relations Officer. Thank you for joining us for our first quarter 2009 conference call. This morning we issued a news release on our results along with our supplemental financial package. We also filed our quarterly report on Form 10-Q. If you need copies of any of this material, please visit our investor website, www.cinfin.com/investors. The shortest route to the information is in the far right column via the quarterly results quicklink.
On the call you will hear from Ken Stecher, President and Chief Executive Officer, and Steve Johnston, Chief Financial Officer. After their prepared remarks, we will open the call for questions. At that time, some responses may be made by others in the room with us. That includes Chairman Jack Schiff Jr.; Executive Vice President J.F. Scherer of Sales and Marketing; Principal Accounting Officer Eric Mathews; and Senior Vice Presidents Marty Hollenbeck, Investments, and Marty Mullen, Claims.
First, please note that some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risk and uncertainties. With respect to these risks and uncertainties, we direct your attention to our news release and to our various filings with the SEC.
Also, reconciliation of non-GAAP information as record by Regulation G was provided with the release and is also available on our website. Statutory data is prepared in accordance with Statutory Accounting Rules and therefore is not reconciled to GAAP. With that, let me turn the call over to Ken.
Ken Stecher
Thank you, Dennis. Welcome and thanks to all of you for joining us today. First quarter financial results were not good. There is simply no escaping that fact. Steve will discuss main drivers of results for the quarter, including details on catastrophes and our reserve development on old business. I'll focus on areas we are working on now to improve future financial performance.
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