As originally announced in November 2015, Cincinnati Financial Corporation is shifting the leadership in its biggest insurance line. Charles P. (Bud) Stoneburner II, senior vice president of commercial lines for its lead subsidiary, The Cincinnati Insurance Company, will retire within the next six months.
As was previously announced, Stephen M. Spray, who is senior vice president, will become the next head of the company’s commercial lines. Spray will take over Stoneburner’s role as head of commercial lines this October 1, and Stoneburner will continue in an executive role until his retirement.
Stoneburner began his career in Cincinnati Financial in 1980, working as a field claims representative serving agents and policyholders in Northern Virginia. He advanced through the ranks of the claims department and would lead the company’s field claims division. Stoneburner shifted his focus to underwriting in 2008, taking lead of Cincinnati Financial’s commercial lines operation.
"Bud is a thoughtful and determined leader," stated J.F. Scherer, executive vice president and chief insurance officer. "He has a sterling reputation with agents and associates built through more than 35 years of service to our company. His talents are evident in our outstanding commercial lines results."
Spray has more than 25 years of experience in the insurance industry. He was shifted to the company’s commercial insurance operations on January 1 as the eventual successor to Stoneburner. Spray helped establish Cincinnati Financial’s excess and surplus lines, created its Target Markets division, and was in charge of property and casualty sales and marketing.
Fairfield-headquartered Cincinnati Financial Corporation offers property and casualty insurance, its primary business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company, and The Cincinnati Casualty Company.
