Cincinnati Financial Corporation
Acquisitions
3
Major Deals Covered
$134M
Disclosed Deal Value
Cincinnati Financial's largest disclosed acquisition here is MSP Underwriting (Syndicate 318 at Lloyd's) for $134M in 2019. This page covers 3 major deals from 1963 to 2019, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| MSP Underwriting (Syndicate 318 at Lloyd's) | 2019 | $134.0M | Acquired London-based Lloyd's syndicate specialist MSP Underwriting from Munich Re for £102 million ($134 million) to establish global specialty underwriting presence. |
| CSU Producer Resources (Specialty Lines Brokerage) | 2008 | Undisclosed | Established dedicated excess and surplus (E&S) lines brokerage and underwriting facility to capture specialized commercial liability risks. |
| The Cincinnati Life Insurance Company | 1963 | Undisclosed | Acquired and incorporated dedicated life insurance underwriting capabilities into the property-casualty agency network. |
2019
$134M
Acquired London-based Lloyd's syndicate specialist MSP Underwriting from Munich Re for £102 million ($134 million) to establish global specialty underwriting presence.
Renamed Cincinnati Global Underwriting Ltd., giving the group direct access to international property and specialty lines at Lloyd's.
Formed Cincinnati Global Syndicate 318, driving significant international gross written premium growth.
2008
Established dedicated excess and surplus (E&S) lines brokerage and underwriting facility to capture specialized commercial liability risks.
Enabled independent agent partners to place complex and non-standard risks within Cincinnati Financial's corporate family.
Expanded high-margin excess and surplus gross written premium.
1963
Acquired and incorporated dedicated life insurance underwriting capabilities into the property-casualty agency network.
Allowed local independent agencies to offer comprehensive life, disability, and term coverage alongside commercial property policies.
Grew into a multi-billion dollar asset subsidiary providing predictable policyholder reserves.
Growth is mostly organic: appointing more independent agencies, expanding into new states, and adding specialty products. Recent emphasis includes high net worth personal lines, E&S casualty and property through CSU, Cincinnati Re, and Cincinnati Global at Lloyd's. Management prices policy by policy using its own data and modeling, aiming for steady premium growth with combined ratios in the low-to-mid 90s rather than market share at any price.
Cincinnati Financial makes money in two ways. First, its insurance subsidiaries collect premiums for commercial, personal, excess and surplus (E&S), reinsurance and Lloyd's policies and aim to pay less in claims and expenses than they collect; a combined ratio under 100% means an underwriting profit, and the 2025 ratio was 94.9%. Second, it invests the premiums it holds before claims are paid. Unlike most insurers, it keeps a large share of that portfolio in common stocks, so investment income rose 14% in 2025 while swings in equity values flow straight into net income. Policies are sold only through independent agencies, and field underwriters and claims staff live in the territories they serve.
In 2019 Cincinnati Financial completed the acquisition of London-based MSP Underwriting, manager of Syndicate 318 at Lloyd's, from Munich Re. It is now Cincinnati Global Underwriting Ltd.
Syndicate 318 gave Cincinnati Financial an established platform at Lloyd's, access to London market brokers and international specialty risks, complementing Cincinnati Re.
Cincinnati Financial has grown almost entirely through organic geographic expansion, appointing top independent agencies in new states and incubating internal business units (CSU, Cincinnati Re) rather than acquiring domestic insurance carriers.
Cincinnati Specialty Underwriters began writing excess and surplus business in 2008 as an internally built carrier; its net written premiums grew 11% in 2025.
Cincinnati Re was built internally. The company expanded its reinsurance assumed operation under the Cincinnati Re name in 2015 by hiring an experienced reinsurance team rather than acquiring a reinsurer.
Growth is funded mainly from operating cash flow, which reached $3.1 billion in 2025, and the capital of its insurance subsidiaries, backed by $15.9 billion of shareholders' equity at year-end 2025.
They are notoriously conservative and rarely execute massive acquisitions. However, in 2019, they acquired MSP Underwriting (a global specialty underwriter in London) for roughly $135 million to aggressively expand their global risk capabilities.
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