Jack Schiff
Co-founder 1950Background
Jack Schiff, along with his brothers James and Harry, founded the Cincinnati Insurance Company in 1950, driven by the frustration of observing small to mid-sized commercial enterprises struggling to find reliable, affordable property and casualty insurance from the national carriers. His defining founding philosophy was that an insurance carrier could achieve superior underwriting profitability by treating its independent agents not as mere distribution conduits, but as true partners in the risk selection process, a principle that became the bedrock of the 'Cincinnati Way'.
Role at Cincinnati Financial Corporation
Cincinnati Financial possesses an unique founding story: it was not founded by wealthy Wall Street financiers or corporate conglomerates, but by four frustrated, independent insurance agents operating in the American Midwest. In 1950, four independent insurance agents in Cincinnati, Ohio—John J. Schiff, Robert Cleveland, Harry Turner, and Chester Field—were dissatisfied with the bureaucratic insurance companies they represented. They felt that these distant corporate headquarters were treating independent agents terribly, offering poor commissions, denying legitimate claims, and failing to understand the specific needs of local Midwestern businesses. Driven by a vision of creating a company built exclusively for agents, by agents, they pooled exactly $210,000 of their own capital (raised by selling shares to friends, family, and other local agents) to found the Cincinnati Insurance Company. Their foundational philosophy was simple but effective: loyalty to the independent agent. They promised never to sell insurance directly to consumers (bypassing the agent) and promised to provide localized claims service to protect the agent's reputation in their community. This unwavering commitment to the independent agency channel fostered intense, generational loyalty. The agents rewarded the company by placing their best, lowest-risk commercial clients with Cincinnati Financial, ensuring profitable underwriting margins that fueled the company's growth into a multi-billion dollar, publicly traded powerhouse that remains loyal to its original, localized Midwestern roots.