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Cincinnati Financial names new chief insurance officer

Cincinnati Financial has named Jacob Scherer as the chief insurance officer of Cincinnati Insurance, who has been serving as its executive vice president since 2008.

In his new role, Scherer will be responsible for personal lines and reinsurance in addition to business insurance, while providing strategic oversight of multiple departments handling property casualty insurance sales, marketing, underwriting and related field services.

Scherer has 38 years of insurance industry including experience in sales and agency relationship management, field marketing and underwriting, life insurance marketing, agency perpetuation planning and management of a family-owned independent insurance agency.

Cincinatti president and chief executive officer Steven Johnston said, "Naming a chief insurance officer unites our team of leaders responsible for profitable growth of our commercial, personal and excess and surplus lines insurance business."

The firm has also revealed that Thomas Joseph, senior vice president in charge of personal lines operations for Cincinnati Insurance and president of Cincinnati Casualty since 2008, has stepped down.