Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses CINF in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CINF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Stephen Spray | $1,130,250 | $0 | $1,768,274 | $1,703,668 | $681,450 | $619,823 | $40,027 | $5,943,492 |
| President and Chief Executive Officer | ||||||||
| Michael Sewell | 1,073,137 | 0 | 1,146,159 | 1,011,001 | 404,384 | 0 | 313,801 | 3,948,482 |
| Chief Financial Officer, Executive Vice President and Treasurer | ||||||||
| Steven Johnston | 513,750 | 0 | 804,764 | 774,399 | 309,750 | 0 | 373,779 | 2,776,442 |
| Executive Chairman of the Board and former Chief Executive Officer | ||||||||
| John Kellington | 748,297 | 0 | 799,736 | 704,960 | 281,977 | 0 | 184,490 | 2,719,460 |
| Chief Information Officer and Executive Vice President | ||||||||
| Teresa Cracas | 681,352 | 0 | 728,436 | 641,910 | 256,750 | 0 | 189,764 | 2,498,212 |
| Chief Risk Officer and Executive Vice President | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Stephen Spray | $5,943,492 | — | — | — |
| Michael Sewell | 3,948,482 | — | — | — |
| Steven Johnston | 2,776,442 | — | — | — |
| John Kellington | 2,719,460 | — | — | — |
| Teresa Cracas | 2,498,212 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | D | 15,386 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | D | 10,321 | 164 | 1,691,818 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | D | 18,935 | 164 | 3,103,825 | Common | Form 4 ↗ |
| Dividend-equivalent accruals | 2026-04-29 | — | 957 | — | — | 1 insider, 1 accrual row | ||
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-04-29 | D | 147 | 164 | 24,096 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-04-29 | A | 957 | 71 | 68,129 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | D | 28,156 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | A | 28,156 | 71 | 2,004,426 | Common | Form 4 ↗ |
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | A | 15,386 | 71 | 1,087,790 | Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | D | 36,909 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | D | 8,822 | 164 | 1,442,750 | Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | A | 36,909 | 71 | 2,609,466 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 6,900 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | A | 6,900 | 71 | 491,211 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 4,685 | 160 | 749,038 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 2,500 | 0 | 0 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | A | 957 | 71 | 68,129 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 74 | 161 | 11,911 | Common | Form 4 ↗ |
| Dividend-equivalent accruals | 2026-05-07 | — | 1,444 | — | — | 1 insider, 2 accrual rows | ||
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | A | 487 | 71 | 34,431 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 145 | 161 | 23,339 | Common | Form 4 ↗ |
| Charles O. Schiff | Director | 2026-05-11 | D | 27,122 | 0 | 0 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-05-28 | A | 774 | 86 | 66,309 | Common | Form 4 ↗ |
| Dividend-equivalent accruals | 2026-05-28 | — | 774 | — | — | 1 insider, 1 accrual row | ||
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-05-28 | D | 99 | 161 | 15,959 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | D | 17,536 | 164 | 2,871,169 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | A | 24,221 | 86 | 2,075,013 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | D | 24,221 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | D | 15,386 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | D | 10,321 | 164 | 1,691,818 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | D | 18,935 | 164 | 3,103,825 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-04-29 | D | 957 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-04-29 | D | 147 | 164 | 24,096 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-04-29 | A | 957 | 71 | 68,129 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | D | 28,156 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-04-29 | A | 28,156 | 71 | 2,004,426 | Common | Form 4 ↗ |
| Teresa Cracas | EVP, Chief Risk Off. - Sub | 2026-04-29 | A | 15,386 | 71 | 1,087,790 | Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | D | 36,909 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | D | 8,822 | 164 | 1,442,750 | Common | Form 4 ↗ |
| Michael Sewell | CFO, EVP & Treasurer | 2026-05-01 | A | 36,909 | 71 | 2,609,466 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 6,900 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | A | 6,900 | 71 | 491,211 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 4,685 | 160 | 749,038 | Common | Form 4 ↗ |
| Roger A. Brown | Sr VP, COO - Subsidary | 2026-05-05 | D | 2,500 | 0 | 0 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | A | 957 | 71 | 68,129 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 74 | 161 | 11,911 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 487 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | A | 487 | 71 | 34,431 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 145 | 161 | 23,339 | Common | Form 4 ↗ |
| Thomas Christopher Hogan | EVP/CLO & Corp Secretary | 2026-05-07 | D | 957 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Charles O. Schiff | Director | 2026-05-11 | D | 27,122 | 0 | 0 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-05-28 | A | 774 | 86 | 66,309 | Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-05-28 | D | 774 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Luyang Fu | Sr. VP, Chief Actuary - Sub | 2026-05-28 | D | 99 | 161 | 15,959 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | D | 17,536 | 164 | 2,871,169 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | A | 24,221 | 86 | 2,075,013 | Common | Form 4 ↗ |
| John Kellington | EVP, Chief Info Off. -Sub | 2026-06-08 | D | 24,221 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Steven Johnston | PSU | 2025-02-17 | 1,689 | 5,630 | — | 11,260 | $680,273 |
| Teresa Cracas | RSU | 2025-02-17 | — | — | 1,245 | — | 162,871 |
| Michael Sewell | RSU | 2025-11-14 | — | — | 10 | — | 1,651 |
| Teresa Cracas | RSU | 2025-11-14 | — | — | 10 | — | 1,651 |
| Teresa Cracas | PSU | 2025-02-17 | 1,401 | 4,667 | — | 9,334 | 563,914 |
| Stephen Spray | PSU | 2025-02-17 | 3,716 | 12,385 | — | 24,770 | 1,496,480 |
| Michael Sewell | RSU | 2025-02-17 | — | — | 1,960 | — | 256,407 |
| Stephen Spray | RSU | 2025-02-17 | — | — | 2,065 | — | 270,143 |
| Stephen Spray | RSU | 2025-11-14 | — | — | 10 | — | 1,651 |
| John Kellington | PSU | 2025-02-17 | 1,538 | 5,125 | — | 10,250 | 619,254 |
| John Kellington | RSU | 2025-11-14 | — | — | 10 | — | 1,651 |
| Steven Johnston | RSU | 2025-02-17 | — | — | 939 | — | 122,840 |
| Michael Sewell | PSU | 2025-02-17 | 2,205 | 7,350 | — | 14,700 | 888,101 |
| John Kellington | OPTION | 2025-02-17 | — | — | 16,000 | — | 704,960 |
| Teresa Cracas | OPTION | 2025-02-17 | — | — | 14,569 | — | 641,910 |
| Steven Johnston | OPTION | 2025-02-17 | — | — | 17,576 | — | 774,399 |
| Michael Sewell | OPTION | 2025-02-17 | — | — | 22,946 | — | 1,011,001 |
| Steven Johnston | RSU | 2025-11-14 | — | — | 10 | — | 1,651 |
| John Kellington | RSU | 2025-02-17 | — | — | 1,367 | — | 178,831 |
| Stephen Spray | OPTION | 2025-02-17 | — | — | 38,667 | — | 1,703,668 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Steven Johnston | $124,491 | $680,273 | $774,399 | 43.1% |
| Teresa Cracas | 164,522 | 563,914 | 641,910 | 41.2% |
| Michael Sewell | 258,058 | 888,101 | 1,011,001 | 41.2% |
| Stephen Spray | 271,794 | 1,496,480 | 1,703,668 | 43.1% |
| John Kellington | 180,482 | 619,254 | 704,960 | 41.2% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Stephen Spray | RSU | 12,385 | — | $2,022,718 |
| Michael Sewell | RSU | 7,498 | — | 1,224,573 |
| Teresa Cracas | RSU | 1,245 | — | 203,333 |
| Teresa Cracas | RSU | 4,667 | — | 762,214 |
| Michael Sewell | RSU | 667 | — | 108,934 |
| Steven Johnston | RSU | 14,409 | — | 2,353,278 |
| Stephen Spray | RSU | 14,003 | — | 2,286,970 |
| John Kellington | RSU | 5,125 | — | 837,015 |
| Stephen Spray | RSU | 6,810 | — | 1,112,209 |
| Teresa Cracas | Option | 12,514 | 112.36 | — |
| Steven Johnston | RSU | 16,747 | — | 2,735,120 |
| Michael Sewell | RSU | 8,715 | — | 1,423,334 |
| John Kellington | Option | 16,000 | 137.56 | — |
| Stephen Spray | RSU | 1,556 | — | 254,126 |
| Teresa Cracas | Option | 14,569 | 137.56 | — |
| Teresa Cracas | RSU | 5,533 | — | 903,650 |
| John Kellington | RSU | 1,081 | — | 176,549 |
| Teresa Cracas | RSU | 984 | — | 160,707 |
| John Kellington | RSU | 1,367 | — | 223,258 |
| Steven Johnston | RSU | 801 | — | 130,819 |
| Steven Johnston | Option | 37,875 | 112.36 | — |
| Stephen Spray | Option | 31,670 | 112.36 | — |
| Michael Sewell | Option | 22,946 | 137.56 | — |
| Stephen Spray | Option | 38,667 | 137.56 | — |
| Michael Sewell | Option | 8,211 | 125.57 | — |
| Teresa Cracas | Option | 5,213 | 125.57 | — |
| Teresa Cracas | RSU | 423 | — | 69,084 |
| Michael Sewell | Option | 19,709 | 112.36 | — |
| John Kellington | Option | 13,743 | 112.36 | — |
| Stephen Spray | RSU | 2,065 | — | 337,256 |
| Michael Sewell | RSU | 1,960 | — | 320,107 |
| Steven Johnston | RSU | 1,861 | — | 303,939 |
| Stephen Spray | Option | 7,458 | 125.57 | — |
| Stephen Spray | RSU | 605 | — | 98,809 |
| Steven Johnston | Option | 15,779 | 125.57 | — |
| Steven Johnston | RSU | 939 | — | 153,357 |
| Michael Sewell | RSU | 7,350 | — | 1,200,402 |
| John Kellington | RSU | 6,077 | — | 992,496 |
| John Kellington | RSU | 465 | — | 75,944 |
| Steven Johnston | RSU | 5,630 | — | 919,492 |
| John Kellington | RSU | 5,229 | — | 854,000 |
| Teresa Cracas | RSU | 4,761 | — | 777,567 |
| Steven Johnston | Option | 17,576 | 137.56 | — |
| Michael Sewell | RSU | 1,549 | — | 252,983 |
| John Kellington | Option | 5,726 | 125.57 | — |
The objective of our compensation program is to attract, motivate, reward, develop and retain the executive talent required for our long-term success. To achieve this objective, we seek to ensure that compensation is competitive and that there is a direct link between pay and performance.
| CEO STI target (% of salary) | 200% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-02 | 118,190,863 | 4,425,146 | 263,471 | 96.39% | Passed |
| 2025 | 2025-05-03 | 117,868,774 | 5,603,679 | 879,236 | 95.46% | Passed |
| 2024 | 2024-05-04 | 112,585,127 | 4,891,426 | 606,606 | 95.84% | Passed |
| 2023 | 2023-05-06 | 119,931,679 | 5,407,743 | 434,006 | 95.69% | Passed |
| 2022 | 2022-05-07 | 119,633,518 | 5,636,563 | 764,392 | 95.5% | Passed |
| 2021 | 2021-05-08 | 124,044,903 | 3,664,488 | 745,640 | 97.13% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-02 | 96.39%a |
| 2025 | 2025-05-03 | 95.46%b |
| 2024 | 2024-05-04 | 95.84%c |
a. Approved under the standard stated in the filing — “Abstentions and broker nonvotes have no effect on the voting for this proposal.”.
b. Approved under the standard stated in the filing — “Votes to abstain have the same effect as votes against the proposal. Broker nonvotes have no effect on the voting for this proposal.”.
c. Approved under the standard stated in the filing — “Votes to abstain have the same effect as votes against the proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 46.3 : 1 |
|---|---|
| CEO total compensation | $5,943,492 |
| Median employee compensation | $128,245 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Dirk J. DebbinkIndependent · Lead Independent Director · Audit · Executive · Investment · Nominating (Chair) | $228,000 | $135,020 | $0 | $0 | $17,922 | $380,942 |
| Gretchen W. ScharIndependent · Audit (Chair) · Compensation · Nominating | 160,000 | 135,020 | 0 | 0 | 12,313 | 307,333 |
| David P. OsbornIndependent · Audit · Compensation (Chair) · Investment | 166,000 | 135,020 | 0 | 0 | 3,150 | 304,170 |
| Larry R. WebbIndependent · Executive · Investment | 136,500 | 135,020 | 0 | 0 | 24,021 | 295,541 |
| Nancy C. BenacciIndependent · Audit · Investment | 141,000 | 135,020 | 0 | 0 | 12,157 | 288,177 |
| Douglas S. SkidmoreIndependent · Executive · Nominating | 135,000 | 135,020 | 0 | 0 | 18,054 | 288,074 |
| Charles O. SchiffIndependent · Investment | 135,000 | 135,020 | 0 | 0 | 16,067 | 286,087 |
| Cheng-sheng Peter WuIndependent · Audit | 135,000 | 135,020 | 0 | 0 | 15,962 | 285,982 |
| Linda W. Clement-HolmesIndependent · Audit · Compensation · Nominating | 135,000 | 135,020 | 0 | 0 | 15,545 | 285,565 |
| John F. Steele, JrIndependent · Executive | 135,000 | 135,020 | 0 | 0 | 14,755 | 284,775 |
| Jill P. MeyerIndependent · Compensation · Nominating | 135,000 | 135,020 | 0 | 0 | 1,568 | 271,588 |
| Edward S. WilkinsIndependent · Audit · Newly elected | 99,560 | 99,631 | 0 | 0 | 14,983 | 214,174 |
| Steven J. JohnstonEmployee director · Board Chair · Executive (Chair) · Investment (Chair) | 0 | 0 | 0 | 0 | 0 | 0 |
| Stephen M. SprayEmployee director · Executive · Investment | 0 | 0 | 0 | 0 | 0 | 0 |
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $75,000 |
| Per board meeting fee | $4,500 |
| Committee chair fees (audit / comp / nom-gov) | 50,000 |
| Stock ownership guideline | All of our directors and executive officers are in compliance with our published stock ownership guidelines. |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,741,060 |
| Equity awards (grant-date value) | $1,584,851 |
| All other compensation | $166,497 |
| Total cost of the board | $3,492,408 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Cincinnati Financial names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Cincinnati Financial.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | The Travelers Companies Inc. | 2025 | Alan Schnitzer | $1,450,000 | $9,417,364 | $6,100,056 | $9,000,000 | $26,968,756 |
| 2 | The Allstate Corporation | 2025 | Thomas Wilson | 1,465,385 | 10,886,400 | 4,530,227 | 5,597,235 | 22,920,898 |
| 3 | Hartford Financial Services Group Inc. | 2025 | Christopher Swift | 1,200,000 | 10,982,790 | 3,412,500 | 5,808,000 | 22,114,212 |
| 4 | W.R. Berkley Corporation | 2025 | W. Robert Berkley, Jr. | 1,097,800 | 3,850,038 | 0 | 11,176,030 | 16,823,866 |
| 5 | Markel Group Inc. | 2025 | Thomas Gayner | 1,100,000 | 9,226,081 | 0 | 3,740,000 | 14,124,065 |
| 6 | CNA Financial Corporation | 2025 | Douglas Worman | 1,100,000 | 4,999,970 | 0 | 5,500,000 | 12,619,149 |
| 7 | Hanover Insurance Group Inc. | 2025 | John Roche | 1,138,462 | 4,603,557 | 1,400,023 | 3,220,000 | 10,486,571 |
| 8 | Selective Insurance Group Inc. | 2025 | John Marchioni | 1,050,000 | 4,000,076 | 0 | 1,575,000 | 6,858,564 |
| 9 | Cincinnati Financial | 2025 | Stephen Spray | 1,130,250 | 1,768,274 | 1,703,668 | 681,450 | 5,943,492 |
| 10 | United Fire Group Inc. | 2025 | Kevin Leidwinger | 821,000 | 1,656,008 | 0 | 1,350,934 | 3,896,774 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Cincinnati Financial | 30% | Options 50 · PSU 50 | No | not disclosed |
| CNA Financial Corporation | 103% | PSU 100 | No | Willis Towers Watson |
| Hanover Insurance Group Inc. | 140% | PSU 50 · RSU 25 · Options 25 | No | Compensation Advisory Partners LLC |
| Hartford Financial Services Group Inc. | 176% | PSU 75 · Options 25 | Yes — Peer-relative TSR | Compensation Advisory Partners, LLP (CAP) |
| Markel Group Inc. | not disclosed | PSU 75 · RSU 25 | No | Compensation Advisory Partners LLC (CAP) |
| Selective Insurance Group Inc. | 150.0% | RSU 75 · Cash LTI 25 | Yes — Cumulative TSR over the three-year performance period | Exequity LLP |
| The Allstate Corporation | 127.2% | PSA 70 · Option 30 | Yes — Relative Total Shareholder Return (TSR) | Pay Governance |
| The Travelers Companies Inc. | not disclosed | PSU 60 · Options 40 | No | FW Cook |
| United Fire Group Inc. | 130% | PSU 50 · RSU 50 | No | Mercer |
| W.R. Berkley Corporation | not disclosed | not disclosed | No | Meridian |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Stephen Spray | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “2025 Summary Compensation Table”. As printed: 5,943,492. Filing ↗machine: t3 · r2 · c13 · span 164603–164612 |
| 2 | Section 01, Michael Sewell | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “2025 Summary Compensation Table”. As printed: 3,948,482. Filing ↗machine: t3 · r5 · c13 · span 168545–168554 |
| 3 | Section 01, Steven Johnston | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “2025 Summary Compensation Table”. As printed: 2,776,442. Filing ↗machine: t3 · r8 · c13 · span 172471–172480 |
| 4 | Section 01, John Kellington | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “2025 Summary Compensation Table”. As printed: 2,719,460. Filing ↗machine: t23 · r17 · c16 · span 757258–757267 |
| 5 | Section 01, Teresa Cracas | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “2025 Summary Compensation Table”. As printed: 2,498,212. Filing ↗machine: t23 · r22 · c16 · span 766813–766822 |
| 6 | Section 03, Steven Johnston PSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r4 · c2 · span 628688–628693 |
| 7 | Section 03, Teresa Cracas RSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r6 · c3 · span 630763–630768 |
| 8 | Section 03, Michael Sewell RSU | DEF 14A | — | 0000020286-26-000015 | Section “SERP” · grants of plan-based awards table. Filing ↗machine: t25 · r19 · c8 · span 869225–869227 |
| 9 | Section 03, Teresa Cracas RSU | DEF 14A | — | 0000020286-26-000015 | Section “SERP” · grants of plan-based awards table. Filing ↗machine: t27 · r3 · c7 · span 945952–945954 |
| 10 | Section 03, Teresa Cracas PSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r6 · c2 · span 630525–630530 |
| 11 | Section 03, Stephen Spray PSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r2 · c2 · span 626905–626911 |
| 12 | Section 03, Michael Sewell RSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r3 · c3 · span 628020–628025 |
| 13 | Section 03, Stephen Spray RSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r2 · c3 · span 627144–627149 |
| 14 | Section 03, Stephen Spray RSU | DEF 14A | — | 0000020286-26-000015 | Section “SERP S” · grants of plan-based awards table. Filing ↗machine: t32 · r4 · c10 · span 1055657–1055659 |
| 15 | Section 03, John Kellington PSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r5 · c2 · span 629563–629568 |
| 16 | Section 03, John Kellington RSU | DEF 14A | — | 0000020286-26-000015 | Section “RSU. S” · grants of plan-based awards table. Filing ↗machine: t19 · r12 · c5 · span 653886–653888 |
| 17 | Section 03, Steven Johnston RSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r4 · c3 · span 628897–628900 |
| 18 | Section 03, Michael Sewell PSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r3 · c2 · span 627811–627816 |
| 19 | Section 03, John Kellington OPTION | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t3 · r11 · c6 · span 175103–175110 |
| 20 | Section 03, Teresa Cracas OPTION | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t3 · r14 · c6 · span 179014–179021 |
| 21 | Section 03, Steven Johnston OPTION | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t3 · r8 · c6 · span 171169–171176 |
| 22 | Section 03, Michael Sewell OPTION | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t3 · r5 · c6 · span 167244–167253 |
| 23 | Section 03, Steven Johnston RSU | DEF 14A | — | 0000020286-26-000015 | Section “SERP” · grants of plan-based awards table. Filing ↗machine: t26 · r3 · c8 · span 897558–897560 |
| 24 | Section 03, John Kellington RSU | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r5 · c3 · span 629772–629777 |
| 25 | Section 03, Stephen Spray OPTION | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t3 · r2 · c6 · span 163300–163309 |
| 26 | Section 07, pay ratio | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “CEO Pay Ratio”. As printed: 46.3 : 1. Filing ↗ |
| 27 | Section 08, Dirk J. Debbink | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 380,942. Filing ↗machine: t9 · r5 · c7 · span 371117–371124 |
| 28 | Section 08, Gretchen W. Schar | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 307,333. Filing ↗machine: t9 · r8 · c7 · span 375492–375499 |
| 29 | Section 08, David P. Osborn | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 304,170. Filing ↗machine: t9 · r7 · c7 · span 374031–374038 |
| 30 | Section 08, Larry R. Webb | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 295,541. Filing ↗machine: t9 · r12 · c7 · span 381336–381343 |
| 31 | Section 08, Nancy C. Benacci | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 288,177. Filing ↗machine: t9 · r3 · c7 · span 368194–368201 |
| 32 | Section 08, Douglas S. Skidmore | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 288,074. Filing ↗machine: t9 · r10 · c7 · span 378416–378423 |
| 33 | Section 08, Charles O. Schiff | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 286,087. Filing ↗machine: t9 · r9 · c7 · span 376953–376960 |
| 34 | Section 08, Cheng-sheng Peter Wu | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 285,982. Filing ↗machine: t9 · r14 · c7 · span 384259–384266 |
| 35 | Section 08, Linda W. Clement-Holmes | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 285,565. Filing ↗machine: t9 · r4 · c7 · span 369658–369665 |
| 36 | Section 08, John F. Steele, Jr | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 284,775. Filing ↗machine: t9 · r11 · c7 · span 379879–379886 |
| 37 | Section 08, Jill P. Meyer | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 271,588. Filing ↗machine: t9 · r6 · c7 · span 372573–372580 |
| 38 | Section 08, Edward S. Wilkins | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 214,174. Filing ↗machine: t9 · r13 · c7 · span 382795–382802 |
| 39 | Section 08, Steven J. Johnston | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 40 | Section 08, Stephen M. Spray | DEF 14A | 2026-03-18 | 0000020286-26-000015 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 41 | Section 02, Teresa Cracas 2026-04-29 | Form 4 | 2026-05-01 | 0001519774-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 42 | Section 02, Teresa Cracas 2026-04-29 | Form 4 | 2026-05-01 | 0001519774-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 43 | Section 02, John Kellington 2026-04-29 | Form 4 | 2026-05-01 | 0001141268-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 44 | Section 02, Luyang Fu 2026-04-29 | Form 4 | 2026-05-01 | 0002110299-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 45 | Section 02, Luyang Fu 2026-04-29 | Form 4 | 2026-05-01 | 0002110299-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 46 | Section 02, Luyang Fu 2026-04-29 | Form 4 | 2026-05-01 | 0002110299-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 47 | Section 02, John Kellington 2026-04-29 | Form 4 | 2026-05-01 | 0001141268-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 48 | Section 02, John Kellington 2026-04-29 | Form 4 | 2026-05-01 | 0001141268-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 49 | Section 02, Teresa Cracas 2026-04-29 | Form 4 | 2026-05-01 | 0001519774-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 50 | Section 02, Michael Sewell 2026-05-01 | Form 4 | 2026-05-05 | 0001522167-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 51 | Section 02, Michael Sewell 2026-05-01 | Form 4 | 2026-05-05 | 0001522167-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 52 | Section 02, Michael Sewell 2026-05-01 | Form 4 | 2026-05-05 | 0001522167-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 53 | Section 02, Roger A. Brown 2026-05-05 | Form 4 | 2026-05-07 | 0001674175-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 54 | Section 02, Roger A. Brown 2026-05-05 | Form 4 | 2026-05-07 | 0001674175-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 55 | Section 02, Roger A. Brown 2026-05-05 | Form 4 | 2026-05-07 | 0001674175-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 56 | Section 02, Roger A. Brown 2026-05-05 | Form 4 | 2026-05-07 | 0001674175-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 57 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 58 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 59 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 60 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 61 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 62 | Section 02, Thomas Christopher Hogan 2026-05-07 | Form 4 | 2026-05-11 | 0002023036-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 63 | Section 02, Charles O. Schiff 2026-05-11 | Form 4 | 2026-05-13 | 0001820994-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 64 | Section 02, Luyang Fu 2026-05-28 | Form 4 | 2026-06-01 | 0002110299-26-000010 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 65 | Section 02, Luyang Fu 2026-05-28 | Form 4 | 2026-06-01 | 0002110299-26-000010 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 66 | Section 02, Luyang Fu 2026-05-28 | Form 4 | 2026-06-01 | 0002110299-26-000010 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 67 | Section 02, John Kellington 2026-06-08 | Form 4 | 2026-06-10 | 0001141268-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 68 | Section 02, John Kellington 2026-06-08 | Form 4 | 2026-06-10 | 0001141268-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 69 | Section 02, John Kellington 2026-06-08 | Form 4 | 2026-06-10 | 0001141268-26-000008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 70 | Section 06, 2026 vote | Form 8-K | 2026-05-06 | 0000020286-26-000030 | Item 5.07 · say-on-pay result. As reported: 96.39% (votes for as printed: 118,190,863). Filing ↗ |
| 71 | Section 06, 2025 vote | Form 8-K | 2025-05-07 | 0000020286-25-000032 | Item 5.07 · say-on-pay result. As reported: 95.46% (votes for as printed: 117,868,774). Filing ↗ |
| 72 | Section 06, 2024 vote | Form 8-K | 2024-05-09 | 0000020286-24-000033 | Item 5.07 · say-on-pay result. As reported: 95.84% (votes for as printed: 112,585,127). Filing ↗ |
| 73 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 74 | Section 09b board cost (computed) | Computed | — | computed | Cash 1,741,060 + equity 1,584,851 + all other 166,497 = 3,492,408, summed across the director compensation table rows.machine: formula: Σ = 3,492,408 |
| 75 | The Travelers Companies Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0000086312-26-000103 | CEO total compensation as printed in The Travelers Companies Inc.'s own proxy. As printed: 26,968,756. Filing ↗machine: r2 · c9 · span 2959229–2959239 |
| 76 | The Allstate Corporation, Section 10b CEO total | DEF 14A | 2026-04-10 | 0000899051-26-000063 | CEO total compensation as printed in The Allstate Corporation's own proxy. As printed: 22,920,898. Filing ↗machine: r4 · c27 · span 2365026–2365036 |
| 77 | Hartford Financial Services Group Inc., Section 10b CEO total | DEF 14A | 2026-04-09 | 0000874766-26-000025 | CEO total compensation as printed in Hartford Financial Services Group Inc.'s own proxy. As printed: 22,114,212. Filing ↗machine: r2 · c51 · span 1020351–1020361 |
| 78 | W.R. Berkley Corporation, Section 10b CEO total | DEF 14A | 2026-04-22 | 0001193125-26-170583 | CEO total compensation as printed in W.R. Berkley Corporation's own proxy. As printed: 16,823,866. Filing ↗machine: t411 · r4 · c21 · span 915307–915317 |
| 79 | Markel Group Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001096343-26-000033 | CEO total compensation as printed in Markel Group Inc.'s own proxy. As printed: 14,124,065. Filing ↗machine: r2 · c45 · span 566440–566451 |
| 80 | CNA Financial Corporation, Section 10b CEO total | DEF 14A | 2026-03-20 | 0001104659-26-032500 | CEO total compensation as printed in CNA Financial Corporation's own proxy. As printed: 12,619,149. Filing ↗machine: r1 · c44 · span 576701–576711 |
| 81 | Hanover Insurance Group Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001193125-26-125009 | CEO total compensation as printed in Hanover Insurance Group Inc.'s own proxy. As printed: 10,486,571. Filing ↗machine: t68 · r4 · c7 · span 1352246–1352256 |
| 82 | Selective Insurance Group Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001104659-26-034953 | CEO total compensation as printed in Selective Insurance Group Inc.'s own proxy. As printed: 6,858,564. Filing ↗machine: span 752843–752852 |
| 83 | Cincinnati Financial (subject), Section 10b CEO total | DEF 14A | 2026-03-18 | 0000020286-26-000015 | CEO total compensation as printed in Cincinnati Financial's own proxy. As printed: 5,943,492. Filing ↗machine: t3 · r2 · c13 · span 164603–164612 |
| 84 | United Fire Group Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0000101199-26-000020 | CEO total compensation as printed in United Fire Group Inc.'s own proxy. As printed: 3,896,774. Filing ↗machine: r2 · c54 · span 775843–775852 |
| 85 | Section 10a, W.R. Berkley Corporation reciprocity | DEF 14A | — | 0001193125-26-170583 | W.R. Berkley Corporation's most recent proxy was read; its disclosed peer group does not include Cincinnati Financial. Filing ↗ |
| 86 | Section 10a, Hanover Insurance Group Inc. reciprocity | DEF 14A | — | 0001193125-26-125009 | Hanover Insurance Group Inc. names Cincinnati Financial in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 87 | Section 10a, The Allstate Corporation reciprocity | DEF 14A | — | 0000899051-26-000063 | The Allstate Corporation's most recent proxy was read; its disclosed peer group does not include Cincinnati Financial. Filing ↗ |
| 88 | Section 10a, The Travelers Companies Inc. reciprocity | DEF 14A | — | 0000086312-26-000103 | The Travelers Companies Inc.'s most recent proxy was read; its disclosed peer group does not include Cincinnati Financial. Filing ↗ |
| 89 | Section 10a, United Fire Group Inc. reciprocity | DEF 14A | — | 0000101199-26-000020 | United Fire Group Inc.'s most recent proxy was read; its disclosed peer group does not include Cincinnati Financial. Filing ↗ |
| 90 | Section 10a, CNA Financial Corporation reciprocity | DEF 14A | — | 0001104659-26-032500 | CNA Financial Corporation names Cincinnati Financial in its own disclosed peer group (read from its most recent proxy). Filing ↗ |