Exhibit 99.1
Analyst contact:
Dennis E. McDaniel
Vice President of Strategic Planning and Investor Relations
513-603-2197
dennis.mcdaniel@ocas.com
Media contact:
Cindy L. Denney
Assistant Vice President, Corporate Communications
513-603-2074 (ofc.), 513-703-7372 (cell)
cindy.denney@ocas.com
For Immediate Release
THE OHIO CASUALTY INSURANCE COMPANY ANNOUNCES
MANAGEMENT REORGANIZATION; BETH RICZKO APPOINTED
PRESIDENT OF INSURANCE OPERATIONS; MIKE WINNER
NAMED NEW CHIEF FINANCIAL OFFICER
FAIRFIELD, OHIO, MAY 10, 2004 - The Ohio Casualty Insurance Company, a
subsidiary of Ohio Casualty Corporation (NASDAQ: OCAS) today announced a
reorganization of its top management staff, effective immediately:
- Elizabeth (Beth) M. Riczko, FCAS, MAAA, CPCU, has been named President
of Insurance Operations, a newly created position reporting to Dan R.
Carmichael, CEO;
- Michael A. Winner, CPA, has been named Executive Vice President and
Chief Financial Officer, replacing Donald F. McKee; and
- Derrick D. Shannon, FCAS, MAAA, CPCU, has been named Senior Vice
President of the Personal Lines Division, succeeding Ms. Riczko in
overseeing that division.
"The new organization will strengthen our capabilities in several key areas of
the Company," stated Ohio Casualty Corporation President and Chief Executive
Officer Dan R. Carmichael, CPCU. "I have full confidence in these officers:
their leadership styles, technical skills, and abilities to provide direction
as we move beyond our turnaround phase. We have turned the corner, with
significant improvement in our underwriting results. Our three underwriting
divisions (Personal, Commercial and Specialty Lines),
established in 2001, have brought a focused approach to delivering quality
underwriting and service. With a new president of insurance operations we
will retain the focused approach necessary to compete effectively in our
different product markets while increasing our effectiveness in coordinating
strategy and communications between the underwriting and claims functions.
With this new level of leadership we are ready to move the organization to
new performance levels."
Ms. Riczko, 37, assumes a new role as President of The Ohio Casualty Insurance
Company and its subsidiaries. Mr. Carmichael retains his position as
President and CEO of Ohio Casualty Corporation. In her new position, Ms.
Riczko will oversee all insurance operations, which includes the three
underwriting divisions and claims. "The organization of insurance functions
under Beth will allow us to better coordinate all marketing and services to
agents and enhance communications and collaboration between the underwriting
and claims units," added Mr. Carmichael. "Now is the time to emphasize the
marketing, sales, and communications programs, coordinating the messages and
activities of the three underwriting divisions in order to profitably grow our
business going forward. Beth's focus on results and ability to lead
organizational change will be valuable in her new role."
Ms. Riczko had served in her position as Executive Vice President and Chief
Operating Officer of the Personal Lines Division since March 2001 and has been
a member of the senior management group since 1995. During 2000, she served
as the chief financial officer and treasurer in addition to her duties as
chief actuary, a position she had held since 1994. She joined the company in
1992 as a senior actuarial assistant. She is a Fellow of the Casualty
Actuarial Society (FCAS), a member of the American Academy of Actuaries (MAAA)
and a Chartered Property Casualty Underwriter. Ms. Riczko graduated from
Muhlenberg College (PA), where she earned a bachelor's degree in physics and
mathematics.
Mr. Winner, 41, will assume the role of Executive Vice President and Chief
Financial Officer. Mr. Winner replaces Mr. McKee, who is departing the
Company to pursue other business opportunities. Mr. McKee has agreed to
provide consulting services to the Company relating to his previous
responsibilities through December 31, 2004.
"Mike has a strong background as a CPA and extensive experience in property
and casualty financial and accounting operations," stated Mr. Carmichael. "In
the short time he has been with the company, he has demonstrated his ability
to add significant value in a number of critical areas, quickly becoming an
important contributor to our operation. We are fortunate to have Mike in the
role of CFO, which increases his responsibility for strategy and broadens his
impact on the organization."
Mr. Winner joined Ohio Casualty in February 2004. He came to the Company from
Nationwide Insurance, Columbus, OH, where he was vice president of finance.
Prior to that, he had served as director of aggressive cost management and
director of corporate accounting for Nationwide. Mr. Winner began his career
in 1985 with KPMG Peat Marwick, in Columbus, OH. Mr. Winner is a Certified
Public Accountant and holds a
bachelor's degree in business administration (accounting) from Bowling Green
State University (OH).
As Senior Vice President, Mr. Shannon, 39, will be responsible for the
Personal Lines underwriting operations. Since the development of our
divisional structure in 2001, Mr. Shannon has served as Vice President of
Personal Lines product management. "Derrick has been a key contributor to the
successful turnaround of our Personal Lines operation," added Mr. Carmichael.
"His in-depth knowledge of the operation will be a tremendous asset as he
assumes Beth's responsibilities in the management of this important area."
Prior to joining Ohio Casualty's actuarial staff in 1999, Mr. Shannon was a
pricing actuary for American States Insurance Companies. He is a Fellow of the
Casualty Actuarial Society (FCAS), a member of the American Academy of
Actuaries (MAAA) and a Chartered Property Casualty Underwriter. Mr. Shannon
graduated from Wabash College (IN), where he earned a bachelor's degree in
mathematics and economics.
Corporate Profile
Ohio Casualty Corporation is the holding company of The Ohio Casualty
Insurance Company, which is one of six property-casualty subsidiary companies
that make up Ohio Casualty Group. The Ohio Casualty Insurance Company was
founded in 1919 and is licensed in 49 states. Ohio Casualty Group is ranked
45th among U.S. property/casualty insurance groups based on net premiums
written (Best's Review, July 2003). The Group's member companies write auto,
home and business insurance. Ohio Casualty Corporation trades on the NASDAQ
Stock Market under the symbol OCAS and had assets of approximately $5.3
billion as of March 31, 2004.