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Exhibit 99
Analyst contact:
Dennis E. McDaniel
Vice President, Financial Accounting and Investor Relations
513-603-2197
[email protected]
Media contact:
Cindy L. Denney
Assistant Vice President, Corporate Communications
513-603-2074 (ofc.), 513-703-7372 (cell)
[email protected]
For Release 8 a.m. Friday, Nov. 17, 2000
OHIO CASUALTY CORPORATION
ANNOUNCES NEW PRESIDENT AND CEO
FAIRFIELD, OHIO, NOVEMBER 17, 2000 --- Ohio Casualty Corporation (NASDAQ:
OCAS) today announced that Dan R. Carmichael, CPCU, 55, has been named
President and Chief Executive Officer of the Company, effective Dec. 12, 2000.
Mr. Carmichael replaces William L. Woodall, CPCU, who remains as Chairman of
the Board.
Since 1995, Mr. Carmichael has served as President and Chief Executive Officer
of IVANS, Inc., Greenwich, Conn., an industry-owned organization that provides
electronic communications services to insurance, health care and related
organizations in the United States and Canada. Prior to his tenure at IVANS,
he served eight years as Chairman, President and Chief Executive Officer of
Anthem Casualty Insurance Group (Shelby Insurance and Anthem Casualty). From
1971 to 1987, he held a number of field, managerial and executive positions
with Crum & Forster, including two years as Executive Vice President of Field
Operations. He began his insurance career in 1970 as a Claims Representative
for Crawford & Company, Atlanta, Ga. The recipient of a bachelor's degree from
Florida State University, Mr. Carmichael also holds a master's degree in
divinity from Emory University (Ga.). He achieved the Chartered Property
Casualty Underwriter (CPCU) designation in 1981.
Today's announcement brings to a successful conclusion a CEO search initiated
by Ohio Casualty Corporation's Board of Directors through executive recruiters
Heidrick &
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Struggles, Inc. in late March of this year. "We were very fortunate
that our search yielded a number of excellent, well-qualified candidates,"
commented Mr. Woodall, who has served as President and Chief Executive Officer
since mid-February 2000. "We were impressed with Dan's wealth of experience,
especially the variety and depth of his background. The Search Committee was
looking for a candidate with a strong operational background, proven track
record of success and solid leadership skills. We are confident that we have
chosen the best person to lead the Corporation to success as we meet the
challenges ahead of us. Dan has our full support and we are eager to introduce
him to our employees, agents, shareholders and policyholders."
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. Ohio Casualty Group is among the top 40
property and casualty insurance groups in the country, offering businesses and
individuals a range of property-casualty products. The Group is active in
more than 40 states, operates primarily through the independent agency system,
and has written premiums of $1.6 billion. Ohio Casualty Corporation trades on
the NASDAQ Stock Market under the symbol OCAS. Ohio Casualty Corporation has
assets of approximately $4.5 billion.
Forward-looking statements
Ohio Casualty Corporation publishes forward-looking statements relating to
such matters as anticipated financial performance, business prospects and
plans, regulatory developments and similar matters. The statements contained
in this news release that are not historical information, are forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides a
safe harbor under The Securities Act of 1933 and The Securities Exchange Act
of 1934 for forward-looking statements. The risks and uncertainties that may
affect the operations, performance, development and results of the
Corporation's business and the results of the acquisition described herein,
include the following: changes in property and casualty reserves; catastrophe
losses; premium and investment growth; product pricing environment;
availability of credit; changes in government regulation; performance of
financial markets; fluctuations in interest rates; availability and pricing of
reinsurance; litigation and administrative proceedings; Year 2000 issues;
ability of Ohio Casualty to integrate and to retain the business acquired from
the Great American Insurance Company, and general economic and market
conditions.
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