8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report:  May 23, 2007 (Date of earliest event reported)
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio	0-4604	31-0746871
(State or other jurisdiction  of incorporation)	(Commission  File Number)	(I.R.S. Employer  Identification No.)
6200 S. Gilmore Road, Fairfield, Ohio		45014-5141
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:  (513) 870-2000
N/A (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Item 7.01 Regulation FD Disclosure.

On May 23, 2007, Cincinnati Financial Corporation issued the attached news release “Washington Agency Appointed to Represent The Cincinnati Insurance Company.” The news release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release.

On May 25, 2007, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend.” The news release is furnished as Exhibit 99.2 hereto and is incorporated herein by reference. This report should not be deemed an admission as to the materiality of any information contained in the news release.

The information furnished in Item 7.01 of this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.  

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 – News Release dated May 23, 2007, “Washington Agency Appointed to Represent The Cincinnati Insurance Company”

Exhibit 99.2 -- New Release dated May 25, 2007, “Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend”

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CINCINNATI FINANCIAL CORPORATION
Date:  May 29, 2007	/s/ Kenneth W. Stecher
	Kenneth W. Stecher
	Chief Financial Officer, Executive Vice President, Secretary and Treasurer
	(Principal Accounting Officer)

EX-99

THE

CINCINNATI  INSURANCE  COMPANIES

THE CINCINNATI INSURANCE COMPANY

THE CINCINNATI INDEMNITY COMPANY

THE CINCINNATI CASUALTY COMPANY

THE CINCINNATI LIFE INSURANCE COMPANY

Mailing Address:                  P.O. BOX 145496

CINCINNATI, OHIO  45250-5496

        (513) 870-2000

    Investor Contact: Heather J. Wietzel

(513) 870-2768

Media Contact: Joan O. Shevchik

(513) 603-5323

Washington Agency Appointed to Represent The Cincinnati Insurance Company

· 33rd state of operations for regional carrier

· Company enters new market with advantage of newly affirmed A.M. Best ratings

Cincinnati, May 23, 2007 – Cincinnati Financial Corporation (Nasdaq: CINF) announced that The Cincinnati Insurance Company launched operations in Washington on May 22 with the appointment of its first independent agency in that state.

Payne Financial Group, Inc. has been selected to bring Cincinnati’s property casualty insurance products to business customers in the Spokane area. Cincinnati Insurance executives met at the company’s headquarters with Gerry Bulger and Eddie Eugenio, vice presidents of Payne Financial, to initiate the relationship with Payne Financial’s Spokane office. Other Payne Financial offices also market Cincinnati’s products in Montana and Idaho.

J.F. Scherer, Cincinnati’s senior vice president of sales and marketing, commented, “Our Montana-based field marketing representative, Angie Delaney, is opening this new marketing territory serving eastern Washington and northern Idaho. She is screening interested agencies to select those with the highest professional standards, compatible philosophies and formal marketing plans.”

Cincinnati Financial Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU, said, “We look forward to extending our partnership with Payne Financial to the Spokane area and are proud to bring competitive products, excellent service and superior financial strength to Washington agents and policyholders. We’re pleased to begin this relationship with our A.M. Best ratings newly affirmed.”

Earlier this week A.M. Best Co., the industry’s leading rating organization, affirmed its A++ (Superior) financial strength rating and its aa+ issuer credit rating for the property casualty group. Only the top 2 percent of property casualty insurer groups earn the A++ rating, the highest Best offers. Best also affirmed the A+ (Superior) financial strength rating and aa- issuer credit rating of The Cincinnati Life Insurance Company, as well as the aa- issuer credit and senior debt rating of parent Cincinnati Financial Corporation.

The agency appointment is the first of several the company expects to make in Washington over the coming months. Cincinnati has operated successfully in Idaho since 1999 and has 10 agency locations in the southern part of the state. The company recently began appointing local agencies in northern Idaho to complement those in eastern Washington.

Scherer commented, “As we expand geographically, we carefully research the opportunities in each state, evaluating regulatory and market conditions. But our consistently strong performance through all kinds of markets is due first and foremost to the depth of our relationship and service commitment to local independent agents. Our strong relationship with each agency generally results in Cincinnati becoming a lead carrier within a few years. We plan a great partnership with Payne Financial’s Spokane office. Together, we’ll expand the choices available to quality-minded business insurance clients in their community.”

Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability income insurance and annuities. CFC Investment Company offers commercial leasing and financing services. CinFin Capital Management Company provides asset management services to institutions, corporations and individuals. For additional information about the company, please visit www.cinfin.com.

EX-99

CINCINNATI  FINANCIAL  CORPORATION

Mailing Address:                  P.O. BOX 145496

CINCINNATI, OHIO  45250-5496

              (513) 870-2000

Investor Contact:  Heather J. Wietzel

(513) 870-2768

Media Contact:  Joan O. Shevchik

(513) 603-5323

Cincinnati Financial Corporation Declares Regular Quarterly Cash Dividend

CINCINNATI, May 25, 2007 -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that the executive committee of its board of directors has declared a 35½ cents per share regular quarterly cash dividend payable July 16, 2007, to shareholders of record on June 22, 2007. The current dividend level reflects the 6.0 percent increase in the quarterly dividend rate announced by the board in February. That action set the stage for the 47th consecutive increase in the indicated annual cash dividend.

Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU commented, “As Mergent noted in its Spring 2007 edition of the Dividend Achiever Handbook, Cincinnati Financial Corporation is ranked No. 11 among the companies with the longest records of consecutive dividend increases. Cincinnati Financial's board of directors believes that shareholders value our consistent dividend-paying policy, which is possible because of the board's confidence in our operating strength. We continue to believe we can achieve above-industry-average growth in written premiums, industry-leading profitability and investment income growth over the long term by building on our proven strategies: strong agency relationships, front-line underwriting, quality claims service, solid reserves, and total return investing.”

Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life and disability income insurance and annuities. CFC Investment Company offers commercial leasing and financing services. CinFin Capital Management Company provides asset management services to institutions, corporations and individuals.

This is our “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2006 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 20. Although we often review or update our forward-looking statements when events warrant, we caution our readers that we undertake no obligation to do so.

Factors that could cause or contribute to such differences include, but are not limited to:

·

Unusually high levels of catastrophe losses due to risk concentrations, changes in weather patterns, environmental events, terrorism incidents or other causes

·

Increased frequency and/or severity of claims

·

Inaccurate estimates or assumptions used for critical accounting estimates

·

Events or actions, including unauthorized intentional circumvention of controls, that reduce the company’s future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002

·

Events or conditions that could weaken or harm the company’s relationships with its independent agencies and hamper opportunities to add new agencies, resulting in limitations on the company’s opportunities for growth, such as:

○

Downgrade of the company’s financial strength ratings

○

Concerns that doing business with the company is too difficult or

○

Perceptions that the company’s level of service, particularly claims service, is no longer a distinguishing characteristic in the marketplace

·

Delays or inadequacies in the development, implementation, performance and benefits of technology projects and enhancements

·

Ability to obtain adequate reinsurance on acceptable terms, amount of reinsurance purchased, financial strength of reinsurers and the potential for non-payment or delay in payment by reinsurers

·

Increased competition that could result in a significant reduction in the company’s premium growth rate

·

Underwriting and pricing methods adopted by competitors that could allow them to identify and flexibly price risks, which could decrease our competitive advantages

·

Actions of insurance departments, state attorneys general or other regulatory agencies that:

○

Restrict our ability to exit or reduce writings of unprofitable coverages or lines of business

○

Place the insurance industry under greater regulatory scrutiny or result in new statutes, rules and regulations

○

Increase our expenses

○

Add assessments for guaranty funds, other insurance related assessments or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changes

○

Limit our ability to set fair, adequate and reasonable rates

○

Place us at a disadvantage in the marketplace or

○

Restrict our ability to execute our business model, including the way we compensate agents

·

Sustained decline in overall stock market values negatively affecting the company’s equity portfolio and book value; in particular a sustained decline in the market value of Fifth Third shares, a significant equity holding

·

Recession or other economic conditions or regulatory, accounting or tax changes resulting in lower demand for insurance products

·

Events that lead to a significant decline in the value of a particular security and impairment of the asset

·

Prolonged low interest rate environment or other factors that limit the company’s ability to generate growth in investment income or interest-rate fluctuations that result in declining values of fixed-maturity investments

·

Adverse outcomes from litigation or administrative proceedings

·

Investment activities or market value fluctuations that trigger restrictions applicable to the parent company under the Investment Company Act of 1940

·

Events, such as an avian flu epidemic, natural catastrophe, terrorism or construction delays, that could hamper our ability to assemble our workforce at our headquarters location

Further, the company’s insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as recent measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.

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6200 S. Gilmore Road, Fairfield, Ohio 45014-5141