Finance History|Nasdaq MarketSite — Fourteen Million Dollars and a Holding Company Called CINF
· 1971
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Finance History|Nasdaq MarketSite — Fourteen Million Dollars and a Holding Company Called CINF
kevin
People treat Cincinnati Financial as a Fairfield insurer that always printed CINF on a mature Nasdaq book.
The holding company did not exist until 1968.
The Cincinnati Insurance Company had been founded in 1950 by independent agents in Cincinnati.
Cincinnati Financial Corporation was formed in 1968 as the parent, the third insurer in that city to adopt a holding-company form that year, according to the company's own history pages.
Public stock flotations in 1971 and 1972 raised about 14 million dollars in then currency, of which about 3.5 million dollars retired debt.
The remainder funded later purchases, including The Life Insurance Company of Cincinnati.
The common has printed CINF on Nasdaq since those early-1970s sales.
The mechanism is an insurance holding company built so the underwriter could own equities and affiliates that a regulated operating company could not.
The pin is the public facade of Nasdaq MarketSite at 4 Times Square, the later face of the electronic market that still prints CINF. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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