Ohio Casualty's Top Investment Officer Resigns

Ohio Casualty's Top Investment Officer Resigns

NU Online News Service, April 9, 9:25 a.m. EDT?Richard Kelly, chief investment officer at Fairfield, Ohio-based Ohio Casualty Corp., is leaving his post to take another job, the company has announced.[@@]

Mr. Kelly, 49, first joined Ohio Casualty in 1986 as an investment analyst and has since served in various roles, mostly in the investment as well as in the company's mergers-and-acquisitions areas.

Ohio Casualty representative Cindy Denney said Mr. Kelly is leaving the company to take a new position at a mutual insurance carrier, but declined to offer further details.

Ms. Denney said Ohio Casualty can't provide further information about Mr. Kelly's resignation at current time because the company is in a quiet period leading up to its 2004 first-quarter financial report scheduled for May 5.

Donald McKee, Ohio Casualty chief financial officer, will temporarily take over the investment responsibilities for the insurer. Ms. Denney said Mr. McKee will put on an additional hat as interim chief investment officer until Mr. Kelly's replacement is found.

Last year, Ohio Casualty's full-year net investment income, under guidance of Mr. Kelly, came in at about $208.7 on the same level as results from 2002.

Ohio Casualty provides personal and commercial lines property-casualty insurance in some 40 states through more than 5,000 independent agents. In 2003, the company reported net profit of $75.8 million, on sales of $1.67 billion.