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 anotherjob, the company has announced.[@@]

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

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

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

Donald McKee, Ohio Casualty chief financial officer, willtemporarily take over the investment responsibilities for theinsurer. Ms. Denney said Mr. McKee will put on an additional hat asinterim chief investment officer until Mr. Kelly's replacement isfound.

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

Ohio Casualty provides personal and commercial linesproperty-casualty insurance in some 40 states through more than5,000 independent agents. In 2003, the company reported net profitof $75.8 million, on sales of $1.67 billion.