Peter Wu
CINCINNATI FINANCIALAbout Peter Wu
Cheng-sheng Peter Wu, age 63, is an independent director of Cincinnati Financial Corporation (CINF) since 2024. He serves on the Audit Committee and brings deep expertise in insurance analytics, data science, and artificial intelligence, with actuarial credentials including FCAS, ASA, MAAA, and CSPA. He currently serves as an external advisor to Boston Consulting Group; previously he was managing director and chief actuarial analytics practice leader at Deloitte Consulting LLP (1995–2020). The board has affirmatively determined his independence under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte Consulting LLP | Managing Director; Chief Actuarial Analytics Practice Leader | 1995–2020 | Co‑founded and led actuarial analytics practice; pioneered advanced analytics/data science for insurers |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| Boston Consulting Group | External Advisor | Current | Insurance analytics, data science, AI; emerging technologies impact on insurance |
Board Governance
- Committee assignments: Audit Committee member; not a chair
- Independence: Determined independent by the board (Nasdaq/SEC standards)
- Attendance: 100% attendance at board and committee meetings in 2024; attended Annual Meeting
| Governance Element | Detail |
|---|---|
| Board meetings held (2024) | 4 |
| Audit Committee meetings held (2024) | 4 |
| Wu’s attendance | 100% of all board/committee meetings; attended Annual Meeting |
| Independence status | Independent director under Nasdaq rules |
| Committee chair roles | None (Audit Committee member) |
Fixed Compensation
| Component | Structure | 2024 Amount (Wu) |
|---|---|---|
| Annual Cash Retainer | $75,000 for non‑employee directors | Part of $129,849 fees earned in cash |
| Meeting Fees – Cash | $4,500 per board mtg; $1,500 per committee mtg (except Investment); $6,000 per Investment mtg; $7,500 max/day; $60,000 minimum per calendar year | Included in cash fees (breakout not disclosed) |
| Lead Director/Committee Chair Retainers | $50,000 lead independent director; $25,000 independent committee chair (not applicable to Wu in 2024) | $0 (not a chair) |
| All Other Compensation (Perqs/Insurance) | Life insurance, umbrella liability insurance; spouse travel/meals for certain business events (perqs generally de minimis) | $3,417 |
- 2024 total director compensation (Wu): $263,204 (Cash $129,849; Stock $129,938; Other $3,417). Mix (approx.): Cash 49%; Stock 49%; Other 1% (mix computed from table; underlying amounts per proxy)
Performance Compensation
Directors receive equity retainers and optional stock meeting fees; these are service‑based awards under the Non‑Employee Directors’ Stock Plan of 2018 with no performance conditions disclosed for directors.
| Equity Component | Grant Terms | 2024 Grant to Wu |
|---|---|---|
| Annual Stock Retainer | $75,000, granted at fair market value; grant at first scheduled committee meeting each year | Included in stock awards total $129,938 |
| Meeting Fees – Stock | Matches cash meeting fees up to max $60,000 per year | Included (breakout not disclosed) |
| 2024 Grant Date | January 30, 2025 (for 2024 board service) | January 30, 2025 |
| Shares underlying award | Wu: 934 shares; most completed full‑year directors: 971 shares | 934 |
| Fair value per share | $139.12 (avg of high/low on grant date) | $139.12 |
Other Directorships & Interlocks
| Company/Institution | Role | Committees | Notes |
|---|---|---|---|
| Public company boards | — | — | Other public company boards: 0 |
| CINF U.S. Property & Casualty Insurance Subsidiary | Director | — | Subsidiary director designation noted |
| Compensation committee interlocks | — | — | Proxy reports no interlocks in 2024 (applies to committee members; Wu not listed as member) |
Expertise & Qualifications
- Actuarial credentials: Fellow, Casualty Actuarial Society (FCAS); Associate, Society of Actuaries (ASA); Member, American Academy of Actuaries (MAAA); Certified Specialist in Predictive Analytics (CSPA)
- Technical expertise: Predictive analytics, data modeling, AI applications in insurance; broad consulting experience in insurance analytics
- Board skills: Insurance and innovation emphasis; added to board as part of refresh focused on new/diverse skill sets
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership | 934 shares as of March 5, 2025 |
| Percent of outstanding | — (not a reportable % per proxy table) |
| Shares pledged as collateral | None indicated for Wu; pledge footnotes list other individuals |
| Ownership guidelines | Directors must hold five times annual cash meeting fees; all directors/officers in compliance as of March 5, 2025 |
| Hedging policy | Hedging prohibited for directors/officers/associates |
| Pledging policy | Permitted with judgment; overall pledging by directors/officers <0.1% of outstanding shares; 25 of 28 do not pledge |
Governance Assessment
- Board effectiveness: Wu strengthens board oversight on data/AI in insurance; contributes predictive analytics and actuarial rigor, aligned with CINF’s technology and risk‑focused governance practices
- Independence/engagement: Independent under Nasdaq; 100% meeting attendance and Annual Meeting participation in 2024—strong engagement signal
- Compensation alignment: Balanced cash/stock mix with formal retainers and meeting fees; stock ownership guidelines in place and compliant; no director retirement benefits beyond disclosed perqs/insurance
- Conflicts/related‑party: Proxy enumerates related‑party transactions for several directors; Wu is not named among those transactions—no related‑party exposure disclosed for Wu
- Red flags: None disclosed for Wu regarding hedging, pledging, tax gross‑ups, or related‑party transactions; company prohibits hedging, allows limited pledging with low aggregate exposure; no director‑specific issues noted for Wu
Monitoring note: As a recent appointee with specialized analytics/AI expertise, Wu’s continued Audit Committee contributions and sustained attendance/ownership alignment should support investor confidence; no external public board interlocks reduce conflict risk