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# Stephen M Spray Gives Spouse Cincinnati Financial Shares Worth An Estimated $10.4 Million
- URL: https://www.bullished.co/stephen-m-spray-gives-spouse-cincinnati-financial-shares-worth-an-estimated-10-4-million-9fad8368/
- Published: 2026-11-10T20:31:07.000Z
- Updated: 2026-11-10T20:31:07.000Z
- Description: The estate-planning gift leaves the CEO reporting 72,731 shares, including the stock held through his spouse.
- Author: Matteo Parrino
- Tags: Insider Trades, CINF, Industry: Financials

Stephen M Spray, president and CEO of [Cincinnati Financial](https://www.bullished.co/tag/cinf/), a property casualty insurance holding company, [gave his spouse](https://www.sec.gov/Archives/edgar/data/0001549098/000154909826000006/xslF345X06/primarydocument.xml?ref=bullished.co) 55,000 shares Friday for estate planning, according to an SEC insider-trading report filed Tuesday. The gift was worth an estimated $10.4 million at prices in Tuesday trading.

## Shares Stay In Reported Holdings

Spray reported [17,731 shares directly](https://www.sec.gov/Archives/edgar/data/0001549098/000154909826000006/xslF345X06/primarydocument.xml?ref=bullished.co) following the transfer, alongside 55,000 held through his spouse. His reported holdings total 72,731 shares, worth an estimated $13.8 million at prices in Tuesday trading.

The transaction records both sides of the gift: 55,000 shares left his direct ownership, and the same amount entered the ownership line for his spouse. The transfer therefore changes how those shares are held within his reported stake.

## An Advance For The Insurer

Cincinnati Financial shares gained 14% this year through Monday's close. Over the past 12 months through that same session, the stock rose about 13%.

The insurer sells policies through independent agencies in 46 states. Commercial insurance accounted for 47.9% of its $10.4 billion in net written premiums in 2025, with personal insurance the next-largest contributor.

The 55,000 gifted shares remain part of Spray's reported holdings, now held through his spouse rather than directly.

Learn

- [Code G: a gift →](https://www.bullished.co/learn/form-4-transaction-codes-explained/#code-g-a-gift)  
From Form 4 Transaction Codes Explained: What P, S, M, F, G, J, D And A Mean
- [How To Read A Form 4 SEC Filing, Box By Box →](https://www.bullished.co/learn/how-to-read-form-4-sec-filing/)  
Learn how to read a Form 4 SEC filing: who filed, Table I and II, transaction codes, price, shares owned after, footnotes, and real examples of each case.

### Sources

- [Form 4 — Stephen M Spray (CINF)](https://www.sec.gov/Archives/edgar/data/0001549098/000154909826000006/xslF345X06/primarydocument.xml?ref=bullished.co) — SEC EDGAR

### More on Cincinnati Financial

- [Cincinnati Financial CEO Calls Reserve Cushion 'Prudent,' Not Conservative, As Analysts Press On Workers' Comp](https://www.bullished.co/cincinnati-financial-ceo-calls-reserve-cushion-prudent-not-conservative-as-analysts-press-e9e5baa1/)
- [Cincinnati Financial CEO Calls Slower Growth 'Normalization,' Pledges 'Profit First'](https://www.bullished.co/cincinnati-financial-ceo-calls-slower-growth-normalization-pledges-profit-first-ce8c7497/)
- [Cincinnati Financial's Book Value Slips $3.22 A Share As Bond Losses Pass $1.5 Billion](https://www.bullished.co/cincinnati-financials-book-value-slips-3-22-a-share-as-bond-losses-pass-1-5-billion-534a23e9/)

[All Cincinnati Financial (CINF) coverage →](https://www.bullished.co/tag/cinf/)