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Financial Services

3,500 financial and insurance services companies and over 62,000 local employees

As one of the country's largest metro areas, Cincinnati USA boasts a number of Fortune 1000 companies involved in the financial services industry. With more than 62,000 individuals employed in this sector, Cincinnati USA is a leading region for banking, insurance, investment and securities firms, venture capital, and real estate.
A Strong Banking Tradition
 

  • Fifth Third Bancorp is headquartered in Cincinnati USA and is one of the region's largest employers. Fifth Third has nearly $75 billion in deposits and is also among the largest money managers in the Midwest, with over $195 billion in assets under care.
  • U.S. Bank is the region's second largest bank and is the nation's sixth largest bank. The company has more than $127 billion in deposits, including $16.4 billion locally.
  • Among other large institutions, PNC Bank, Huntington Bank, and First Financial Bank maintain a significant presence in the region. Fidelity Investments employs over 4,000 people at its Northern Kentucky location.

Insurance Leadership

The region is also home to a number of insurance companies, including several notable Fortune 1000 companies.
 

  • Western & Southern Financial Group is a nationally-recognized leader in consumer and business financial services earning Standard & Poor's prestigious AA+ rating, making it one of the strongest life insurance groups in the world.
  • American Financial Group traces its roots back to 1872 with the founding of Great American Insurance Company. Today, through the operations of Great American Insurance Group, it is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses and in the sale of traditional fixed, indexed, and variable annuities and a variety of supplemental insurance products.
  • Cincinnati Financial Corporation is one of the top 20 publicly-traded U.S. property and casualty insurers, with over $4 billion in revenues. The company also maintains top financial strength ratings from major ratings agencies.
  • American Modern is a highly-focused provider of specialty insurance products and services through its American Modern Insurance Group subsidiary. The company is one of the leading U.S. specialty insurers in niche segments such as insurance for motorcycles and recreational vehicles and is also one of the top three providers of manufactured housing insurance.


Venture Capital Drives Growth

There are also a number of mid-sized venture capital and investment firms in Cincinnati USA.

  • Blue Chip Venture Company, which focuses on technology companies in the media and marketing industries, healthcare, software, and technology-enabled business services. The company targets the Midwest and Northeast, while investing throughout the U.S. and Canada when other investment criteria are met.
  • River Cities Capital Funds is one of the most active and experienced venture funds investing in the Midwest and Southeastern United States. With $390 million currently under management and investments in more than 75 companies over fourteen years, River Cities has established itself as a preferred partner among the regional entrepreneurial and broader venture capital communities.
  • Cincinnati also has a venture capital community that revolves around the life science industry and the opportunities afforded by the presence of such nationally renowned institutions as the Cincinnati Children's Medical Hospital and the University of Cincinnati:
    • Triathlon Medical Ventures is a Midwest-based venture capital firm that invests exclusively in the life sciences, providing equity capital to early and expansion stage companies with proprietary biomedical technology platforms or products addressing significant human healthcare needs.
    • Draper Triangle Ventures is the Midwestern-based Network Partner of Draper Fisher Jurvetson (DFJ), the leader in seed and early-stage venture capital. They are a premier source of funding for high-technology start-up companies in the Pennsylvania and Ohio region.
    • The Walnut Group makes capital investments across a broad range of industry sectors and also facilitates transactions throughout North America.
    • Charter Life Sciences is a clinical stage life sciences venture capital investor. CLS makes initial portfolio company investments in life sciences companies that are seeking capital to obtain initial clinical proof-of-efficacy of their products and continue to support successful portfolio companies with follow on investments until they are acquired or go public.


Commercial real estate also plays an important role in the region's economy. Firms such as CB Richard Ellis, Cassidy Turley, Colliers West Shell, and Grubb Ellis serve the region's commercial real estate needs. Commercial office space is both available and affordable with the current Cincinnati office vacancy rate of 12.5% and average rental rate at $15.01/sq. ft.

Top Educational Support

Within 200 miles of Cincinnati USA, there are 300 colleges and universities with an enrollment of almost one million students that add more than 100,000 young professionals to the region's workforce each year. These institutions help support the region's need for new talent in the financial services industry and other professional services through innovative and nationally recognized institutions and degree programs.

  • The University of Cincinnati offers several degree programs that help prepare students with vital business skills through integrated classroom, professional and international experiences. UC's College of Business is one of the country's leading educational providers of international and co-op programs with opportunities for students across the country and around the world.
  • Xavier University is one of the nation's best institutions for preparing students interested in business. Forbes has named Xavier as one of the "Top 25 Most Entrepreneurial Undergraduate Campuses in the Country." The university has also been recognized as one of the nation's top business schools, ranked #16 by U.S. News and World Report.
  • Northern Kentucky University is the only university in Kentucky to offer a Bachelor's degree in Entrepreneurship. Additionally, Women 3.0, a premier business, investing and wealth-building resource for women, has ranked NKU among its 2008 Top 50 MBA programs for entrepreneurship in the U.S.

For more information about the region's financial services cluster, please contact the Cincinnati USA Partnership at 513-579-3157 or contact the City of Cincinnati Economic Development Division at 513.352.2499 or edinfo@cincinnati-oh.gov.

 

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