CINF got hit unusually hard a couple quarters ago due to storm losses. I think it was something like 5x the normal loss claims for the season. The trailing PE should improve as that quarter rolls off and they raise premiums early in the new year. I planned to buy more shares in the mid-$20's but never pulled the trigger. Now at $30, I'm not adding more shares. Good company though.
Looking back 4 years, their Q2 is always their heavy claim quarter: '08 was profitable, '09 had a slight loss, '10 was profitable, then '11 storms hit them with a big, atypical -.57 loss. This will roll off their TTM and the PE will improve (unless more bad weather related claims in '12). Now, that I've reviewed them again, I may pick a few more shares. Claims can be highly seasonal and variable, and insurance companies are often regional. They also insure each other, re-insurance, I believe. I just read a little about it, not an expert.
Look at history. They get hit every year by storm losses. They use that excuse 3 out of 4 quarters. You would think that by now they would do something to shift their book or charge adequate prices. Instead they appoint agents in the Colorado hail belt and in Texas.