CHICAGO, Aug. 17, 2017 /PRNewswire/ -- Old
Republic International Corporation (NYSE: ORI) today announced
that Glenn W. Reed (64) will be
joining its Board of Directors. In making the announcement,
Al Zucaro, Chairman and Chief
Executive Officer, noted that, "Our Company will benefit greatly
from Glenn Reed's long and
distinguished career. He joins our Board following his recent
retirement as a Managing Director of the Strategy Division of The
Vanguard Group, Inc., one of the world's largest and most
successful asset management firms. Prior to joining Vanguard
in 2007, he served as general counsel for a multi-line health and
life insurance company. During a preceding 21-year career, Glenn
had been a partner with the Chicago-based law firm of Gardner, Carton & Douglas, where he
specialized in securities law, corporate finance, mergers, and
acquisitions. The long-term experience and deep knowledge gained in
all these fields of endeavor will harmonize extremely well with our
Board's governance objectives in the service of all of Old
Republic's key stakeholders. We are most grateful and
pleased with Glenn's decision to join us and lend a hand to ensure
our Company's continued success as an insurance business managed
for the long run."
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
publicly held insurance organizations. Its most recent financial
statements reflect consolidated assets of approximately
$19.35 billion and common
shareholders' equity of $4.66
billion, or $17.85 per share.
Its current stock market valuation is approximately $5.12 billion, or $19.42 per share.
The Company is organized as an insurance holding company whose
subsidiaries actively market, underwrite, and provide risk
management services for a wide variety of coverages mostly in the
general and title insurance fields. A long-term interest in
mortgage guaranty and consumer credit indemnity lines has devolved
to a run-off operating mode in recent years.
The nature of Old Republic's business requires that it be
managed for the long run. For the 25 years ended in 2016, the
Company's total market return, with dividends reinvested, has grown
at a compounded annual rate of 10.0 percent per share. For the same
period, the total market return, with dividends reinvested, for the
S&P 500 Index has grown at a 9.2 percent annual compound rate.
During those years, Old Republic's shareholders' equity account,
inclusive of cash dividends, has risen at an average annual rate of
9.5 percent per share, and the regular cash dividend has grown at a
9.0 percent annual compound rate. According to the most recent
edition of Mergent's Dividend Achievers, Old Republic is one of
just 97 qualifying companies, out of thousands considered, that
have posted at least 25 consecutive years of annual dividend
growth.
For the latest news releases and other
corporate documents on Old Republic, please write to:
Investor Relations
Old Republic
International Corporation
307 North Michigan Avenue •
Chicago, IL 60601
312-346-8100
or visit us at www.oldrepublic.com
Further
Information Contacts:
|
AT OLD
REPUBLIC:
|
AT FINANCIAL
RELATIONS BOARD:
|
A. C. Zucaro:
Chairman & CEO
|
Analysts/Investors:
Marilynn Meek
|
(312)
346-8100
|
(212)
827-3773
|
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SOURCE Old Republic International Corporation