CHICAGO, Jan. 5, 2021 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) announces the alignment
of Old Republic Contractors Insurance Group, Inc. (ORCIG),
previously a stand-alone underwriting affiliate of Old
Republic, into BITCO Corporation (BITCO), another wholly-owned
subsidiary of Old Republic. As a result of this change, ORCIG's
name will be changed to BITCO Construction Group, Inc. reflecting
this new affiliation, and its operations will report to
Vince Lamb, President and Chief
Executive Officer of BITCO.
Craig Smiddy, Old Republic
International's President and CEO noted, "Old Republic has
participated in the construction insurance marketplace for many
years. More recently, the construction classes have been a
focus of both BITCO and ORCIG, each targeting similar types of
risks in different geographies and through different distribution
systems. ORCIG has historically concentrated on larger construction
risks while BITCO's focus has been more directed towards middle
market risks. Both entities have developed significant levels
of expertise in the operational disciplines required to be
successful in this important sector of the U.S. insurance market.
Bringing the businesses together creates significant opportunities
for our collective agent and broker partners, our insured
customers, as well as our associates."
"We are bringing together two deep and talented organizations
that can now approach the U.S. construction marketplace on a united
front, with coast to coast capabilities to accommodate virtually
all sizes of construction accounts. Combining these specialty
units allows us to provide our comprehensive insurance solutions to
a broader part of the U.S. construction marketplace. We look
forward to aligning our construction business in the coming months.
Working together with a continued focus on our customers and
distribution partners as our chief priority, we believe this
combination creates a top-tier construction insurer in
the United States", Smiddy
added.
About Old Republic
Chicago-based Old Republic International
Corporation is one of the nation's 50 largest shareholder-owned
insurance businesses. It is a member of the Fortune 500
listing of America's largest companies. 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 coverages has devolved to a run-off operating mode in
recent years. Old Republic's general insurance business ranks among
the nation's 50 largest, while its title insurance operations are
the third largest in its industry.
The nature of Old Republic's business requires that it be
managed for the long run, and its cash dividend policy reflects
this long-term orientation. Here's a summary of recent years' total
book and market returns, which includes the addition and
reinvestment of cash dividend payments, in comparison with the
financial performance of three selected indices similarly
developed.
|
ORI
|
Selected Indices'
Compounded
|
Annual Book
Value
Compounded
Total
Return
|
Annual Market
Value
Compounded
Total Return
|
Total Annual
Returns
|
Nominal
Gross
Domestic
Product
|
S & P
500
Index
|
S &
P P&C Insurance Index
|
Ten Years 2000 -
2009
|
9.5%
|
7.4%
|
4.1%
|
-1.0%
|
4.7%
|
Ten Years 2010 -
2019
|
7.7%
|
14.8%
|
4.0%
|
13.6%
|
14.5%
|
Twenty Years 2000 -
2019
|
8.6%
|
11.0%
|
4.1%
|
6.1%
|
9.5%
|
According to the most recent edition of Mergent's Dividend
Achievers, Old Republic is listed in 58th place among just 113
qualifying publicly held companies, out of thousands considered,
that have posted at least 25 consecutive years of annual dividend
growth.
For Old Republic's latest news releases and
other corporate documents:
Please visit us at
www.oldrepublic.com
Alternatively, please write or call:
Investor Relations
Old Republic International Corporation
307 North Michigan Avenue, Chicago,
IL 60601
(312) 346-8100
At Old
Republic:
|
At Financial
Relations Board:
|
Craig R. Smiddy:
President and Chief Executive Officer
|
Analysts/Investors:
Joe Calabrese 212/827-3772
|
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SOURCE Old Republic International Corporation