CHICAGO, March 22, 2021 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today announced that it
is forming a new venture to provide commercial Inland Marine
insurance solutions. The new company, Old Republic Inland
Marine ("ORIM"), will focus its operations on specialized Inland
Marine products through retail and wholesale distribution
channels. The new venture will be led by Matt Bisig as President. Matt brings
important intellectual capital and business relationships
cultivated over many years of professional, client-centered
service.
ORIM will further expand Old Republic's general insurance and
related services business with its customers. Capital
requirements will be extended by Old Republic from internally
available capital funds and operating infrastructure will be
provided by the overall resources of Old Republic's General
Insurance Group subsidiaries.
In making this announcement, Craig
Smiddy noted that "Old Republic Inland Marine is a
natural extension and continuation of Old Republic's long,
successful history of providing specialized Commercial Insurance
related products. Under Matt Bisig's leadership, we are
confident our solutions will meet and exceed stakeholders'
expectations."
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. The current annualized dividend rate of
$0.88 per share marks the 40th
consecutive year that Old Republic has boosted this rate, and 2021
becomes the 80th year of uninterrupted regular cash dividend
payments. 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
|
Annual
|
Total Annual
Returns
|
|
Book Value
|
Market
Value
|
Nominal
|
|
S & P
|
|
Compounded
|
Compounded
|
Gross
|
S & P
|
P&C
|
|
Total
|
Total
|
Domestic
|
500
|
Insurance
|
|
Return
|
Return
|
Product
|
Index
|
Index
|
Ten Years 2001 –
2010
|
8.0%
|
1.9%
|
3.9%
|
1.4%
|
1.0%
|
Ten Years 2011 –
2020
|
8.8%
|
9.9%
|
3.3%
|
13.9%
|
14.3%
|
Twenty Years 2001 –
2020
|
8.4%
|
5.8%
|
3.6%
|
7.5%
|
7.4%
|
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