CHICAGO, March 30, 2020 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today reported that its
Employee Savings & Stock Ownership Plan ("ESSOP") had completed
open market purchases of 3,337,000 shares of the Company's common
stock. The purchases were made at an average price of $14.98 per share or the total of $50 million originally planned. The actual number
of shares purchased was approximately 11.2% greater than the
contemplated 3 million share acquisition announced on March 12, 2020. The greater acquired number of
shares reflected a lower average price per share due to market
conditions that prevailed during the March
12, 2020 to March 27, 2020
acquisition period.
As of December 31, 2019, the ESSOP
held approximately 15.3 million ORI common shares or approximately
5.1% of all shares then outstanding. The ESSOP now owns
approximately 18.7 million ORI common shares or approximately 6.2%
of all currently outstanding common shares.
About Old Republic
Chicago-based Old Republic International
Corporation is one of the nation's 50 largest publicly held
insurance enterprises. 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 since
2012. 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
that long-term orientation. The current annualized dividend rate of
$0.84 per share marks the 39th
consecutive year that Old Republic has boosted this rate, and 2020
becomes the 79th 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
|
|
|
|
|
|
|
Compounded
|
|
Compounded
|
|
Gross
|
|
S & P
|
|
S & P
|
|
|
Total
|
|
Total
|
|
Domestic
|
|
500
|
|
Insurance
|
|
|
Return
|
|
Return
|
|
Product
|
|
Index
|
|
Index
|
Ten Years 2000 –
2009
|
|
9.5%
|
|
7.4%
|
|
4.1%
|
|
-1.0%
|
|
-3.7%
|
Ten Years 2010 –
2019
|
|
7.7%
|
|
14.8%
|
|
4.0%
|
|
13.6%
|
|
12.4%
|
Twenty Years 2000 –
2019
|
|
8.6%
|
|
11.0%
|
|
4.1%
|
|
6.1%
|
|
4.1%
|
According to the most recent edition of Mergent's Dividend
Achievers, Old Republic is listed in 62nd place among just 111
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
Further
Information Contacts:
|
|
|
AT OLD
REPUBLIC:
|
AT FINANCIAL
RELATIONS BOARD:
|
Craig R. Smiddy:
President & CEO
|
Analysts/Investors:
Marilynn
Meek
|
(312)
346-8100
|
(212)
827-3773
|
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SOURCE Old Republic International Corporation