Old Republic Announces Formation of a New Inland Marine Entity
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 |
SOURCE Old Republic International Corporation
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