CHICAGO, April 11,
2022 /PRNewswire/ -- Old Republic International
Corporation (NYSE: ORI) today announced that it is forming a
new company to provide commercial Excess & Surplus Lines
insurance solutions. The new company, Old Republic Excess &
Surplus, Inc. (ORES), will focus its operations on specialized
Excess & Surplus Lines products sourced primarily through the
wholesale distribution channel. The new venture will be led
by Ralph Sabbagh as
President, an industry veteran with a strong underwriting track
record of 16 years of E&S experience.
In making this announcement, Craig R.
Smiddy, Old Republic International's President and Chief
Executive Officer, noted that, "Old Republic Excess & Surplus
is a natural extension and continuation of Old Republic's long,
successful history of providing specialized commercial insurance
and related products. With Ralph's underwriting leadership
and the full resources of Old Republic, we are confident that our
new company will deliver long term value for our stakeholders."
ORES will further expand Old Republic General Insurance Group's
(ORGIG) business with its distribution partners and
customers. Capital requirements will be extended by Old
Republic from internally available capital funds, and operating
infrastructure will be provided by ORGIG's subsidiaries.
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. Old Republic's general
insurance business ranks among the nation's 50 largest, while its
title insurance business is the third largest in its industry.
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:
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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