CHICAGO, March 1, 2024 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) – today
announced that its Board of Directors has authorized a $1.10 billion share repurchase program. The
Company recently completed its previously announced $450 million share repurchase program
authorization.
Under the share repurchase program, Old Republic may purchase
shares on a discretionary basis from time to time through open
market purchases, private negotiated transactions or other means.
The timing and amount of any transactions will be conducted subject
to the discretion of Old Republic based upon valuation, market
conditions and other considerations. Old Republic may also from
time to time repurchase shares pursuant to written, pre-arranged
Rule 10b5-1 plans, which will be established and conducted in
accordance with applicable regulations. The repurchase program is
intended to comply with Rule 10b-18
and has no expiration date, does not require the purchase of any
minimum number of shares, and may be suspended, modified or
discontinued at any time without prior notice.
In reaching its decision to authorize the share repurchase
program, the Board of Directors evaluated such factors as the
current and foreseeable liquidity and capital needs of the parent
holding company and its insurance company subsidiaries.
Craig R. Smiddy, President and
CEO, commented, "Today's announcement authorizing the return of
$1.1 billion to shareholders
continues a long history of prudent capital management. It reflects
the strength of our balance sheet and continued confidence in the
growth and earnings potential of our diversified portfolio of
specialty insurance businesses."
Since December 31, 2018, Old
Republic has returned over $3.5
billion to shareholders through regular and special cash
dividends and share repurchases. As separately announced, the new
annualized regular cash dividend rate of $1.06 per share, an 8.2% increase, marks the
43rd consecutive year that Old Republic has increased
its regular cash dividend and the 83rd year of
uninterrupted regular cash dividend payments.
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
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Alternatively,
please write or call: Investor Relations
Old Republic
International Corporation
307 North Michigan
Avenue, Chicago, IL 60601
(312)
346-8100
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At Old Republic:
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At Financial Relations Board:
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Craig R. Smiddy:
President and Chief Executive Officer
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Analysts/Investors:
Joe Calabrese 212/827-3772
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SOURCE Old Republic International Corporation