OLD REPUBLIC ANNOUNCES FORMATION OF A NEW CYBER AND TECHNOLOGY COMPANY
Old Republic International (NYSE: ORI) announced the formation of a new underwriting subsidiary, Old Republic Cyber, Inc., focused on providing Cyber and Technology Errors and Omission (E&O) insurance products. The company appointed CJ Pruzinsky as President and Kevin McGowan as Executive Vice President and Chief Underwriting Officer, both bringing extensive cyber underwriting experience from companies like AIG, Beazley, and Resilience.
CEO Craig R. Smiddy emphasized that this expansion aligns with their specialty strategy and focus on underwriting excellence. This marks Old Republic's seventh new specialty company launch in the past nine years, further diversifying the Old Republic General Insurance Group's portfolio.
Old Republic International (NYSE: ORI) ha annunciato la creazione di una nuova sussidiaria per le sottoscrizioni, Old Republic Cyber, Inc., focalizzata sulla fornitura di prodotti assicurativi per Cyber e Errori e Omissioni (E&O) tecnologici. L'azienda ha nominato CJ Pruzinsky come Presidente e Kevin McGowan come Vicepresidente Esecutivo e Chief Underwriting Officer, entrambi con una vasta esperienza nella sottoscrizione cyber proveniente da aziende come AIG, Beazley e Resilience.
Il CEO Craig R. Smiddy ha sottolineato che questa espansione si allinea con la loro strategia di specializzazione e il focus sull'eccellenza nella sottoscrizione. Questo segna il settimo lancio di una nuova azienda specializzata da parte di Old Republic negli ultimi nove anni, diversificando ulteriormente il portafoglio del Old Republic General Insurance Group.
Old Republic International (NYSE: ORI) anunció la creación de una nueva subsidiaria de suscripción, Old Republic Cyber, Inc., centrada en ofrecer productos de seguros de Errores y Omisiones (E&O) en Ciberseguridad y Tecnología. La compañía designó a CJ Pruzinsky como Presidente y a Kevin McGowan como Vicepresidente Ejecutivo y Director de Suscripción, ambos con amplia experiencia en suscripción cibernética en empresas como AIG, Beazley y Resilience.
El CEO Craig R. Smiddy enfatizó que esta expansión se alinea con su estrategia de especialización y enfoque en la excelencia de la suscripción. Este es el séptimo lanzamiento de una nueva empresa especializada por parte de Old Republic en los últimos nueve años, diversificando aún más el portafolio del Old Republic General Insurance Group.
올드 리퍼블릭 인터내셔널 (NYSE: ORI)는 사이버 및 기술 오류 및 누락(E&O) 보험 상품을 제공하는 데 중점을 둔 새로운 인수 자회사를 올드 리퍼블릭 사이버, Inc.로 설립했다고 발표했습니다. 이 회사는 CJ 프루진스키를 사장으로, 케빈 맥고완을 부사장 겸 최고 인수 담당자로 임명했으며, 두 사람 모두 AIG, Beazley 및 Resilience와 같은 회사에서 사이버 인수 경험이 풍부합니다.
CEO 크레이그 R. 스미디는 이번 확장이 그들의 전문 전략 및 인수 우수성에 대한 집중과 일치한다고 강조했습니다. 이는 지난 9년 동안 올드 리퍼블릭의 일곱 번째 새로운 전문 회사 출범을 의미하며, 올드 리퍼블릭 일반 보험 그룹의 포트폴리오를 더욱 다양화합니다.
Old Republic International (NYSE: ORI) a annoncé la création d'une nouvelle filiale de souscription, Old Republic Cyber, Inc., axée sur la fourniture de produits d'assurance en matière de cybernétique et d'erreurs et omissions (E&O) technologiques. La société a nommé CJ Pruzinsky en tant que Président et Kevin McGowan en tant que Vice-Président Exécutif et Responsable de la Souscription, tous deux apportant une vaste expérience en souscription cybernétique d'entreprises comme AIG, Beazley et Resilience.
Le PDG Craig R. Smiddy a souligné que cette expansion s'inscrit dans leur stratégie de spécialisation et leur souci de l'excellence en matière de souscription. Cela marque le septième lancement d'un nouveau spécialiste par Old Republic au cours des neuf dernières années, diversifiant ainsi encore plus le portefeuille du Old Republic General Insurance Group.
Old Republic International (NYSE: ORI) hat die Gründung einer neuen Unterzeichnungs Tochtergesellschaft, Old Republic Cyber, Inc., bekannt gegeben, die sich auf die Bereitstellung von Cyber- und Technologie-Fehler- und Auslassungsversicherungsprodukten (E&O) konzentriert. Das Unternehmen hat CJ Pruzinsky als Präsidenten und Kevin McGowan als Executive Vice President und Chief Underwriting Officer ernannt, die beide umfassende Erfahrung in der Cyber-Versicherung von Unternehmen wie AIG, Beazley und Resilience mitbringen.
CEO Craig R. Smiddy betonte, dass diese Expansion mit ihrer Spezialstrategie und dem Fokus auf Auszeichnungsgüte übereinstimmt. Dies markiert die siebte Neugründung eines Spezialunternehmens von Old Republic in den letzten neun Jahren und diversifiziert weiter das Portfolio der Old Republic General Insurance Group.
- Strategic expansion into growing cyber insurance market
- Experienced leadership team with combined 33 years of cyber underwriting expertise
- Continued portfolio diversification with 7th specialty company in 9 years
- None.
Insights
The formation of Old Republic Cyber, Inc. represents a strategic expansion into the rapidly growing cyber insurance market, currently valued at <money>$14 billion</money> and projected to reach <money>$40 billion</money> by 2030. This move positions ORI to capitalize on the increasing demand for cyber coverage amid rising digital threats and regulatory requirements.
The recruitment of seasoned executives from industry leaders like AIG, Beazley and Resilience demonstrates a commitment to building a competitive underwriting operation. Their combined 33 years of cyber underwriting experience brings valuable expertise in risk assessment and pricing in this complex market segment.
As ORI's seventh specialty company launch in nine years, this expansion aligns with their diversification strategy and could potentially contribute <percent>3-5%</percent> to premium growth within 24-36 months, based on typical market penetration rates for new cyber insurance operations.
The timing of this strategic move is particularly astute given the evolving cyber threat landscape and hardening insurance market conditions. The cyber insurance sector is experiencing premium rate increases of <percent>20-40%</percent> annually, creating an attractive entry point for new market participants with strong underwriting discipline.
The focus on both Cyber and Technology E&O coverage indicates a comprehensive approach to digital risk management, addressing both first-party cyber incidents and third-party professional liability claims. This dual capability is important as the lines between technology services and cyber risks continue to blur.
The leadership team's background with established cyber insurers suggests a strong foundation in technical underwriting and claims handling, essential for maintaining profitability in this volatile risk segment.
In making this announcement, Craig R. Smiddy, ORI's President and Chief Executive Officer, noted that, "We are excited to have both CJ and Kevin join Old Republic and expand our underwriting expertise and appetite into new lines of coverage that align with our specialty strategy and our focus on underwriting excellence. We look forward to leveraging both CJ's and Kevin's leadership and industry knowledge with the Old Republic brand, resources, and financial strength."
Old Republic Cyber will be the seventh new specialty company that Old Republic has launched in the last nine years, adding further diversification, depth, and talent to the Old Republic General Insurance Group.
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Craig R. Smiddy: President and Chief Executive Officer | Analysts/Investors: Joe Calabrese 212/827-377 |
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SOURCE Old Republic International Corporation
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