OLD REPUBLIC ANNOUNCES FORMATION OF A NEW CYBER AND TECHNOLOGY COMPANY

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

CHICAGO, Jan. 6, 2025 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today announced that it is forming a new underwriting subsidiary to provide Cyber and Technology Errors and Omission (E&O) insurance products. The new company, Old Republic Cyber, Inc., will focus on providing specialized Cyber- and Technology-related coverage and will be led by CJ Pruzinsky as President and Kevin McGowan as Executive Vice President and Chief Underwriting Officer. A graduate of William Paterson University, Mr. Pruzinsky has 18 years of cyber underwriting experience with AIG, Beazley, and, most recently, Resilience.  A graduate of Miami University, Mr. McGowan has 15 years of cyber underwriting experience with Ace, Beazley, and, most recently, Resilience.

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.

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:		At Financial Relations Board:
	Craig R. Smiddy: President and Chief Executive Officer		Analysts/Investors: Joe Calabrese 212/827-377

View original content:https://www.prnewswire.com/news-releases/old-republic-announces-formation-of-a-new-cyber-and-technology-company-302343182.html

SOURCE Old Republic International Corporation

FAQ

What is Old Republic's (ORI) new cyber insurance subsidiary called?

Old Republic's new cyber insurance subsidiary is called Old Republic Cyber, Inc., focusing on Cyber and Technology Errors and Omission (E&O) insurance products.

Who will lead Old Republic's (ORI) new cyber insurance division?

CJ Pruzinsky will serve as President, and Kevin McGowan will serve as Executive Vice President and Chief Underwriting Officer of Old Republic Cyber, Inc.

How many specialty companies has Old Republic (ORI) launched in the past 9 years?

Old Republic Cyber is the seventh specialty company that Old Republic has launched in the last nine years.

What types of insurance products will Old Republic Cyber (ORI) offer?

Old Republic Cyber will provide specialized Cyber and Technology Errors and Omission (E&O) insurance products.