OLD REPUBLIC ANNOUNCES FORMATION OF A NEW EXCESS & SURPLUS LINES COMPANY
Old Republic International (NYSE: ORI) has launched a new venture, Old Republic Excess & Surplus, Inc. (ORES), dedicated to providing specialized Excess & Surplus Lines insurance solutions. This initiative aims to enhance Old Republic's offerings through the wholesale distribution channel. Ralph Sabbagh, with 16 years of E&S experience, will lead the new company. The venture is viewed as a continuation of Old Republic's legacy in commercial insurance. The necessary capital for ORES will be sourced internally, backed by Old Republic's existing resources.
- Formation of a new company, Old Republic Excess & Surplus, Inc., expanding Old Republic's market reach.
- Leadership from Ralph Sabbagh, an experienced industry veteran with a strong underwriting background.
- Utilization of internally sourced capital for startup, maintaining financial stability.
- None.
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: | At Financial Relations Board: |
Craig R. Smiddy: President and Chief Executive Officer | Analysts/Investors: Joe Calabrese 212/827-3772 |
View original content:https://www.prnewswire.com/news-releases/old-republic-announces-formation-of-a-new-excess--surplus-lines-company-301522950.html
SOURCE Old Republic International Corporation
FAQ
What is Old Republic International's new venture formed in April 2022?
Who is leading the new company Old Republic Excess & Surplus, Inc.?
How will Old Republic fund its new venture ORES?
What market does Old Republic Excess & Surplus, Inc. target?
Why is Old Republic launching Old Republic Excess & Surplus, Inc.?
