Old Republic Announces Senior Management Changes at Old Republic Home Protection

Rhea-AI Summary

Old Republic International Corporation (NYSE: ORI) announced a management transition in its home service contract subsidiary, Old Republic Home Protection (ORHP). President Gwen Gallagher is retiring, and Frank Caballero, currently the Chief Operating Officer, will assume her role. Craig R. Smiddy, President and CEO, commended Gallagher for her leadership and emphasized that the experienced management team will ensure a smooth transition. As one of the largest insurance businesses in the U.S., Old Republic continues its long-term commitment to shareholders, evidenced by a 40-year history of dividend increases.

Positive

• Smooth transition in leadership with Frank Caballero taking over as President.
• Continuity maintained with an experienced senior management team.

Negative

• Retirement of Gwen Gallagher may raise concerns about continuity in leadership.

CHICAGO, Aug. 2, 2021 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced changes within the senior management ranks of its home service contract subsidiary, Old Republic Home Protection (ORHP). Gwen Gallagher has decided to retire from her long-standing position as ORHP's President. Frank Caballero, ORHP's Chief Operating Officer will take on the additional position of President.

In making this announcement, Craig R. Smiddy, Old Republic International's President and Chief Executive Officer, noted, "We want to express our deep appreciation to Gwen for her many years of loyal service and inspirational leadership as ORHP's President.  Gwen and her team have worked diligently over the years to build ORHP into a market leading position within the home service contract marketplace. Gwen and Frank have worked together to build a solid and experienced senior management team at ORHP. We have every confidence that the continuity of long-established operating practices and intense customer focus provides the foundation for an orderly passage of responsibilities from Gwen to Frank, as well as to other members of the ORHP's senior management team."

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. A long-term interest in mortgage guaranty and consumer credit indemnity coverages has devolved to a run-off operating mode in recent years. Old Republic's general insurance business ranks among the nation's 50 largest, while its title insurance operations are the third largest in its industry.

The nature of Old Republic's business requires that it be managed for the long run. Its consistent and reliable cash dividend policy reflects this long-term orientation. The current annualized dividend rate of $0.88 per share marks the 40th consecutive year that Old Republic has boosted this rate, and 2021 becomes the 80th year of uninterrupted regular cash dividend payments. Here's a summary of recent years' total book and market returns, which includes the addition and reinvestment of cash dividend payments, in comparison with the financial performance of three selected indices similarly developed.

 

	ORI		Selected Indices' Compounded
	Annual	Annual	Total Annual Returns
	Book Value	Market Value	Nominal		S & P
	Compounded	Compounded	Gross	S & P	P&C
	Total	Total	Domestic	500	Insurance
	Return	Return	Product	Index	Index
Ten Years 2001 – 2010	8.0%	1.9%	3.9%	1.4%	1.0%
Ten Years 2011 – 2020	8.8%	9.9%	3.3%	13.9%	14.3%
Twenty Years 2001 – 2020	8.4%	5.8%	3.6%	7.5%	7.4%
First Six Months 2020 – only	0.6%	-25.4%	-10.2%	-3.1%	-13.5%
First Six Months 2021 – only	11.0%	35.8%	5.1%*	15.2%	8.9%

*Estimated

 

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 CEO	Analysts/Investors: Joe Calabrese 212/827-3772

 

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SOURCE Old Republic International Corporation