Old Republic Declares A Special, One-Time Cash Dividend of $1.50 Per Share

Rhea-AI Summary

Old Republic International Corporation (NYSE: ORI) declared a special cash dividend of $1.50 per share, payable on October 6, 2021, to shareholders on record as of September 15, 2021. This decision reflects a strong liquidity position, allowing fair distribution to shareholders. Since 2016, the company has distributed nearly $2.4 billion in dividends, maintaining a steady growth in shareholders' equity by approximately 52% during the same period.

Positive

• Declared a special cash dividend of $1.50 per share.
• Shareholders will receive the dividend on October 6, 2021.
• Total dividends since 2016 amount to $2.4 billion, about 72% of company earnings.
• Shareholders' equity has grown by approximately 52% since 2016.

Negative

• None.

CHICAGO, Aug. 13, 2021 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced its Board of Directors has declared a special, one-time cash dividend of $1.50 per share.  The dividend will be paid on October 6, 2021 to shareholders of record on September 15, 2021.

In reaching its decision the Board of Directors evaluated such critical factors as:

• The current capital position and foreseeable capital needs of the insurance underwriting subsidiaries to which substantially all of the Company's financial resources are committed, and
• The parent holding company's current liquidity, and short to intermediate term expectations for same.

In these lights the Board of Directors concluded that current liquidity is sufficient to allow the payment of this one-time special dividend in a fair and equitable manner to all shareholders of record.

Since December 31, 2016, the Board of Directors will now have declared regular and special cash dividends of nearly $2.4 billion or approximately 72% of the Company's total earnings. Over that same period, Old Republic's shareholders equity account has nonetheless grown by nearly 52% principally through retained earnings, a moderate capital raise, and market appreciation of the Company's fixed maturity and common stock investment portfolios.

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

 

View original content:https://www.prnewswire.com/news-releases/old-republic-declares-a-special-one-time-cash-dividend-of-1-50-per-share-301354887.html

SOURCE Old Republic International Corporation

FAQ

What is the special dividend declared by Old Republic (ORI)?

Old Republic (ORI) declared a special cash dividend of $1.50 per share.

When will the special dividend for Old Republic (ORI) be paid?

The special dividend will be paid on October 6, 2021.

Who qualifies for the special dividend from Old Republic (ORI)?

Shareholders of record as of September 15, 2021, qualify for the special dividend.

How much has Old Republic (ORI) paid in dividends since 2016?

Since 2016, Old Republic has paid nearly $2.4 billion in dividends.

What is the current annualized dividend rate for Old Republic (ORI)?

The current annualized dividend rate for Old Republic is $0.88 per share.