Welcome to our dedicated page for Old Republic International Corporation news (Ticker: ORI), a resource for investors and traders seeking the latest updates and insights on Old Republic International Corporation stock.
Old Republic International Corporation (NYSE: ORI) is a prominent insurance holding company based in Chicago, tracing its origins back to 1923. As one of the nation's 50 largest shareholder-owned insurance enterprises, it is a member of the esteemed Fortune 500 list of America’s largest companies. The company operates through a decentralized model, emphasizing specialization by type of insurance coverage, industry, and economic sector.
Core Business Segments
- General Insurance: This segment includes a diverse range of products such as Automobile Extended Warranty Insurance, Aviation, Commercial Automobile Insurance, Inland Marine, Travel Accident, Workers' Compensation, and Financial Indemnity among others. It is one of the top 50 largest general insurance businesses in the United States.
- Title Insurance: Old Republic's Title Insurance segment is the third largest in its field. This business primarily issues policies to real estate purchasers and investors based on search results of public records concerning property interests.
- Republic Financial Indemnity Group (RFIG) Run-off: This segment involves the financial indemnity business that is in run-off mode.
Recent Achievements and Developments
In response to market demands, Old Republic recently announced the formation of a new underwriting subsidiary, Old Republic Accident & Health, Inc., focusing on specialized coverages like employers stop loss. This move aligns with the company’s specialized approach and focus on underwriting excellence.
Financial Performance
Old Republic has consistently demonstrated robust financial health. For the third quarter of 2023, the company's general insurance pretax operating income rose by 28.6%, driven by solid underwriting income and higher net investment income. Despite challenges in the title insurance segment due to higher mortgage interest rates, the general insurance segment’s performance has been strong, reflecting a 10.6% growth in net premiums earned for the quarter.
Investor Relations
Old Republic remains committed to delivering value to its shareholders. In recent years, the company has returned substantial capital to shareholders through dividends and share repurchases. In 2023, Old Republic executed approximately $684 million in capital returns, highlighting its strong balance sheet and confidence in future growth.
Partnerships and Expansion
Old Republic continues to strategically expand its portfolio by launching new subsidiaries and entering new market segments. The establishment of Old Republic Accident & Health, Inc. marks the sixth new company launched in the past eight years, further diversifying its risk portfolio and enhancing its market position.
Conclusion
With a history of nearly a century, Old Republic International Corporation is a solid pillar in the insurance industry, offering a wide range of specialized insurance products. The company's dedication to prudent risk management, long-term focus, and entrepreneurial spirit positions it well for sustained growth and stability. Investors and stakeholders can access further information and updates on the company's website or through regular financial disclosures.
Old Republic International Corporation (NYSE: ORI) released a Special Report focusing on Enterprise Risk Management principles such as Insurance Underwriting Risk, Capital Management, and Corporate Governance. This report reflects the Board of Directors' business judgment in response to suggestions from a new hedge fund shareholder. The issuance of the report demonstrates the company's commitment to transparency and open disclosure to shareholders. The full report can be accessed on ORI's website.
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.
Old Republic International Corporation (NYSE: ORI) reported solid financial results for the second quarter and first half of 2021. The company achieved a 29.1% increase in net premiums and fees earned during Q2, totaling $1,987.3 million, with significant growth in the Title Insurance segment. Although pretax income dropped to $396.0 million from $499.1 million, net income was $316.4 million, demonstrating strong profitability in core operations. Book value per share rose to $22.59, an 8.9% increase from the previous year.
Old Republic International Corporation (NYSE: ORI) announced a conference call scheduled for July 22, 2021, at 3:00 p.m. ET to discuss its second-quarter and six-month results of 2021. Investors can access the call on Old Republic's website or via phone. A replay will be available until July 29, 2021. Old Republic, based in Chicago, is one of the largest shareholder-owned insurance companies in the U.S., known for its long-standing cash dividend policy, marking 40 consecutive years of increased dividends. It ranks as the third largest in title insurance.
Old Republic International Corporation (NYSE: ORI) announced key changes in its Accounting and Finance Executive Group, effective June 30 and July 1, 2021. Karl Mueller will retire as Chief Financial Officer after 40 years, with Frank Sodaro appointed as his successor. Sodaro, a CPA, was previously Deputy CFO, while Chris Lieser will take on the role of Deputy CFO while continuing his work in Title Insurance. The leadership changes reflect stable governance during a critical transition phase for the company.
The Board of Directors of Old Republic International Corporation (NYSE: ORI) declared a quarterly cash dividend of 22 cents per share, payable on June 15, 2021, to shareholders of record by June 4, 2021. This increases the total dividend for the year to 88 cents, up from 84 cents in 2020. This marks the 40th consecutive year of dividend growth and the 80th year of uninterrupted payments. Old Republic ranks among the largest insurance companies in the U.S. and is recognized for its long-term commitment to shareholders through consistent dividends.
Old Republic International Corporation (NYSE: ORI) reported a strong first quarter for 2021, with pretax income of $630.6 million compared to a loss of $769.9 million in 2020. Net income rose to $502.1 million, reflecting significant investment gains and improved underwriting results in both General and Title Insurance. The company achieved a combined ratio of 90.9%, a marked improvement from 95.1% in the previous year. As of March 31, 2021, shareholders' equity increased to $6,451.8 million, enhancing book value per share to $21.59.
AM Best has upgraded the Financial Strength Rating (FSR) of Old Republic Title Insurance Group (ORTIG) to A+ (Superior) from A (Excellent). The Long-Term Issuer Credit Ratings (Long-Term ICRs) also increased to 'aa-' from 'a+'. This upgrade reflects ORTIG's strategic importance, solid revenue generation, and profitability within Old Republic International Corporation. The ratings outlook is stable. Old Republic's strong balance sheet and operating performance have been affirmed, contributing to its position as a top property/casualty insurer in the U.S.
Old Republic International Corporation (NYSE: ORI) has appointed Lisa Jeffries Caldwell to its Board of Directors as of April 15, 2021. Caldwell, 60, previously served as Executive Vice President and Chief Human Resources Officer at Reynolds American for 27 years. Her appointment is part of ORI's ongoing strategy to enhance board diversity. The company has added seven new directors over five years, while four have retired. ORI is noted for its long-standing commitment to dividends, announcing its $0.88 annualized dividend, marking the 40th consecutive increase.
Old Republic International Corporation (NYSE: ORI) has announced a conference call scheduled for April 22, 2021, at 3:00 p.m. Eastern time to discuss its first-quarter 2021 results. The call can be accessed via the company’s website or by phone. A replay will be available until April 29, 2021. Old Republic is among the nation's largest shareholder-owned insurance businesses and has maintained a cash dividend payment for 80 years, with an annualized dividend rate of $0.88 per share, marking 40 consecutive years of increases.
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