OLD REPUBLIC ANNOUNCES FORMATION OF A NEW LAWYERS SPECIALTY INSURANCE COMPANY

Rhea-AI Summary

Old Republic International Corporation (NYSE: ORI) announced the formation of a new underwriting subsidiary, Old Republic Lawyers Specialty Insurance, Inc. (ORLSI), aimed at providing professional liability coverage specifically for lawyers. The subsidiary will be led by Michael Furlong, an experienced lawyer with over 30 years in the industry. Craig R. Smiddy, ORI's CEO, expressed confidence that this new venture represents a natural extension of ORI's successful history in specialized insurance, emphasizing its potential to deliver long-term value for shareholders.

Positive

• Launch of a new subsidiary focused on a niche market (lawyers' insurance) can attract specialized clientele.
• Led by experienced professional (Michael Furlong) with a strong underwriting background in lawyers' liability.

Negative

• None.

News Market Reaction – ORI

-0.12%

-0.12% Session move

In the trading session that priced this news, ORI declined 0.12%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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CHICAGO, April 3, 2023 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today announced that it is forming a new underwriting subsidiary to provide insurance solutions to lawyers. The new company, Old Republic Lawyers Specialty Insurance, Inc. (ORLSI), will focus on providing professional liability coverages for lawyers and will be led by Michael Furlong as President. Mr. Furlong is a lawyer himself with more than 30 years of industry experience and a strong underwriting track record in lawyers professional liability. He holds his J.D. from the Creighton University School of Law.

In making this announcement, Craig R. Smiddy, ORI's President and Chief Executive Officer, noted that, "Old Republic Lawyers Specialty Insurance is a natural extension and continuation of ORI's long, successful history of hiring outstanding talent to launch specialized insurance businesses focused on specialty niches. Mike is a strong cultural fit with our organization, and with his underwriting leadership and the full resources of ORI, we are confident that our newest company will deliver long-term value for our shareholders and other important stakeholders."

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-lawyers-specialty-insurance-company-301788584.html

SOURCE Old Republic International Corporation

FAQ

What is the new underwriting subsidiary announced by Old Republic International Corporation?

Old Republic International Corporation announced the formation of Old Republic Lawyers Specialty Insurance, Inc. (ORLSI) to provide insurance solutions specifically for lawyers.

Who is leading the new subsidiary Old Republic Lawyers Specialty Insurance, Inc.?

The new subsidiary will be led by Michael Furlong, who has over 30 years of industry experience.

When was the new subsidiary Old Republic Lawyers Specialty Insurance, Inc. announced?

The new subsidiary was announced on April 3, 2023.

What is the focus of Old Republic Lawyers Specialty Insurance, Inc.?

The focus of Old Republic Lawyers Specialty Insurance, Inc. is to provide professional liability coverage for lawyers.

How does the new subsidiary benefit shareholders of Old Republic International Corporation?

The new subsidiary is expected to deliver long-term value for shareholders by tapping into a specialized insurance market.