OLD REPUBLIC ANNOUNCES SHARE REPURCHASE AUTHORIZATION

Rhea-AI Summary

Old Republic (NYSE: ORI) has announced a new $750 million share repurchase program, which will begin after completing the remaining $162 million from its previous $1.10 billion program announced in March 2024.

The company has demonstrated strong capital management by returning over $4.2 billion to shareholders since December 2020 through dividends and share repurchases. ORI has retired over 20% of its shares in the last three years and maintains a current annualized regular cash dividend rate of $1.16 per share, marking its 44th consecutive year of dividend increases.

Positive

• New $750 million share repurchase authorization demonstrates strong capital position
• Returned over $4.2 billion to shareholders since December 2020
• Retired over 20% of shares in last three years
• 44th consecutive year of dividend increases with 9.4% increase from 2024
• 84 years of uninterrupted regular cash dividend payments

Negative

• None.

Insights

Financial Analyst

ORI authorizes $750M share buyback, reflecting strong balance sheet and confidence after retiring 20% of shares in 3 years.

Old Republic's authorization of a new $750 million share repurchase program represents a substantial capital return initiative following their ongoing $1.10 billion program announced in March. With approximately $162 million still remaining under the previous authorization, this sequential approach demonstrates systematic capital deployment discipline rather than sporadic buyback activity.

The company has demonstrated remarkable shareholder-friendly behavior, retiring over 20% of outstanding shares within just three years. This aggressive share reduction substantially increases per-share ownership value for remaining shareholders, effectively transferring enterprise value to them without triggering taxable events (unlike dividends).

Since December 2020, ORI has returned over $4.2 billion to shareholders through various mechanisms, indicating consistent capital generation exceeding reinvestment needs. The program's structure - with no expiration date and flexible execution options - gives management tactical latitude to opportunistically repurchase during market volatility.

The dividend track record is particularly notable, with 44 consecutive annual increases and 84 years of uninterrupted payments. The current annual rate of $1.16 per share represents a 9.4% year-over-year increase, underscoring management's confidence in sustainable free cash flow generation.

This capital return strategy signals three key elements: 1) robust balance sheet strength, 2) mature business operations generating excess capital, and 3) management's view that shares represent good value relative to alternative uses of capital. For a specialty insurance business, this level of capital return suggests underwriting profitability and disciplined risk management are creating sustainable excess capital generation.

CHICAGO, Aug. 19, 2025 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today announced its Board of Directors has authorized a new $750 million share repurchase program. This new $750 million program will commence immediately following the completion of the approximately $162 million that remains authorized under the $1.10 billion share repurchase program announced on March 1, 2024.

Under the share repurchase program, Old Republic may purchase shares on a discretionary basis from time to time through open market purchases, private negotiated transactions or other means. The timing and amount of any transactions will be conducted subject to the discretion of Old Republic based upon valuation, market conditions and other considerations. Old Republic may also from time to time repurchase shares pursuant to written, pre- arranged Rule 10b5-1 plans, which will be established and conducted in accordance with applicable regulations. The repurchase program is intended to comply with Rule 10b-18 and has no expiration date, does not require the purchase of any minimum number of shares, and may be suspended, modified, or discontinued at any time without prior notice.

In reaching its decision to authorize the share repurchase program, the Board of Directors evaluated such factors as the current and foreseeable liquidity and capital needs of the parent holding company and its insurance company subsidiaries.

Craig R. Smiddy, President and CEO, commented, "Today's announcement authorizing the return of up to an additional $750 million to shareholders continues a long history of prudent capital management that includes retiring over 20% of our shares in the last three years. It reflects the strength of our balance sheet and continued confidence in the growth and earnings potential of our diversified portfolio of specialty insurance businesses."

Since December 31, 2020, Old Republic has returned over $4.2 billion to shareholders through regular and special cash dividends and share repurchases. The current annualized regular cash dividend rate of $1.16 per share represents a 9.4% increase from 2024, marks the 44^th consecutive year that Old Republic has increased its regular cash dividend, and the 84^th year of uninterrupted regular cash dividend payments.

About Old Republic

Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, we are a leader in underwriting and risk management services for business partners across the United States and Canada. Our specialized operating companies are experts in their fields, enabling us to provide tailored solutions that set us apart. For more information, please visit www.oldrepublic.com.

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-share-repurchase-authorization-302532630.html

SOURCE Old Republic International Corporation

FAQ

What is the size of Old Republic's new share repurchase program?

Old Republic announced a new $750 million share repurchase program, which will commence after completing the remaining $162 million from its previous program.

How much has ORI returned to shareholders since December 2020?

Old Republic has returned over $4.2 billion to shareholders through regular and special cash dividends and share repurchases since December 31, 2020.

What is Old Republic's current annual dividend rate?

Old Republic's current annualized regular cash dividend rate is $1.16 per share, representing a 9.4% increase from 2024.

How long has ORI been increasing its dividends?

Old Republic has increased its regular cash dividend for 44 consecutive years and has maintained uninterrupted regular cash dividend payments for 84 years.

How flexible is ORI's share repurchase program?

The program has no expiration date and no minimum share purchase requirement. It can be conducted through open market purchases or private transactions and can be suspended, modified, or discontinued at any time.